John Williams is a guest author and President of Scoville Public Relations.
What It Takes to Sustain a Family Business Through Multiple Generations
On October 25, 2018, Garvey Schubert Barer convened more than 90 guests to its 4th Annual Family & Closely Held Business Summit. Produced in partnership with Bader Martin, PS, BMO Capital Markets and Key Private Bank, the half-day event featured two keynotes and panels -- one comprising Pacific Northwest family-owned and closely held business executives, and the other consisting of a cross-section of finance, tax and legal advisors.
Last month on January 24th, 2017, the Puget Sound Business Journal hosted an extremely successful Family Business Symposium, inviting the leaders, employees and partners of businesses in the region that are owned and operated by members of the same family to discuss issues ranging from formal succession planning to the personal insights that come from operating a firm alongside multiple generations of the same family.
Garvey Schubert Barer represents dozens of family businesses and was proud to be a sponsor of the event. We were excited to see hundreds of attendees show up to hear from some of the region’s most successful family businesses.
After years of slow boiling anticipation, statements made by the IRS and the Treasury this year heated up the conjecture and anticipation which finally came to a head on August 2, 2016. I’m of course talking about the just-released proposed regulations under Internal Revenue Code Section 2704 and the far reaching, highly negative implications for closely held family entities and the whole area of family business succession planning.
Foster Garvey’s Family-Owned & Closely Held Business practice group comprises strategic advisors and core practitioners who understand the intersection between law and the unique challenges of running a family business. With more than one hundred years of combined experience, our family-owned and closely held business practice offers clients extensive resources and a knowledgeable team of family wealth advisors across the United States.