Embracing change is tough, because it rarely hugs you back. But the recent changes to the Washington State LLC Act (RCW Chapter 25.15) at least have some provisions that are affectionate toward family businesses and LLCs in...more
In late 2012, researchers Nicolas Kachaner, George Stalk and Alain Bloch at the Harvard Business School published a study to compare family-owned businesses of certain sizes and industries with their non-family-owned...more
Statue Of Liberty Against A Golden Sky There is nothing uniquely American about the concept of family business. Families have operated businesses in every nation of the world, and some cultures are well known for fostering...more
In the life cycle of a family business, one common event is the purchase by one or several family members of the interests in the business held by other family members. Because of the family relationships inherent in such...more
As a family business grows, the question often arises whether and when to hire an in-house lawyer to manage the business’s legal affairs. How does the family—or, more accurately, the family business’s board of directors,...more
Smaller family-owned businesses are often operated with a degree of informality that is both natural and efficient. The thought is that “corporate governance norms” are for someone else’s business—the big guys with their...more
You have been approached by a long-time friend, the CFO of a family-owned business who is herself a member of the family. She asks if you might be interested in serving on the board of her family’s company. You are honored,...more
We all know that environmental laws impose heavy liability on businesses that release environmental contaminants into the air, soil or water. The family business is not immune to such liability. In fact, many...more