Family businesses face many challenges as they strive to survive and thrive. Among the most difficult to overcome is one that is unique to a closely held business: divorce. For a family business to survive a divorce, the possibility of divorce must be anticipated and planned for well in advance. While nobody wants to imagine a time when a marriage is dissolved, it is inexcusable to ignore the possibility.
Many family business owners become complacent about creditor exposure because they believe their corporate or limited liability company structure will protect the business. The fact is that if it is a corporation and you or anyone else owns shares in their own name, jointly with another, or even in a revocable trust, the answer is, it’s not protected.
Being sued is unnerving, particularly the first time it happens. And with good reason: Litigation can be expensive, inefficient and uncontrollable. But a big part of the stress is really just fear of the unknown. The purpose of this article is to make the unknown known.
Steeped in tradition, originality and award-winning taste, Woodman’s of Essex holds one major claim to fame above the rest – inventor of the fried clam. Over 100 years and five generations later, Woodman’s continues to fry clams where it all began.
“We use the FBA frequently to update ourselves with the local community, surrounding happenings that we can be a part of or help with and we also utilize the service guide directory to match up with services that assist us in a number of things. I am always excited when something matches exactly what we need at the time we are looking.” “I also know that I can trust the companies that advertise with the FBA because like us, they are most likely family businesses themselves and we like to work with fellow family businesses.”Valerie Bono,
Massachusetts Family Business magazine, the Family Business Association and The Warren Group are dedicated to honoring and educating family businesses throughout the region. This is your opportunity to meet face-to-face with family business owners and managers who will gather to learn from their peers, hear from experts, study a variety of best practices and network. The program will feature high-end keynote speakers and a selection of educational breakout sessions, with panels of family business owners sharing their knowledge and experience.
The awards were envisioned as a way to celebrate and recognize the successes of Greater Boston’s many family-owned businesses. From those just starting out to those who have farmed the same land for more than a hundred years, the awards recognize the grit and determination necessary to launch and build a business with family, and to keep that legacy going through subsequent generations.