Learn from the Moore’s as we follow them on their journey of running a family-owned business.
The Moore’s own and operate Moore Flooring and are a typical Hawaii family business. George Sr. and Nancy (Dad and Mom) started the business 32 years ago. They have a son and daughter in the business (George Jr. and Joan) and another son (Peter) who’s not in the business. Their grandkids (Kai, Malia, Nina, Paul and Diane) are at the age where some are already working in the business and some are thinking of joining the family business. George Sr. and Nancy would like to retire within the next few years, however, they have a lot of things on their mind:
- Which of our children should take over the business?
- Should we transfer ownership of the business now? Later?
- Should we gift the business to the ‘kids’ (Gen 2); some of them, all of them?
- If we gift the business do will we have enough money to live comfortably during retirement?
- What is George Sr.’s role in the business going to be?
- Can the ‘kids’ (Gen 2) handle running the business? Maybe we should sell it?
- The business is doing great now because of the construction boom and good economy, but what happens if the economy takes a turn? Can the ‘kids’ (Gen 2) manage the business to remain profitable and successful?
- What about the grandkids? Should we decide now if they’ll be owners of the business in the future?
- What about Sam (our key employee)? Will he leave the business if the ‘kids’ (Gen 2) own it?
- What about the rest of our estate? Our ranch is constantly losing money.
Month 1 of our 12 month series starts in January 2018.
BCR has extensive experience in working with many family-owned businesses in all of our areas of services. If you have any questions or need advice regarding your family-owned business, please give us a call at (808)545-4111. Or reach out via our Contact Us page.