Got Family

Hello. This is got family and I am Carey Berger and today we’re talking about charitable giving. First, why? Hopefully because you have a cause you believe in beyond that there are tax advantages. Cash is of course simple and immediate. Appreciated assets allows you potentially to have that tax at the charities tax rate which is zero. Structured gifts allows you to receive something back, potentially in the form of income for your lifetime. The question is through whom? You give it directly to the charity, you can give it through a committee foundation or you can create your own private foundation. Let’s start with the easy one that is wrong and that is a private foundation. It's too much work and it's not worth it, generally speaking. The community foundation can achieve the same thing. The community foundation gives you the ability to divide amongst different charities of your choosing and that may vary over time. The short answer is follow your heart and do it wisely. Utilize the tax codes so that you can

Carey talks about leaving everything to your spouse when you pass.

Carey asks the question, "Can I retire and still be me?"

Carey talks about wills

Carey talks about how to find the worth of your business using EBITDA

Hello this is got family and I am Carey Berger. Today we are reminding you that you are not superman, you are indeed a human being. And even though you are the owner of this business and the head of this household and this family. The biggest challenge that we as business owners face many times in our personal life and our family life is the expectation that we can do anything. Thus, anything that we don’t do we must have chosen not to do it. So, that’s a lot of responsibility. My gift for you today is to let you know you are not superman.

Hello this is Got Family and I am Carey Berger. This is the show where we tell stories from the crossroads of business and family. Today we are talking a little bit about what happens when I’ve got one business and many children. Do we indeed try to divide this? Can it support it? And I guess the easiest answer is this; ask yourself can this business afford to provide ownership income without participation in the work? If so, then you may be able to split your business amongst multiple people. If not, then you are going to need to consider alternative inheritance which could be in the form of insurance, could be in the form of other assets or it could be that you allow the one who is getting the business to buy it. Those payments then go into the estate for division amongst your family. This is Got Family and we’re telling the stories from the crossroads of business and family.

Hello this is Got Family and I am Carey Berger and today we are talking about the family bank. You’ve seen the t-shirts, “The Bank of Dad.” Well, to some extent that is one of the great gifts you do give to your children; and that you as an entrepreneur may be able to give in a more dramatic way. By providing money, much like an angel investor, you can be that seed money and that support to allow your children to create their own business and their own wealth. In many ways, the transferring of the business didn’t happen in the form of your specific business but in the form of support that enabled them to build their own. This is Got Family where we tell the stories at the crossroads of business and family.

Welcome to Got Family. I am Carey Berger and today we’re going to talk about sharing. Yes, that's right. You learned it when you were three and you didn't like it then and whether or not you like it now is a whole other discussion, depending upon the circumstance I'm sure. But nonetheless, let's talk about sharing.

Carey talks about the decisions you have to make with your Board of Directors and Executive Team.

Carey talks about the difference between different types of loans

Carey talks about selling your business to someone within your family.

Carey talks about what a board of directors is, how it compares to a board of advisers, why you might want one, and how you should compensate them.

Carey talks about the good, bad, and ugly behind "control"

Carey talks about why partnerships fail- pt. 2

Hello, this is Got Family and I am Carey Berger and today we're going to talk about one of the reasons why partnerships fail, what is missing in the business plan. You know the business plan actually has three primary parts and most people only think of two. The first one is the dream, the dream of what we’re going to build here, who we can serve, what's the need in the marketplace, why are we the right people for this, how is this going to work. All that exciting stuff, that's the part that most everybody wants to focus on, and they should, but unfortunately, it's only one third of the deal. Second piece is the numbers, and you’ve heard me talk about that many times. The numbers are, of course, where the rubber meets the road, so to speak. The key there is to bring those numbers as close to daily as possible. Realistically, if you get month by month your fine, but annual numbers are worthless. Finally, the piece it's missing is the ‘what do we expect to get out of this’ piece. That is the part there for the

Carey talks about liability protection

Hello, this is Got Family, and I am Carey Berger and as the song would indicate, we are talking about monsters. No, we aren’t talking about monsters exactly, we’re talking about fear. As a family business owner most of us know what it is to have some degree of fear. How we deal with that fear is each of our own neuroses, oops I mean our own life, and that fear for a family business owner usually starts off with the financial. Like I said, it's personal, financial, and structural, and that’s how we look at every question around here at the Got Family show. From a financial point of view it's like, okay if I just work harder, if I put more money in the bank, I'll have the money to get through the tough times, I’ll save, save, save, and that'll be how I deal with my fear. Financial is good, but then there's the personal side. Okay, again, I'm not going to ever let Phil play the song ‘Cats in the Cradle’, but nonetheless, I'm afraid I've given up my life in exchange for this business. I'm afraid I've lost the opp

Carey talks about the differences between trusts and wills

Carey talks about "doing it all" and the guilt that can come from it