Fairport Business

Minding Your Business #46 – Raising Financially Responsible and Resilient Children

By Andrew Connors

Being financially responsible means more than just managing one’s money wisely; it’s about making informed decisions, setting realistic goals, and understanding the long-term consequences of financial actions. This ability not only safeguards against the uncertainties of life but also opens doors to opportunities for personal growth and success. Moreover, it fosters a sense of empowerment and freedom, enabling individuals to make choices that align with their values and aspirations.

But how can you pass down this learned ability to your children? In the video below, Andrew provides guidelines that can help you make sure your children will be better able to face life’s inevitable personal and financial hardships and come out on top.

Additional Resources for Business Owners

Legacy Tools

Susan Turnbull: The Importance of an Ethical Will

There is nothing like the intimacy of a letter to express what is most important for loved ones to know and understand, directly from you. Over the centuries, a non-binding ethical will has proven a beautiful instrument for sharing stories, values, feelings and information too valuable to be lost between generations. For some examples of ethical wills, click the button below. You can also learn how to create your own ethical will, directly from Susan Turnbull herself, by registering for our upcoming webinar, Gratitude, Wisdom, and Blessings: Writing an Ethical Will for Your Loved Ones.

Read More.

Entrepreneurs Corner – EOS

Please Share Your Numbers

It’s understandable and not a surprise that some family business owners prefer to keep certain business matters, such as their financials, private. This mindset makes sense in some situations but may be to the detriment of the business when it comes to the numbers. Leaders not sharing their numbers with the team give up control over the narrative. This also puts their team in a position to make up their own numbers or assumptions about the business’s performance. These made up numbers and assumptions rarely align with the reality of the situation. Don’t keep your team in the dark! Let them know the score! Their contributions are vital to the success of the organization.

Read More.

Middle Market Corner

Struggling Companies and Lenders Hit the Negotiation Table

The combination of rising interest rates and tough economic conditions have put increased pressure on businesses’ profitability and their ability to meet debt obligations. These factors have also led to a rise in default rates. Bankruptcy court is a costly and time-consuming process, so it’s in the best interest of companies and lenders to avoid this path. More and more, the two are coming together to find alternate means of meeting their obligations, such as restructuring, refinancing, and the use of emergency financing. Companies are getting some help from lenders—if they agree to tighter terms.

Read More.

Family Business Corner

The Art of Ownership

The importance of the ownership role in family business is staggering. It is the connective tissue between the family and the business. It determines where the power lies and who decides where the business will go in terms of growth, risk, profitability and liquidity. Yet effective ownership is an area underappreciated and understudied in the family business field, especially compared to the role of management and leadership. The ingredients that make for good ownership can be hard to measure, experts and some owners say. Effective owners, whether manager-owners or proud shareholders, tend to think of themselves as stewards with responsibilities to all owners and future generations. Several owners of well-known family businesses share their perspectives on navigating these tricky situations.

Read More.

Wealth Management Corner

Tips on How and When to Donate During a Humanitarian Crisis

The holiday season marks a time in the calendar when extra attention is placed on the importance of giving and expressing gratitude. Many people plan to perform charitable acts during this time, whether that be through direct contributions of material resources or the giving of their time for volunteering. 2023 has presented no shortage of opportunities to give as a result of many humanitarian crises and natural disasters. Some may be motivated to help a specific cause, audience, or geographic location. Others may already have a set dollar amount in mind, but are unsure where it will make the most impact. Before acting on instinct, take a step back to consider all available options and form an appropriate giving strategy.

Read More.

Andrew R. Connors, CFP®, CEPA

Chief Growth Officer, Managing Director
Fairport Wealth Cleveland