Estate & Succession
Planning
One of the most overlooked tasks for both business owners and individuals is dealing with the inevitable – death and the resulting succession of control of ownership / controlling interests. It is as if we believe that if we ignore the evitable, the answers will take care of themselves… which in many ways is true, but often with disastrous consequences.
Indeed, a poll by the Washing- ton Post revealed that in the metropolitan area only 17% of the family households had estate planning documents.
Yes… estate planning and corporate succession are different, but they are closely related. One addresses how to wisely transfer your personal assets from generation to generation, while the other deals with transferring working control from one leader to the next. Failure to plan for the former can have unfortunate consequences for the family, but failure to provide for your enterprise may be the swansong for a wide circle of individuals. The business may not only be left in disarray, but may even come to a screeching halt.
At the minimum BOTH enterprise or individuals should follow a simple sequence:
1. Identify those assets held and liabilities that offset them
2. Determine what unique circumstances exist today and might tomorrow
3. Identify how you want the future to look once you are no longer able to offer guidance
4. Initiate steps preparing for a transition
5. Complete the sanction of the prospective transition in a formal document
Remember that transition planning is not just for the wealthy and large entities… you owe this not only to your family, but also to those who work with you day to day.
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The Regis Group, Inc.
102 North King Street | Leesburg, VA 20176 |
May 2011
Part #1
Leading to Success
To be a winning leader it is critical to:
1.Be comfortable in your own skin...
2.Stay humble.
3.Resist giving up.
In His Own Skin
During a meeting at the White House in 1941, President Franklin Roosevelt floated a proposal, asking Congress for the manufacture of bombers, but omitting a request for maintenance costs and the training of crews. Everyone nodded in approval, except a junior brigadier general. Roosevelt noticed this and asked “Don’t you think so, George?” and the reply was, “Mr. President, I don’t agree with you at all.” Roosevelt looked stunned and the rest offered their farewells to the officer as they left the meeting.
A few months later, reaching down 34 names on the list of senior generals, the president asked George Marshall to be Chief of Staff of the Army.
The Courage to Disagree
It takes courage to disagree in the face of power, and self assurance to listen to contrary opinions. Both these men were comfortable in their own skins, knew what was at stake and were willing to challenge the status quo. They showed by their actions that they valued candor.
Fortunate for America
How fortunate for America one was secure enough to voice his opinion and the other secure enough to listen to criticism.
Always ask yourself:
1. Do I have all the information I need to make a decision?
2. Have I seen all the important alternatives?
3. Are the views presented to me balanced / impartial?
4. What preconceptions do I have that are blocking an answer?
5. Do I actually agree with what is being said?
PART #2 In the June Agenda will focus on: Staying Humble
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Focus on the Future
Guest Predictions:
Carol Beckham
Guest Predictions is a regular feature in which we ask leaders in a number of professions a set of questions that affect us all.
Carol Beckham,
President – Beckham Intellectual Asset Management, LLC.
Carol Beckham has 40 years in the telecommunications business at both BellSouth and AT&T. In the early ’90s, Ms. Beckham worked with the BellSouth legal department to create and implement strategic intellectual property policies throughout the Corporation and its affiliate companies. In 1998, she was named Vice President of the BellSouth Intellectual Property Marketing and Management Corporations and after AT&T’s acquisition of BellSouth, Ms. Beckham was named AVP of Strategic Intellectual Property Business Development. In January 2011, Ms. Beckham retired from AT&T and set up her own consulting practice. Recently she became a TRG Affiliate.
Q: What changes in your professional environment in the past 3-5 years have you found to be the most beneficial?
A: After AT&T’s acquisition of BellSouth, managing and growing the intellectual property portfolio of the combined companies became quite the challenge. The companies operated differently and managed their IP differently. Implementing a common process and finding solutions that worked to increase our IP revenue and patent portfolio were the most rewarding and beneficial.
Q: What changes have been the most troubling to you?
A: The dramatic downturn in our economy has stifled innovation in our country in many ways. Companies have not been able to put dollars into innovation at the rate previously done and patent issuances have slowed down. The net is that you have to work smarter and your priorities have to be dead on. If companies don’t have a clear strategic direction, they will flounder.
Q: How will globalization affect your professional area in the near term?
A: In the world of Intellectual Property, both China and India have been a challenge. The Intellectual Property laws in those countries are different and enforcement is sporadic. The good news is that some strides have been made to improve the laws and enforcement globally but much more work needs to be done to bridge that gap.
Q: What significant challenges might be anticipated in your professional area in the next few years?
A: I believe that innovation is one of the keys to emerging from the recession. Each company has innovators in every area of their business. Extracting those significant innovations and leveraging them will be the key to how successful companies will become and how successful we are as a nation. When I talk with innovators I am amazed at some of the things they are creating. In the world of innovation we have barely scratched the surface and I feel both challenged and hopeful.
Q: What are the greatest challenges confronting young professionals in Western culture today?
A: The good news is that the young professionals that are coming into the intellectual property business are very educated, many having both an MBA and a law degree. The challenge is that when I started in the business it was common to stay in one place and work your way up and that is rare today. Networking and social interaction in the field is a must today to gain the reputation needed to build a successful career in intellectual property.
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Marc Chinoy
President's Letter
"Spring Has Arrived (In More Ways Than One)"
The winter ends, and with it the cold rain that trails the snow in TRG’s home state of Virginia.
But now is so much more than a brightening change of season...
This is a time for positive transition for our group, as the new team of affiliates expands the range of expertise offered by TRG.
In the upcoming months, we all will be hearing continuously from our new Affiliates, through The Agenda, on our website www.regisgroup.com, in public presentations and, of course, with direct counsel to our considerably expanded network of clients.
It is a pleasure to note their arrival on the scene. The extensive range of talents and experiences they bring have already begun to have a strongly positive effect.
As always, welcome to our Readers and thanks for visiting The Agenda.
Marc
May BizSpeak!
This month’s BizSpeak! is a Double Whamee! from our own best Guy (well, technically our ONLY Guy), being Guy Blumberg, who gave us both our best BizSpeak this month and the "Also Ran" for May, 2011:
OFFICE QUARTERBACK
Definition:
A manager that is infamously known for handing off their work, and other useless assignments to you, work that they could and should be doing themselves.
Related Terms:
Second Guesser; Backroom Grouse; Know-It-All-Over-Again
“The office quarterback just handed off a bunch of her assignments to me, AGAIN!”
The Also Ran from Guy (sorry… it NOSED OUT the others!)
"NEED IT YESTERDAY"
“Who gives a rat's patoot, if by all the laws of physics this is totally
impossible! We just NEED IT!”
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