In this issue
Most businesses owe their existence to their founder's genius, talent, luck or just plain hard work. One of the major obstacles to passing those companies to family members is the need to replace the founder's vision, not to mention his or her personal connections. The closer the company's success is tied to the founder's persona, the more challenging the transition.
Whether "family business" connotes small mom-and-pop stores or industry giants like Samsung and Wal-Mart, family-run enterprises have a reputation for innovation and long-term planning. A study published in the Harvard Business Review found that family businesses globally had higher long-term financial performance than non-family businesses. Part of the key to their success lies in the family business model itself: By running their enterprises with future generations in mind, families emphasize resilience and foresight.
The wealthy family often has a myriad of entities and assets to manage. These typically include real estate holdings, trusts and various operating and investing companies, designed through the collaboration of skilled professionals. This complex structure provides the family a level of asset protection and a way to effectuate the transfer of wealth from the senior generation to junior family members.
As successful business owners, you understand that carefully crafted estate and trust plans provide the tools for families to safeguard assets and protect their financial security. But these plans can also ultimately help families create their legacies. How can you have confidence that the planning strategies used in estate and trust plans, as well as the fiduciary appointments made to carry them out, accurately capture your legacy goals and objectives?
The Columbus, Ohio, business, which made a big splash for its 150th, took a subtler approach this time around.
The company, based in Elgin, Ill., celebrated with a book and a party.
The Business: Phillip Wisdom founded Wisdom and Co. in 1875 in Chicago, selling adhesives to bookbinders and publishers and delivering the products by horse and carriage. By the late 1900s, the company had warehouse and production facilities on both U.S. coasts and was exporting its bookbinding adhesives to Europe and Asia.
The Beaverton, Ore. company created a website to celebrate its long history.
Wanderlust is a job qualification at Tauck, a third-generation tour and travel company based in Norwalk, Conn. Inveterate journeyers have piloted the firm since Arthur Tauck Sr. led the first six-day, 1,100-mile, all-inclusive trip through New England in a rented Studebaker in 1925, charging his six passengers $69 each.