Exit Stage Right

WITH MARTHA SULLIVAN

Harry and Meghan expose an ugly truth about family businesses

Prince Harry and the Duchess of Sussex, Meghan Markle, described in heart-wrenching detail the feeling of being trapped as members of the royal family. What should have been a grand story of princes and princesses was breathtaking and sad, but it’s an all-too-familiar feeling for those involved in family businesses.

How financial blind spots are killing you

Accountants and CPAs are often ranked as a business owner’s most trusted advisor — over their attorney, banker, and yes, even spouse. Yet there is a common misconception among business owners about their accountant and what he or she “does” for them.

You can, but you may not

Just the other day, I was reminiscing about my fifth grade math teacher, Mr. Mercer. He was a wonderful teacher, firm with us precocious tweeners, yet with a great, sly sense of humor. One of his favorite comebacks to “Mr. Mercer, can I go to the restroom?” was “You can, but you may not.”

Your first option for transitioning your business may not be your best

2020 has renewed business owners’ thinking about company ownership. For some owners, 2020 is merely another bump in the road that they will roll over while holding the steering wheel tightly. For others, it’s been a perverse rush, literally and figuratively, as business has grown with the shifts in consumer and commercial demand.

How to free the dreaded annual planning process

It’s the time of year when many companies head into their planning and budgeting season. There is always a tension that accompanies this process. There is the tension between the known and unknown, scarcity and abundance, short-term and long-term, and finally, the tension of “who has time for this?”

3 thoughtful steps to combat workplace stress

How would you rate your ability to deal with stress these days? Chances are, if you’re like me, you are feeling it. Work lives up to its name (“work”). The juggle with family may have morphed into a third job of educator. And then there’s all the other chaos swirling about.

Spending half her career as an advisor to privately-held and family businesses and the other half in CFO/COO roles, Martha Sullivan is a partner and the succession planning practice leader in the business transition strategies group at Honkamp, Krueger & Co., P.C. She and her team have extensive experience assisting business owners achieve their personal, business, and transition goals. “Don’t think of the ‘exit’ from your business like it’s a four-letter word. Make it your next adventure!”

In Business magazine

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