Best and Worst Family Business Practices, Book Review

The Family Business Guide

Everything You Need to Know to Manage your Business from Legal Planning to Business Strategies

by Frederick D. Lipman

http://www.amazon.com/Family-Business-Guide-Everything-Strategies/dp/0230105157

I recently heard Fred Lipman speak at Blank Rome and picked up his book. It is a great summary of Family Business best and worst practices written from a very experienced and savvy attorney’s perspective. I highly recommend it for both professional advisors and the layman especially those who want a legal perspective. Unlike many attorneys, Fred is sensitive to not overly burdening an operating business with tax or legal driven strategies that affect the efficient operation of the business or hamstring future flexibility.

The book includes excellent and readable information in key areas-

Succession Planning
Employee and Shareholder Agreements
Governance for Small Business
Worst Practices and Disasters for the Family Business
Compensating Family Members
Creating Phantom Stock Incentives for Both Family Members and Non-family Employees
Dealing with Inactive Minority Shareholders
Eliminating Minority Shareholders
Family Business in Distress
Selling a Family Owned Business
Preserving and Transferring Family Wealth
Family Business Going Public