How to avoid trapping your kids in the family business By Hannah Massen We’ll start by saying the first thing your kids want you to know: it’s not you, it’s them. As an entrepreneur, you’ve poured your heart, soul and years of your life into growing and sustaining your business. Yes, you’ve had many long…
Sometimes they even backfire By Don Harkey With an increasingly challenging labor market, employers are left looking for ways to attract and retain talent. Most are rightly looking at their benefits, and some are looking at bonuses or profit sharing as an option. I am often asked the simple question, “do bonuses work?” Sorta. Let…
Heritage Fine Jewelry’s succession set in stone By Leslie T. Snadowsky Patricia Catalano moved her family and her jewelry business to Hilton Head in 1990. For the last 25 years siblings Patrick Safe, 52, Doug Safe, 50, and Jennifer Lance, 43, all became integral parts of their mom’s Heritage Fine Jewelry located at Shelter Cove…
Tips for buying, managing, selling and sharing the profits of a family business By Gregory P. Thomas A family business can be an exciting and challenging venture. Working with loved ones can provide many benefits, such as flexibility, loyalty and a strong sense of identity and purpose. However, family businesses also face unique challenges that…
Family fuels Reichenbach’s drive to succeed By Leslie T. Snadowsky You probably saw his kids grow up on TV. For 15 years South Carolina State Sen. Mike Reichenbach produced monthly commercials for his South Carolina car dealerships that featured daughter, Olivia, and son, Isaiah, who helped tell those looking for new and used Chevrolet Silverados…
When it comes to succession, planning ahead is everything. By Leslie T. Snadowsky When Creighton Stuckart, a certified financial advisor and managing partner of the Atlantic Investment Advisory Group on Hilton Head, lost his mom in 2016, he said it served as a lesson in estate planning. “It wasn’t so much dealing with the financial…
What is needed to run a successful family-run business for generations? By Karen Casey, CPA, CFP, is a certified SCORE SC Lowcountry business mentor. There are over 5.5 million family businesses in the U.S., and they employ 62 percent of the U.S. workforce, according to the Family Business Alliance. Pretty impressive, but only 30 percent…
How to save a little time, a little money and a lot of hunger By Ima Saver We hate to see you leave money on the table, or in this case, leave money at the gas pump. You probably are a member of rewards programs for groceries, airlines and hotels. Why stop there? Your company…
Are you afraid of falling victim to a ransomware attack on your business? By Mark Rossi, president of KML Computer Services. Since 1996 he has been immersed in the technology field, working in various positions, from hardware technician and network manager to network engineer and IT consultant. If you aren’t, you should be. Ransomware attacks…
Three mistakes that can destroy your family business By Hannah Massen While many entrepreneurs dream of building a lasting business that becomes part of their families’ legacy, family businesses have low survival rates beyond three generations. Data suggests that around 70 percent of family businesses fail by the time the second generation comes into power,…