The Herald Bulletin

Morning Update

Local Columns

January 16, 2012

Emmett Dulaney: Have you planned your exit?

ANDERSON, Ind. — Mark Motluck, business law professor at Anderson University, points out that 76 million Americans were born between 1946 through 1964 and many of these baby boomers are business owners who will be retiring and leaving the business world over the next 20 years. If you are one of the boomers, he asks, have you planned your exit strategy?

Motluck further elaborates that many business owners simply plan to pass on the business to next generation family members.  Many successful businesses boast of the generations that have made it successful and how long it has remained in family hands. However, this may or may not be a good strategy. Before agreeing to pass on your business to your children, you need to critically address these five questions with an objective eye:

  • Is your child really capable of running the business? Does he/she have the desire and drive to make it successful? How would you feel if you turned over the business only to see it fail because the person you passed it on to had neither desire nor ability to run it?
  • Will you be able to step back and allow your child to run the business the way they want to run it? That is, will you sit back idly while they make changes that perhaps you don’t feel are in the best interest of the business?
  • If you have more than one child, will they all be involved in the business? If so, how will the “leader” be determined?  Will it potentially cause a rift in the family?  
  • If not all of your children will be involved in the business, will the child acquiring the business pay a fair market price for the business? If not, will you account for this in your overall estate plan?
  • If you are financing the sale of the business for your child, what happens if or when your child starts missing payments? Are you prepared to take legal action? Will their failure to pay affect your retirement lifestyle or plans?

Text Only
Local Columns
  • Maureen Hayden Maureen Hayden: Helping those with a criminal record

    In 2009, when then-candidate Matt Ubelhor was knocking on doors in the rural southern Indiana district he now represents in the General Assembly, he kept hearing the same story from countless constituents: They’d lost their jobs in a bad economy and couldn’t get another one because they couldn’t past a background check that revealed some long-ago arrest or conviction.

    April 14, 2013 1 Photo

  • Colip, Angie.jpg Angie Colip: Old, used bowling balls cause dilemma

    I have a question of the week. What becomes of bowling balls once they are no longer being used by their owner? I have a house that is full of unused bowling balls. The front closet and even my living room have become overrun with them.

    January 31, 2013 1 Photo

  • De la Bastide, Ken.jpg Ken de la Bastide: Young guns come up short

    With 10 laps remaining at the ARCA/CRA Speedfest at Watermelon Capital Speedway it appeared that three drivers under the age of 19 were going to take the top three positions.
    Chase Elliott was leading chased by Erik Jones and John Hunter Nemechek, but through a number of cautions over the final circuits none of the young guns would record a podium finish.

    January 29, 2013 1 Photo

  • What's Where: Nov. 20

    Local meetings and activities are scheduled:

    November 20, 2012

  • images_sizedimage_001185455 Verna Davis: Avoid a diet; feed on the Word

    OK, people. I concede that I am “middle-aged,” even though the thought terrifies me.

    August 24, 2012 1 Photo

  • Maureen Hayden Maureen Hayden column: Updating voter registry will take time, money

    Earlier this year, I wrote a series of columns bemoaning the low voter turnout in the May primary and asked why only 20 percent of Indiana’s 4.4 million registered voters bothered to go to the polls.

    July 22, 2012 1 Photo

  • wilkerson, jesse Jesse Wilkerson column: There is a solution to your problem

    I ran across this exercise several years ago. If you ever have been by my office at the Mounds Mall you will see the same nine dots you see below on my door as a constant reminder of this exercise.

    July 22, 2012 2 Photos

  • Howey NEW.jpg Brian Howey: Daniels at Purdue raises questions over potential conflicts

    At the advent of the Mitch Daniels governorship, a close ally of his told me that the new governor always had a long-range plan.

    July 7, 2012 1 Photo

  • Dulaney c.jpg Emmett Dulaney: Are risk and vesting correlated?

    In business, as in life, the safest thing to do is often nothing. If you don’t take a chance, you can usually avoid the dangers that could befall those who do venture outside the norm and propose new businesses, new products or otherwise embrace risk in the pursuit of reward.

    July 2, 2012 1 Photo

  • Dulaney c.jpg Emmett Dulaney: Price is the most flexible variable

    A funny thing happened on the way to purchasing a book from Amazon.com — the price changed. Forty-two times within a 30-day period.

    June 11, 2012 1 Photo

Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
More Resources from The Herald Bulletin