Larry Hause Personal Brochure
LARRY HAUSE, JD is a nationally recognized family business and wealth transition strategist, attorney and author who specializes in helping owners resolve difficult, contentious and seemingly “impossible’ transition challenges in a low risk, highly effective.
As an attorney, Larry understands the legal rights and responsibilities of owners, directors and managers; the tax consequences of changing ownership; and the numerous ways properties can be held and allocated to protect the business and resolve differences among owners.
Be Prepared: Planning for Sudden Death in Business by Larry D. Hause
The random stabbing death of Todd Bachman, chairman and CEO of Bachman’s Inc., during a visit to the Beijing Olympics shocked those who knew him and the venerable Minneapolis-based floral and garden center. Amidst grieving, the family-owned business turned its attention to an issue that inevitably rises when a key executive dies suddenly and unexpectedly: leadership succession.
At some point following a tragedy that befalls a business leader — for some, way too soon — thoughts and actions must focus on business. What needs to be done? Who will do it? When? How? The questions can seem endless and answers unclear. When a well-known person or company is involved, add the stress of public relations.
Differing Views on Director Term and Age Limits by Mitzi Purdue
Instituting term or age limits for directors is a way to ensure you have the right board members to help your family business grow and thrive in today’s competitive marketplace. Requiring directors to step down once they have served a predetermined number of terms or reached a certain age takes emotions out of the equation because the board members know in advance when they’ll need to step down.
The Top 10 Takeaways from the 2020 Family Business Conference
1. Begin early and talk often about succession planning.
The process never stops. It’s continual and intentional. You don’t know what you don’t know! Take time to work on your business.
2. Mission and Core Values
Your mission and core values can guide your decision making as both a family and as a management team. Create these and rely on them! Being a family business is an advantage to long-term survival. The more challenging times we overcome, the more likely we are to increase our longevity – so look at challenging times as opportunities.
These are proven characteristics that will drive you to become a Century Club Company – 100 years old and older!
-Presenters Vicki TenHaken, Mike Paton, Sara Stern, Stacey Pearson, Adam Gallenberg, David Plummer.
Directing is a Verb by Larry D. Hause, JD and Cary J. Tutelman, PhD
A Board of Directors is supposed to direct. That seems pretty obvious. But that is not usually what we find in family businesses in transition. We find three things: first, we see boards that are not active. They are viewed as legal requirements of a corporation, not a valuable asset.
Trustees & Family Businesses: How the Two Can Co-Exist Effectively by Larry D. Hause
Joe let his notes from the trustee committee fall on his desk, the different viewpoints still ringing in his ears: The Blacknair family had approached Joe about his bank serving as co-trustee of their family trusts to replace another trust company who wanted to resign. Joe had just made his initial presentation to the committee, and the response he received was not favorable. Joe opened the file of the background information he assembled for the committee and began reading again . . .
The Difference Between Family Governance and Business Governance by Larry D. Hause
This article provides a functional definition of governance for private businesses (as opposed to public companies) and distinguishes the roles and responsibilities of governance from the roles and responsibilities of the family, ownership, and management.
Guidelines for Interviewing a Family Business Consultant by Larry D. Hause
Did you hear the story about the fellow who spent more time on deciding what car to buy than on choosing his wife? Sad but true, many family businesses make the same mistake in choosing a Transition Consultant to help with the transition of their family business. The point is to put forth the effort to find the right Consultant because your family and business are major parts of your well-being.
Case Study No. 100: The Allen Family by Larry D. Hause
The Allen family consists of six adults. All but one spouse is working in the family-owned, international businesses. The main business is toy design manufacturing. The other businesses include toiletries and men’s sport clothes. These items are mostly made in Asia, with some still being made in Australia, the original home of the company. Sales for the company are $250M per year. The company had a Board of Directors which included the entrepreneur, her husband, and their close friend and trusted legal advisor. The business executive team includes the board member and several executives who have key oversight.
Balancing Your Interests in a Family Business with Fredrikson & Byron
Every family business has a balance point—a place where the owners’ values, needs and goats are effectively integrated with management’s values, needs and goals. Knowing where your business’s balance point is located is key to running a successful business and transitioning it successfully.
The Balance Point Model Excerpted from the Family Enterprise Book
The balance point model is defined as an alignment or integration of the family, owners, and enterprise interests—as well as a balance of separation and integration.
Separation can help clarify roles, responsibilities, authority, and accountability. Separation can also help identify values, needs, and goals
Family Business Transitions by Larry Hause and Cary Tutelman
Did you know that 70% of all family businesses fail to successfully transition from the first generation to the second, and that 80% fail to successfully transition from the second generation to the third? This statistic is alarming.
Business Litigation Terms by Steven P. Marino (excerpt by Larry D. Hause)
This issue expands on our October December 2013 newsletter that recommended practical steps to reduce legal risks when family members jointly own and manage a business. With help from Larry Hause (page 2, left column), we provide more recommendations on this topic. Also, we provide a reminder (page 2 right column) that Minnesota employers need to update their employee handbooks and written policies.
Keeping It in the Family by Todd Nelson (excerpt by Larry D. Hause)
Park Industries has made stone working machines for decades. But for the past few years, another type of enterprise has been taking shape within the family-owned St. Cloud company.
Why You Need to Consider Long -Term Care by Debra C. Newman, CLU
Why do we need to plan for long-term care? We’re living longer—a lot longer—and there is a diminishing availability of caregivers. Then there is a significant probability of needing care. If you are already 65 or think you’re going to live to 65, there is a 70 percent chance you’re going to need long-term care.
Family Firm Institute Fellows Award
FFI Fellow status was established in 2001 top recognize individuals who demonstrate ongoing expertise and commitment to the field of family enterprise. To be eligible for Fellow status, individuals must complete an FFI Advance Certificate, be an FFI member for ten years, and present at an annual conference or be published in Family Business Review or The Practitioner.
Family Firm Institute Interdisciplinary Award
The Interdisciplinary Achievement Award recognizes outstanding achievement in the advancement of interdisciplinary services to business families.