My wife and I own a business with over six million in annual sales. My oldest son is getting married in about a year. He works for us but owns no part of the business. The plan is for all our kids to own shares in the company. Our attorney is suggesting we draw up a prenuptial. It feels awkward. Is a prenuptial necessary? (more…)

We are retiring after having owned two restaurants for over thirty years. My wife insists we give one each to our two sons. Our older son is irresponsible and I know he will run the business into the ground. Should we just sell the two restaurants? (more…)

My son is 23 and just graduated college with a degree in finance. I would like for him to take over the family business in 5 to 10 years. What are some suggestions for making this happen? (more…)

I’m 62 and own a successful business I started thirty years ago. I’m married and have a great wife and successful kids who have careers outside the family business. My problem is I’m not excited about going into work anymore. I’m busy and I’m good at what I do but I don’t have the old fire in the belly I used to have. I have thoughts of selling the business but I don’t know what else I’d do. Any suggestions? (more…)

I’m on the Board of Directors of a private school. There has been a long-standing issue involving the effectiveness of a top school administration official. The board is divided as to how to deal with this. Any suggestions? (more…)

I am a 24 year old woman with a master’s degree in English literature. I’m currently managing a bookstore and contemplating going for my Ph.D. and teaching. My father owns a publishing and marketing company with about $15 million in revenues. My younger brother is 19 and a freshman in college. He says he has no idea what he wants to major in, except maybe partying. Our father is in his late 50’s and had a heart attack last year. Two weeks ago he asked me to come into the business and eventually run it. He feels confident I could do it with the help of management training and a mentoring program over the next 3 or 4 years. I know a great deal about the business having worked in it throughout my adolescence. I’m engaged to be married in six months to someone who is in the publishing industry. I haven’t mentioned it to him yet since I think he might see it as a good opportunity for us but I’m not sure that’s what I want to do. I feel selfish and scared. How should I be thinking about this? (more…)