Planning with a purpose: A brief daily huddle with your team can help produce results
Greetings from 32,000 feet above Salt Lake City, Utah. Today, I visited a factory with one of my clients...
Businesses feel urgency to comply with Obamacare
Given the recent U.S. Supreme Court ruling on the Affordable Care Act and the many failed attempts in Congress to repeal it, Quarles & Brady LLP attorney Amy Ciepluch believes the law, often referred to as Obamacare, is not going anywhere.
“I would say that employers can put to rest any hope that the Affordable Care Act will go away,” Ciepluch said. “For the last five years, I've been barraged with the 'Is this going to go away?' 'Will this be repealed?' type questions, and at this point…we should assume it's here to stay and operate based on that assumption.”
With that in mind, area health insurance experts say employers need to be prepared for several key upcoming changes.
“I would say that employers can put to rest any hope that the Affordable Care Act will go away,” Ciepluch said. “For the last five years, I've been barraged with the 'Is this going to go away?' 'Will this be repealed?' type questions, and at this point…we should assume it's here to stay and operate based on that assumption.”
With that in mind, area health insurance experts say employers need to be prepared for several key upcoming changes.
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Birthright should not equal ownership: Consider the children’s merits when passing company to next generation
Tommy has personal problems. He denies anything is wrong but is frequently late for board meetings for the family business. His brother Jake is frustrated with his dad, the owner of the family business, because his dad doesn’t seem to mind Tommy’s absence. Besides, Jake is picking up the slack left by Tommy’s late arrivals and early departures, so as long as the work gets done, Dad is content. And Mom has made it clear that both boys will inherit the company equally.
This modern day prodigal son story plays out every day in family businesses. The failure rate of family businesses is staggering. Imagine a transition to Tommy and Jake’s leadership? If Tommy does not get the support he needs, this firm is ill-fated. Further, the parents choosing not to see the problems inherent in this transition, or worse, believing that both boys deserve an equal stake in the firm just due to birthright, is a disaster.
Legacy turns to legality, and brother is pitted against brother.
This modern day prodigal son story plays out every day in family businesses. The failure rate of family businesses is staggering. Imagine a transition to Tommy and Jake’s leadership? If Tommy does not get the support he needs, this firm is ill-fated. Further, the parents choosing not to see the problems inherent in this transition, or worse, believing that both boys deserve an equal stake in the firm just due to birthright, is a disaster.
Legacy turns to legality, and brother is pitted against brother.
Creating a family business: Bringing the second generation on board can be challenging
John Burke, who founded Milwaukee property development firm Burke Properties in 1968, never intended to turn it into a family business.
But when three of his five children showed interest, he created opportunities for each of them to join the company at his or her own pace, and in positions that suited their skills and interests. Wendy joined as a resident manager and eventually worked her way to her current role as president of the company. John Burke II was interested in the management side of the business, so he learned and now manages that side of the business. And Patrick had previous experience in the construction industry, and advanced to run that segment of the company.
Making a company into a family business can be challenging, but it has its rewards, Burke said.
But when three of his five children showed interest, he created opportunities for each of them to join the company at his or her own pace, and in positions that suited their skills and interests. Wendy joined as a resident manager and eventually worked her way to her current role as president of the company. John Burke II was interested in the management side of the business, so he learned and now manages that side of the business. And Patrick had previous experience in the construction industry, and advanced to run that segment of the company.
Making a company into a family business can be challenging, but it has its rewards, Burke said.
Mediation can help divorced couples make business decisions
Divorce is a problem to be solved, not a battle to be won, according to Sue Hansen, a family lawyer, child advocate, mediator and collaborative practitioner at Milwaukee-based Hansen & Hildebrand S.C.
Too often, divorce is portrayed as a violent and messy tug-of-war that ruptures families through a destructive court process, Hansen said.
Barring extreme cases, the majority of divorces involve couples who do not know what to do or where to turn for help, or who try to outline their own divorce terms and make costly mistakes.
When divorce touches a family running a family-owned or closely-held business, the emotional conflict and turmoil can penetrate the business and obstruct its growth, in Hansen’s experience.
Hansen said she has witnessed revenues decline at businesses due to the conflict and emotional impact of a related divorce. She has also seen business cases in which a divorce caused a severe family split, with children or extended family members taking sides.
Too often, divorce is portrayed as a violent and messy tug-of-war that ruptures families through a destructive court process, Hansen said.
Barring extreme cases, the majority of divorces involve couples who do not know what to do or where to turn for help, or who try to outline their own divorce terms and make costly mistakes.
When divorce touches a family running a family-owned or closely-held business, the emotional conflict and turmoil can penetrate the business and obstruct its growth, in Hansen’s experience.
Hansen said she has witnessed revenues decline at businesses due to the conflict and emotional impact of a related divorce. She has also seen business cases in which a divorce caused a severe family split, with children or extended family members taking sides.
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Sharing economy makes an impact
Why own something when you can rent or “share” it? Why not rent or “share” your own stuff to make some money?
From people renting out their homes to travelers via Airbnb, to ride-share services such as Uber or Lyft, or bike share services like Bublr bikes, the influence of the sharing economy is growing.
The sharing economy is a new way to do what people have always done for each other, according to April Rinne, a consultant and speaker on the sharing economy and a young global leader for the World Economic Forum. She will talk about the sharing economy at Marquette University's Real Estate Strategies Conference on Thursday, Sept. 10.
“There's nothing new about sharing,” Rinne said. “It's as old as mankind. What's new is technology. We can find almost anything from our smartphones.”
From people renting out their homes to travelers via Airbnb, to ride-share services such as Uber or Lyft, or bike share services like Bublr bikes, the influence of the sharing economy is growing.
The sharing economy is a new way to do what people have always done for each other, according to April Rinne, a consultant and speaker on the sharing economy and a young global leader for the World Economic Forum. She will talk about the sharing economy at Marquette University's Real Estate Strategies Conference on Thursday, Sept. 10.
“There's nothing new about sharing,” Rinne said. “It's as old as mankind. What's new is technology. We can find almost anything from our smartphones.”
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