Lary Grypp, President of the Goering Center
In any business, family or private, cultivating bench strength is critical to long-term success. By investing in a rising generation of leaders, we lay a foundation for succession, and by acknowledging the accomplishments of these rising leaders, we create highly engaged and motivated teams. These new leaders shape the future of our companies and collectively grow our regional economy.
With the New Revenue Recognition Accounting Standard, It Pays to Be Proactive
Blake Roe, CPA, Partner, Plante Moran
Although the deadline for implementation of the new revenue recognition accounting standard is a couple of years away for private companies, organizations have already reached a fork in the road. They must decide whether to engage in proactive planning now, or face risky consequences later. Because virtually all revenue transactions, contracts, and customer relationships will be affected, getting on track could take longer than you’d think. It continues to be a hot topic during our conversations with clients. Unlike most other accounting changes, the new standard will influence organizations not just at the financial-statement level, but also at the operational level.
Family Business: The Next Generation Leadership
Joe Hice, Managing Director, Patina Solutions
According to The Family Firm Institute, only about 30 percent of family and private businesses survive into the second generation; 12 percent are still viable into the third generation; and only about 3 percent of all family businesses operate into the fourth generation or beyond.