Setting up a proper buy-sell agreement is key to mitigating conflict when a stakeholder wants to leave the family business.

In this edition of The Fresh Take, we look to provide some helpful information to guide you in affording, protecting, and investing in your first or even tenth piece of real estate.

Buying your first home can be an exciting, but overwhelming, journey. Senior Relationship Associate Sean Kennedy and Associate Maddy Pellow cover the essentials of what to know before you buy.

In this Next Gen Spotlight, Relationship Manager Myles Christian sits down with J.B. Andreassi, co-principal of Andreassi Development, rising real estate star, and reality TV personality, to discuss his journey from real estate to TV, working for the family business, and how he balances it all.

In this issue of Owner to Owner, we look at the business environment so far in 2024, explore how to cultivate innovation and motivation in family and privately-owned businesses, discuss the benefits of creating a family constitution, and give an update on the Corporate Transparency Act.

Michael Conti, Jeff Miller, Neriah Ray-Saunders, Jack Goryl and Christine Hourihan provide an overview of the business environment on three fronts: the overall economy, the credit markets, and the private equity and mergers and acquisitions markets.

Keeping innovation and entrepreneurship front of mind is key to both maintaining and growing the family business as it moves into the future and, eventually, into a new generation’s hands. Executive Director of the BBH Center for Family Business Ben Persofsky discusses how business owners can shift their mindset toward innovation in order to sustain entrepreneurship for generations.

Senior Wealth Planner Ross Bruch looks at the science behind how business owners can pass down motivation and determination to younger generations.

In this issue of Owner to Owner, we explore strategies for successful communication in a private business, examine factors that come into consideration when debating whether now is time to sell the family business, and review key findings from our inaugural Private Business Owner Survey.

Michael Conti, Grant Smith, and Christine Hourihan provide an overview of the business environment on three fronts: the overall economy, the credit markets, and the private equity and mergers and acquisitions markets.

Executive Director of the BBH Center for Family Business Ben Persofsky discusses four strategies for improving communication in a private or family-owned business.

John Secor, Kyle Gordon, and Carson Christus from our Corporate Advisory team discuss family and business factors that come into consideration when debating whether now is the time to sell the family business.

A leader’s openness to exploring a future for themselves represents a crucial turning point in beginning the transition journey. We lay out several steps owners can take to begin on the path of a successful business transition.

BBH Partner Kathryn George, Head of the Center for Family Business Ben Persofsky, and Senior Wealth Planner Ali Hutchinson explore the various roles of a family business’s board of directors in succession planning.

John Secor and Kyle Gordon discuss a key issue faced by family businesses: the difficulty of managing capital and liquidity demands. They zero in on a critical factor of finding the right balance – patient capital – and provide advice on how family businesses can achieve this important objective.

In this issue of Owner to Owner, we speak with Murray Nossel, co-founder of Narativ, on the value of creating a legacy story, review the potential effects of the Inflation Reduction Act on private business owners, and outline how to establish a dividend policy for the family business.

Michael Conti, Jeff Miller, Neriah Ray-Saunders, and Christine Hourihan provide an overview of the business environment on three fronts: the overall economy, the credit markets, and the private equity and mergers and acquisitions markets.

In this issue’s feature interview, we speak with Narativ Co-Founder Murray Nossel about his passion for storytelling, why it’s so important that people – especially business owners – record their stories, and how they can negotiate their legacies.

Lewis Hart, our head of corporate banking, reviews the potential effects of the Inflation Reduction Act tax credits and more on private business owners.

John Secor, Kyle Gordon, and Carson Christus of our Corporate Advisory team outline five options for family business owners that are committed to formalizing a dividend policy.

In the feature article of this issue of Women & Wealth Magazine, we sit down with three innovators in women’s health – Dr. Connie Lehman of Clairity; Heather Monroe, LCSW, of Monroe Wellness; and Dr. Katherine Saunders of Intellihealth – to discuss how they are working to change paradigms in their areas of expertise, why preventative medicine is so important, and how the industry is shifting toward more personalized methods of treatment.

BBH Principal Adrienne Penta looks at insights gathered from our inaugural Private Business Owner Survey, focusing in on the attitudes of private business owners toward economic uncertainty and investing.

In our Summer Next Gen Spotlight, Senior Relationship Associate Hailey Hoyos sits down with Jill Koziol, co-founder and CEO of Motherly, to discuss why she started the platform, how she navigates growth, and where she sees the company and herself in the next five years.

BBH presents its 2023 Private Business Owner Survey, which was conducted to see how owners are addressing current economic conditions, future succession planning, and family communication dynamics. Read the results.

Managing Director Brett Sovine discusses section 6166 of the Internal Revenue Code, which in certain situations permits the executor of an estate to defer federal estate tax on a closely held business following an owner’s death.

The tax benefits for investing in or founding certain startup businesses can be incredible. Not all investors or founders can take advantage of these benefits, but for those who can, millions of dollars of tax can be saved – and with proper planning, potentially even more.

In this issue’s feature article, we highlight an inspiring group of women business owners and leaders and share their insights as they anticipate the opportunities and challenges of 2023.

In this issue’s infographic, we look at the state of women business owners and the next generation of women entrepreneurs – why they are starting businesses and how they are doing.

In “Five Questions,” we speak with Christina Pardy, founder of Sh*t That I Knit, about what led her to start the company, what it takes to be competitive in the sustainable clothing space, and how she navigates challenges.

Travis Dunn provides an overview of family business advisory boards and discusses their benefits, composition, and steps for getting started.

Alison Hutchinson and Melineh Ounanian discuss the fundamentals an individual must follow in order to be a good trustee when the trust owns business interests.

BBH Senior Advisor Ellen Perry discusses the complexities surrounding a liquidity event and covers ways to make the transition more successful.

Drew Lichter, vice president of corporate strategy and development at Mobius Risk Group, discusses the advantages of using financial instruments and market strategies to hedge against commodity price risk.

In light of recent headlines, Head of Corporate Advisory John Secor looks at cash management options for private business owners.

In this issue of Owner to Owner, we speak with the CEO of Red River Foods about owning the supply chain, assess pathways to joining (or not joining) the family business, and look at research on how wealth might influence happiness.

Michael Conti, Neriah Ray-Saunders, and Christine Hourihan provide an overview of the business environment on three fronts: the overall economy, the credit markets, and the private equity and mergers and acquisitions markets.

In the feature article of this issue of Owner to Owner, we speak with Dan Phipps, CEO of Red River Foods, about how the company has approached global expansion, what it takes to ensure the highest-quality products, and where he feels the most excitement in the food industry.

We sit down with Adriano Barilla of Barilla Pasta and Brandon Farmer of CSC Sugar for a look at the process of joining (or not joining) the family business through the lens of the next generation.

BBH Senior Wealth Planner Ross Bruch shares insights gleaned from research on how money – and in particular, wealth – might influence happiness.

Travis Dunn provides an overview of family business governance, including its definition and purpose, benefits, resource commitment, and steps to begin implementation.

BBH Managing Director Lewis Hart shares a three-pronged strategy for effectively managing your business’s liquidity during times of volatility and uncertainty.

Adrienne Penta, executive director of the Center for Women & Wealth, and Ben Persofsky, executive director of the Center for Family Business, sit down to explore their insights on how family businesses can be inclusive in developing future leaders.

In our winter Next Gen Spotlight, Mackenzie Dowling sits down with Christina Pardy, founder and CEO of Sh*t That I Knit, to talk about turning your side hustle into a full-time job and giving back to others all at the same time.

In this issue of Owner to Owner, we speak with the team behind Peay Vineyards, share a strategy for managing your business’s liquidity during times of uncertainty, and look at fostering resilience in the workplace.

Michael Conti, Neriah Ray-Saunders, and Christine Hourihan provide an overview of the economy, credit markets, and private equity and mergers and acquisitions markets.

In the feature article of this issue of Owner to Owner, we sit down with the team behind Peay Vineyards – Vanessa Wong, Nick Peay, and Andy Peay – to discuss what drove their interest in wine, how they approach winegrowing and winemaking, and how they differentiate themselves in a competitive industry.

BBH Senior Wealth Planner Ross Bruch explores the two ways businesses and other organizations can create a resilient staff: growing resilience within an organization’s existing workforce and hiring candidates that demonstrate resilient character traits.

Senior Wealth Planner Ross Bruch examines the role buy-sell agreements can play in helping family businesses plan for intrafamily succession.

Adrienne Penta, executive director of the Center for Women & Wealth, and Ben Persofsky, executive director of the Center for Family Business, share insights gleaned from recent BBH research on how family businesses can be inclusive in developing future leaders.

In this issue’s “By the Numbers,” we look at the significant impact of family-owned businesses in the world and their communities, as well as how they are measuring up on diversity and inclusion.

Brigid Schulte, best-selling author and director at the Better Life Lab at New America, shares a data-driven toolkit for managers and leaders as we all navigate an uncharted new era of work.

In “Five Questions,” we speak with Meghan Juday, chairman of IDEAL Industries, about leading the board as a fourth-generation family member, how she hopes to help other women succeed in similar roles and what she sees as the most important leadership quality.

In our fall Next Gen Spotlight, Mackenzie Dowling sits down with Michael Russell Jr. to talk about growing up in a family business and forging your own path.

Senior Wealth Planner Kerri Mast discusses qualitative matters related to business succession, focusing on the importance of family values.

In this issue of Owner to Owner, we look at considerations when transferring private business shares to the next generation, discuss what business owners should be thinking about in this inflationary economy, examine QSBS elections and provide an overview of industrial revenue bonds.

We provide an overview of the economy, credit markets, and private equity and mergers and acquisitions markets.

Ali Hutchinson, a BBH senior wealth planner, and Ben Persofsky, the executive director of the BBH Center for Family Business, discuss the different methods for transferring shares in a private business to the next generation and cover the implications families need to consider from both a corporate and tax angle.

Head of Corporate Advisory John Secor looks at challenges business owners are facing in this inflationary economy and discusses how they can navigate this uncertainty.

John Wert of our Corporate Advisory & Banking team discusses industrial revenue bonds, a creative tool in the marketplace available to U.S. manufacturing companies for domestic capital expenditures.

Senior Wealth Planner Kerri Mast discusses effective board governance during complex and uncertain times.

Relationship Manager Reed Smith and Retirement and Trust Associate Matthew Senger break down the differences in setup, administration and contribution limits among three retirement strategies for small-business owners and the self-employed: the SIMPLE IRA, the Solo 401(k) and the SEP IRA.

In the feature article of this issue of Women & Wealth Magazine, we speak with PK Scheerle, R.N., former CEO of GIFTED Healthcare and CEO of NursesEverywhere, about the lessons learned on her path to entrepreneurship, her career-long advocacy of nurses and her latest venture focused on helping to educate the public about their rights to access nursing care.

We feature 22 women and share how 2022 is set to be a pivotal year in their professional journeys.

During a crisis, effective communication is critical for business leaders. We provide our top 10 tips for communicating with key stakeholders during a crisis.

Engaging and preparing the next generation in the succession planning process can be daunting. We share several components that can help the process run smoothly.

Adrienne Penta, Executive Director of the Center for Women & Wealth, sat down with Suzanne Brenner, BBH Partner and Chief Investment Officer, and Justin Reed, Deputy Chief Investment Officer, for a candid and insightful conversation on creating a diverse team with an inclusive culture. They explore how and why that may lead to better outcomes for our clients.

We speak with Danielle Duboise and Whitney Tingle, co-founders and co-CEOs of Sakara Life, who started the company with $700. Now, Sakara Life has delivered millions of organic plant-based meals nationwide, enabling customers to transform their lives through the power of food as medicine.

Growth, liquidity and control are all interests core to private business owners, but they don’t always align. In the feature article of this issue, we speak with Rob Lachenauer, Managing Partner of BanyanGlobal, and Ben Persofsky, Executive Director of the BBH Center for Family Business, about the complications that arise around these strategic decisions when there are multiple owners with different priorities and how private business owners can best manage these competing interests.

We sit down with Victoria Mars, former chairman and first corporate ombudsman of Mars, to discuss running a successful family business for 110 years, engaging family members after five generations and leveraging values and principles to maintain focus.

We examine the story of Madam C.J. Walker, America’s first female self-made millionaire and a Black woman, which offers some useful lessons for the intersection of business, personal values and philanthropy.

In our feature article, we speak with Chime Solutions Co-Founder and COO Shelly Wilson about the company’s mission and vision, the impact the business is having in the communities in which it operates and what’s next following tremendous momentum over the past year.

In our “By the Numbers” infographic, we look at sustainability and social responsibility, examining the benefits of investing time and resources into these areas, as well as rising demand and trends.

These inspiring women have demonstrated their power as models of female leadership and innovative entrepreneurs and are having outsized impact in their fields.

We speak with Victoria Mars, the former chairman of Mars, about her career in the family business, how we can better navigate our personal and professional lives (hint: it’s all about life stages), and Mars’ focus on sustainability.

For the feature article of this issue, we brought together a group of CEOs in our ecosystem to discuss how they led their businesses throughout the year.

BBH Partner Kathryn George speaks with Dr. Kerry Sulkowicz about the emotional challenges that leaders face when their organization is in crisis.

Senior Wealth Planner Kerri Mast looks at considerations for private business owners with private foundations.

Here, we discuss decision-making about social interactions during COVID-19 as restrictions are loosened and individuals have very clear differences in personal risk tolerances.

In the feature article of this issue of Owner to Owner, Jon Rennert, CEO of ZOLL Medical, shares how ZOLL was able to quickly ramp up ventilator production to help fight COVID-19, what the future of the office may look like and leadership through crisis.

We feature 20 inspiring women and share how 2020 is set to be a pivotal year in their professional journeys. We also spotlight a few examples of their extraordinary work in response to the current global pandemic.

John Secor and Carson Christus of BBH’s Corporate Advisory Group provide advice to managers looking to increase productivity, communicate effectively and enhance corporate culture in the new work-from-home culture.

In the feature article of this issue of Owner to Owner, we sit down with Tyler Morse, founder and CEO of MCR Hotels, and his wife and creative partner, Rebecca Morse, to discuss developing the TWA Hotel, scaling the business and working with your spouse.

Travis Dunn discusses creating governance structures in family businesses with first and second generation ownership and why even companies with relatively few shareholders can benefit from doing so.

Chef Tiffani Faison shares her journey from table busser to the first season of Top Chef to owner of four wildly-popular Boston-based restaurants.

We sit down with philanthropist Ann Smead to discuss her work at the University of Colorado Boulder, the importance of measuring outcomes and her advice for today’s philanthropists.

In our feature article, we sit down with Kelley Earnhardt Miller, co-owner of JR Motorsports, to discuss how NASCAR started with local families and evolved into a sport dominated by family businesses. She spoke to us about her views on succession, legacy and the role of women in racing.

On June 5, 2019, Babson College’s Center for Women’s Entrepreneurial Leadership convened more than 250 investors, accelerators, policymakers, researchers, founders and other disrupters dedicated to changing the landscape of financing women entrepreneurs. We report on some key takeaways from the day.

In the feature article of this issue of Owner to Owner, we sit down with Kerry Sulkowicz, M.D., the founder of the Boswell Group, to discuss the challenges leaders face, the complexities of leadership in private and family businesses and the common qualities he has seen in the best leaders.

We sit down with Michael Preston, an adjunct professor at Columbia Business School and the co-director of its Family Business Program, to hear insights and advice gleaned from teaching the next generation of family business owners for more than two decades.

Wealth Planner Nicole Jackson Leslie provides an overview of key estate plan personnel and criteria to keep in mind when filling these roles.

In our feature article, we sit down with Jodi Berg, the president and CEO of Vitamix, to discuss how a relentless focus on purpose has made Vitamix a thriving fourth-generation family business. Berg also talks about why working outside Vitamix was essential and how the business is raising the next generation of family business leaders to be successful.

Women & Wealth Magazine features 19 women to watch. These inspiring women have demonstrated their power as models of female leadership and innovative entrepreneurs.

Christine Moriarty, founder of MoneyPeace Inc., discusses the importance of sustaining your business, building an exit strategy, knowing your values and understanding the impact of a sale on family when considering the sale of a company.

In this issue’s “By the Numbers” infographic, we look at the state of family businesses and the increasing number of women who are leading their family businesses into the next generation.

In “Five Questions,” Deborah Theobald, CEO and co-founder of Vecna Technologies, a Cambridge-based technology company, discusses the benefits of working with family, her company’s focus on impact and her belief in “using technology to improve the lives of those we touch.”

In the feature article of this issue of Owner to Owner, we sit down with Ward and Nico Landrigan, the father-son duo behind fine jewelry lines Verdura and Belperron, to discuss Ward’s acquisitions of the two brands, Nico’s decision to join the family business and their approach to handling communication.

In the feature article of this issue of Owner to Owner, we sit down with Tim Belk, former CEO of the Belk department store chain, to discuss what running a family business entails, the process of selling his family’s 127-year-old company and why organic farming is one of his post-Belk ventures.

In our feature article, we sit down with Judy Smith, the founder of Smith & Company and the inspiration for the ABC television show “Scandal,” to discuss her perspectives on the importance of honest advice in the face of crisis, the role preparation plays in a company’s ability to control the narrative, the freedom of running her own business and her vision for the future of Smith & Company.

Benjamin Persofsky, John Secor and Brett Sovine address the different types of recapitalizations and what to consider when evaluating one. In addition, they zero in on shareholder reorganizations, a common form of recapitalization for families seeking to maintain control of the company during a capital event.

In the feature article of this issue of Owner to Owner, we sit down with father-daughter duo John and Sue Leone of Bonney Forge to discuss how the company evolved into a family business, what it is like to work with family members and how they have approached succession planning.

We speak with Ellen Perry, a Senior Advisor to BBH, to discuss the complexities around decision-making in a family business, how families can overcome decision blockers and the tools families can use to foster better decision-making.

In the feature article of this issue of Owner to Owner, we sit down with Travis Boersma, the founder and CEO of Dutch Bros Coffee, to discuss growing and scaling the business, the importance of people, values and culture and why he’s in the relationship business, not the coffee business.

As BBH kicks off its bicentennial anniversary, we speak with Managing Partner Bill Tyree about critical turning points at the firm, the company’s culture and values and the importance of speaking up.

In our feature article, we speak with Julie Wainwright, the founder and CEO of The RealReal, to discuss how she is transforming luxury resale with her online marketplace. She has raised an astounding $173 million in capital for The RealReal, and her vision for the future focuses on extending the life of luxury goods and creating a “circular economy.”

Women & Wealth Magazine features 18 women to watch in 2018. These incredible women are challenging the status quo, reshaping industries and changing how we live our daily lives.

Wealth Planner Anne Warren discusses a succession planning tool for family business owners, which is critical though often overlooked: buy-sell agreements.

In the feature interview of this issue of Owner to Owner, BBH sits down with Keith Campbell, chairman of family-owned business Mannington Mills. We discuss the company’s approach to succession planning, hiring non-family executives, the importance of having stated values and a mission and the benefits of a family council.

John Secor and Kyle Gordon examine attracting and retaining professional executives in a closely held business. They discuss both the “softer” areas of focus that lead to success in hiring and retaining executives, as well as short- and long-term compensation structures.

Wealth Planner Karin Prangley discusses the benefits of and process for private business owners attaining official certifications as Minority Business Enterprises (MBE) or Women Business Enterprises (WBE).

Head of Corporate Advisory John Secor discusses the importance of proper capital allocation for private company business owners and breaks down how to develop the framework for making such decisions.

Head of Corporate Advisory John Secor discusses the factors that can help business owners maximize value in a sale, emphasizing the importance of taking a long-term approach to building value in a business far in advance.