Monday, April 29, 2013

Developing the NXT Generation for the Family Business

The Baby Boomers are retiring, or some want to retire.
Who will fill their shoes to continue building the Family Legacy?

Leadership Development, to avoid the Peter Principle (being promoted beyond the level of competence), is the critical work for Family Business Leaders. To pass the ultimate test of preparing the NXT Generation requires work, planning, work, and planning.

There is not necessarily a “one size fits all” development plan for the NXT Generation. It is important to create both Formal and Informal learning opportunities. Creating Individual Development Plans (IDP) requires a deep understanding of the learning style and needs of that NXT Gen family member. Access to a qualified, competent Coach and Mentor fills developmental gaps that cannot be addressed in an IDP.

Support the NXT Gen as they create and build and nurture their own networks, but also don’t forget to introduce them to the Senior Gen’s network that are critical the Family and the Business.

Spend time to talk with the NXT Gen, debrief them on what is being learned and how that is being applied as they begin the ascent to lead.

Prepare the NXT Gen.

Let me know how you are Developing the NXT Generation in your Family Business.

Sunday, April 7, 2013

Using EmployEE Benefits for Business (EmployER) Succession

Join us for a discussion to learn how the Next Generation can afford to buy the Family Business.

Most closely-held, family-owned, private businesses employ the owner(s).

Dollars that the business allocates to an owner are not very tax efficient or cost effective. They are not deductible and the value associated with them is included in the owner's taxable estate.

The same dollars allocated to selected key employee(s) are either tax deductible or estate tax free.

Herb will define and explain a process that shows conventional wisdom of the seller “bonusing” the necessary funds to the buyer may actually be a tax Inefficient way of doing it..

Read Herb’s White Paper and join The Network of Family Businesses for a virtual educational Webinar on Thursday, April 25th, 2013 at 11:00 AM EST, with Herb.

Herbert K. Daroff, J.D., CFP(R) Herb is an attorney by education and very proud to be a financial advisor by profession. He heads up Estate and Business Planning for Baystate Financial Services in Boston where he provides custom case design and is also available on a consultation basis. He has been actively involved in the financial services industry since 1973. Herb is on the faculty at Bentley University in Waltham, MA.
Mr. Daroff graduated from Drexel University with a B.S. in Commerce and Engineering in 1975, and Temple University - School of Law with a J.D. in 1979.
Herb is very active in volunteer efforts in his community and the financial services industry. He is Past President of the Greater Boston Chapter of the International Association for Financial Planning (IAFP, now the Financial Planning Association, FPA) and served as a member of the national IAFP Ethics Committee. Herb’s creativity, experience, and resourcefulness enable him to work very well with clients and their professional advisory team in order to implement responsive solutions for financial objectives.

Registration to join The Network of Family Businesses and be eligible for the On-Line Educational Seminar is available at:

For additional information email: