With this post we continue our investigation of the management of illiquid wealth in closely held and family businesses (The One Percent Solution) with a discussion of liquid wealth. By comparing and contrasting these two general forms of wealth, we can begin to understand the principles necessary to manage illiquid wealth. Liquid Wealth Defined Liquid wealth […]
We all have demons. This post discusses our professional, rather than personal, demons. The lesson is that if we name them, we can begin to do something about them. We can take the little steps that get the stone moving to the point where it has (or you have) momentum. And when you have momentum, you can leave your demons behind.
With this post I am beginning a new book, tentatively titled Managing Private Wealth from Closely Held Businesses: The One Percent Solution, and will post additional sections over the coming weeks. When it is complete, the book will be published as an Amazon Kindle book. The gist of the idea behind The One Percent Solution is:
Consider a budget for managing your pre-liquid wealth (defined as your ownership interest in your private company) similar to the fees you pay to manage your liquid wealth (stocks, bonds, other liquid investments).
Many of the companies I deal with have baby boomer senior managers who own substantial portions of their companies. Every one of these companies will experience management transitions over the next one, two, five or ten years or so. Isn’t it better to plan ahead for these critical transitions for the good of your fellow owners, their families, your employees, your customers and on?
Don’t be caught like Mr. Balmer and Microsoft’s board, in a trap with no apparent solution.
I can reflect and remember that we helped this client and friend accomplish some things that are far better being done now, at his death, than not. That is personally satisfying.
Buy-Sell Agreements for Baby Boomer Business Owners has been available as a Kindle book for about five weeks now. During this short time, the book has received seven 5-star reviews from a variety of readers. I thought I’d share the reviews with readers of this blog.
The One Percent Solution. I developed the term as a vehicle to talk with clients about the value of valuation and other financial and estate planning activities conducted to manage (pre-liquid) private company wealth. The gist of the idea is simple:
Consider a budget for managing your pre-liquid wealth (defined as your ownership interest in your private company) similar to the fees you pay to manage your liquid wealth (stocks, bonds, other liquid investments).
You thought you knew what a marathon was – until you read about a decade old case involving a busted fixed-price buy-sell agreement in New York. Call it now a BuySellAgreementathon. More exhausting (and expensive) than the traditional 26.2 miles!
Miles Mason, Sr., of the Miles Mason Family Law Group, has posted a review of my new Kindle book, Buy-Sell Agreements for Baby Boomer Business Owners.
Miles Mason, Sr., of the Miles Mason Family Law Group in Memphis, has written a book, The Tennessee Divorce Client’s Handbook, is a great primer for divorcing persons and for anyone who has not yet started but is contemplating divorce. As a divorce attorney, his basic advice is “think seriously before you enter into this […]
