What is a “family tax”? In this blog video, Wayne shares thoughts on what might be some hidden costs in your family business. Please share your comments below.
John Roe says:
Hello Wayne,
As a former Vistage Chair, I was interested in your search for a colleague to work with other business leaders. Please tell me more or feel free to give me a call. (530) 676-4445.
Kind regards, John
Wayne,
This video was amazing. My Dad retired last year and my mom and him are still being paid the same salary. He also wants bought out faster so he can donate to his Alma mater and also paid off his Hilton Head home. I have realized more and more that there are costs with the family business but no one else has talked about it. I have been working with our CPA on those issues.
Recently my Brother in law who been with the business for 14 years insisted that he need a huge raise to make his family obligations. We told him we can’t afford that and he needs to move off. Do you have any advice how to let a family leave the business in a practical and effective way when we are firing them?
Thanks,
Andy
Hey Wayne,
Thanks for the info. I found it very appropriate at this time. Steve and I just finished a meeting w/ our brother and sisters who have interest in our property as owners but nothing to do w/ the business. We have a lease agreement w/ them and the company has spent $2 million+ on improvements, and they want to raise rent! Fortunately we all are talking and working through, we hope, the concerns. Your message was very timely for us to consider. I will forward this message for their knowledge as well.
I feel we will re-engage one day w/ your company. Glad business is good.
Tim
John Roe says:
Hello Wayne,
As a former Vistage Chair, I was interested in your search for a colleague to work with other business leaders. Please tell me more or feel free to give me a call. (530) 676-4445.
Kind regards, John
Andy Wannemacher says:
Wayne,
This video was amazing. My Dad retired last year and my mom and him are still being paid the same salary. He also wants bought out faster so he can donate to his Alma mater and also paid off his Hilton Head home. I have realized more and more that there are costs with the family business but no one else has talked about it. I have been working with our CPA on those issues.
Recently my Brother in law who been with the business for 14 years insisted that he need a huge raise to make his family obligations. We told him we can’t afford that and he needs to move off. Do you have any advice how to let a family leave the business in a practical and effective way when we are firing them?
Thanks,
Andy
Wayne Rivers says:
Thank you, Andy. We’ll reach out privately to see about answering your question. Glad the blog resonated with you!
tim ilderton says:
Hey Wayne,
Thanks for the info. I found it very appropriate at this time. Steve and I just finished a meeting w/ our brother and sisters who have interest in our property as owners but nothing to do w/ the business. We have a lease agreement w/ them and the company has spent $2 million+ on improvements, and they want to raise rent! Fortunately we all are talking and working through, we hope, the concerns. Your message was very timely for us to consider. I will forward this message for their knowledge as well.
I feel we will re-engage one day w/ your company. Glad business is good.
Tim
Wayne Rivers says:
You’re welcome, Tim!