Thinking Column

Posts by Aspen Family Business Group partners and associates on all topics related to family owned businesses.
The Gift Of Time

The Gift Of Time

Looking for the positive for your family business in the midst of a pandemic is important. Across the country non-essential businesses, or non-lifesaving businesses, have been told to close their physical operations. While you are undoubtedly focused on the current and future economic implications for your business, and concerned for your team members…

Safety in Families

Safety In Family Businesses

I recently had meetings with several families where it became very clear that members of the family did not feel psychologically (or even physically) safe. As I reflected on these situations, I realized that the concept of “safety” is not one that we have discussed, but is essential to comfort and collaboration in families, especially business-owning families…

buy sell agreements

Buy Sell Agreements…An Often Misplaced Document

Where is your buy sell, is it buried in your operating agreement for your LLC, or is it in a file in a drawer not opened in years. For those of you who are up to date with your agreement, the above scenarios would seem unthinkable. However, years of experience in asking business owners “ How long has it been since you reviewed your buy sell agreement with your partners?” only to be met with a vacant look has taught me this is too often a “misplaced document”…

adding independent directors to your board

Leaving Your Comfort Zone: Adding Independent Directors To Your Board

The Board of Directors is where the will of owners turns into action. It is also one of the most challenging steps to take for a business owner as they may be advised to do things differently. To be more specific, in almost all family business governance assignments that I have been involved globally, the top of actionable items list has been to add independent directors to the board. Yet only a small portion of business owners easily adopt this idea to change the board composition…