Ken Driskell launched a bank in 1983 and hasn’t stopped helping to build businesses since then. He has served as a mentor to his son Kirk as Kirk has grown his highly successful real estate business, Power Realty Partners.

There have been many lessons learned and much wisdom passed along over these years, and Ken and Kirk will share all of that and more with us on our broadcast. As you will see, the Driskell clan are born entrepreneurs.

Our guests:

Kirk Driskell

Kirk is a Georgia native and remains a Milton, Georgia resident with his wife Deena of 8 years and their three children.  Being raised in a home that promoted faith, relationships and encouraged the entrepreneurial spirit, it was inevitable that a once door to door rock salesman as a child would continue into his adult life as a salesman.  After graduating high school in 1993 then attending Reinhardt College, Kirk obtained his Bachelor of Science degree in Business. Shortly thereafter he received his real estate license and then went on to obtain his real estate broker’s license in 2002. That same year he founded Power Realty Partners as a full-service real estate brokerage company serving its clients’ real estate needs in the areas of residential, commercial, investment, resort and property management.

With a strong personal commitment to community service, he serves on the Board of Directors for Three Dimensional Life, a non-profit organization based in Gainesville, Georgia whose primary purpose is to make a positive impact in the lives of troubled teens, the Alpharetta Rotary, and Life Impact Ministry that partners with strategic churches and leaders of men that share a strong desire to reach next generation leaders.

Kirk Driskell, Power Realty Partners, 178 S. Main St., Suite 300, Alpharetta, GA 30009, Telephone 770-888-7653,  kirk@powersoldit.com

Ken Driskell

Ken spent 30 years in banking and served as Chairman and CEO of First Colony Bank from 1983 to 2003 when he sold the bank and retired from traditional banking.  The ESOP plan that he set up for his bank ensured that his employees shared in the wealth created by the successful sale of the bank.

Ken has been a real estate investor all of his life, but he had another interest that serves anyone well who chooses real estate as a career—he took stand up comedy classes and performed at Punchline to improve his public speaking skills. And it worked as he went on to be a key note speaker at banking conventions all over the United States.  His ultimate goal for all of this was simply to enhance shareholder value thus ensuring that the bank was sold at a premium price.

He is the author of “How to Make Your Banker Say Yes” and has spent his lifetime mentoring his son Kirk.  Today, he and his wife and daughter own and operate a highly successful youth gymnastics center in Alpharetta, GA where he continues to exude the entrepreneurial spirit that has always marked his career.

Sunset Family Business Radio

Recap: Angel Investing and the Family Business with Karen Robinson and Michael Blake---Insights, Resources and So Much More

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On July 8, 2010, Pat Romboletti and Meredith Moore and Family Business Radio welcomed Michael Blake, co-founder of Start-Up Lounge and Director of Valuation Services at Habif, Arogeti & Wynne, LLP, and Karen Robinson, a serial entrepreneur, philanthropist and angel investor in family-owned businesses.

The day’s discussion centered on angel investing and its role in family-owned businesses from two perspectives:  1. The option of a family business investing in a start-up as a way to diversify and transfer wealth.  2. The role an angel investment can play in these tight money markets.

To begin with, it was noted that family businesses have that critical something that investors love—skin in the game. Also, it has been Karen’s experience that angel investors like the sense that they’re having a direct impact. They enjoy watching a company grow and prosper.

Michael pointed out a tax aspect for family business owners who are considering becoming angel investors. Buying equity in another company as an angel is a tax efficient way to transfer wealth to your children—versus a gift, which is taxable. Plus you get (sometimes much needed) diversification. It’s an advantage available to family businesses especially in dealing with sharing your wealth with subsequent generations.  A key point now that it looks like the estate tax is coming roaring back and the amount you can transfer tax free is being lowered significantly.

When Michael was asked to envision the ideal angel investor and their role, he replied, “One in which the check doesn’t bounce.” A statement that has the advantage of being funny and true. He went on to say that an ideal angel identifies a specific role within the company—if any. “Smart money sometimes means doing nothing,” he said. He also likes those angels who develop a personal relationship within the business.

So, how to start? Of course, begin with your circle of friends who filter things for you, your trusted advisors. “Let people know you’re open for business,” Michael urged. Also, set specific criteria. For instance, decide whether you’re willing or not to go to, say, Chattanooga where the angel is headquartered.

 Karen chimed in with the advice to make sure expectations are in sync. “Expectations need to be clearly stated,” she said. “Who has control?” You will want to recognize that perhaps a new formality will be introduced into your business—a business plan or a fully-developed management team, for example. “There will be a trade-off of control,” she advised, “A new shareholder will want some rights.” She also pointed out that, as the business owner, you need to ascertain how you will return money to the angel investors to compensate them for the risk they assumed.

 Regarding angel investors versus banks. According to Michael, angels swoop in when the banks say no. “Banks are generally cheaper, so try there first. If you can get money from a bank, take it,” he encouraged. He also made the distinction between venture capital and private equity. “Venture capital historically is about building value by encouraging innovation and growth. Private equity is about financial engineering, that is, lowering the cost of capital to create value,” he said.

In pulling together your trusted advisors in an angel investment scenario, Karen advised, “It is very important to have a board made up of more than your attorney and CPA—people who work for you who may have their own agenda.” She suggested looking for veterans in industries that are complementary to yours. Michael agreed—seek out people who have been in that seat before, he said. Successful entrepreneurs, for example. His Start-Up Lounge, for instance, has a free monthly luncheon for angel investors where you can listen to some war stories.

 In the imaginary plus and minus column exercise, angel investing came out a clear winner. Among the pluses:

• The money. “It’s green!” Karen laughed. And Michael continued, “Family-owned businesses turn to strangers—banks, angels—when the three Fs have been exhausted: friends, family, and fools.”
• Expertise. According to Karen, when expectations are aligned, it works to tap into the business acumen of the angels. But you do need to be clear on what each party wants—just the money or also the expertise? Michael said, “You need come-to-Jesus meetings, early and often.”
• The demand for an outside board. When you have a downturn like we’re in now, a great board will help you step back and take in the big picture. As Karen said, “They may not have the answers, but they can ask the tough questions.”

Please download this lively discussion to hear the minus column and all of the other great insights including details of all of the great resources available in the Atlanta community.

Michael S. Blake, CFA, Director of Valuation Services, Habif, Arogeti & Wynne, LLP, http://www.hawcpa.com , 404-892-9651

Karen Robinson Cope, Managing Partner, Atlanta Technology Advisors, 770-329-3630, Krobinson@ata-6.com

If you follow start-ups in Atlanta at all then we know you have heard of this week’s guests. Michael Blake is co-founder of Start-Up Lounge and Director of Valuation Services at Habif, Arogeti & Wynne, LLP, and Karen Robinson is a serial entrepreneur, philanthropist and angel investor in family-owned businesses. 

Our show will look at angel investing from two viewpoints.  One, how can you diversify your family’s wealth by becoming an angel investor.  And two, with banks saying no and private equity sometimes being a option that means the loss of your autonomy, could an angel investor be a good source of capital to grow your business?

You won’t want to miss the very lively discussion that we know will open your mind to possibilities.   Have a paper and pencil nearby—this discussion will be chock full of useful information, with a heavy dose of inspiration as well.

Our guests:

Michael S. Blake, CFA, Director of Valuation Services at Habif, Arogeti & Wynne, LLP

Michael S. Blake, CFA, is Director of Valuation Services at Habif, Arogeti & Wynne, LLP. He has fifteen years of valuation experience including transaction support, fair value accounting, litigation, and fairness opinions. He also has four years of experience in managing and performing assignments on FAS 123(R) stock option and warrant valuation, FAS 133, hedging instrument evaluation, FAS 141, purchase price allocation and FAS 142, good will impairment testing.

Michael’s industry experience includes information technology, medical devices, drug development, computer hardware, electronic entertainment, telecommunications, broadcasting, publishing business services, e-commerce and Internet-driven services, aerospace, paper & timber, beverage, media, manufacturing, and private equity.

He received his Bachelor’s Degree, Cum Laude, in Economics and French from Franklin & Marshall College and his Masters of Business Administration Degree from Georgetown University.

Michael is the co-founder and co-host of StartupLounge.com, an online podcast and forum resource for entrepreneurs and private company investors. He is a Nominee for the 2009 Turknett Leadership Character Award.

Michael’s professional affiliations include:

• Chartered Financial Analyst Institute
• Stamford, CT Society of Investment Analysis (SSIA)
• Phi Beta Kappa
• Georgia Tech/Emory TI:GER Entrepreneurship Program Advisory Board
• Ukrainian American Chamber of Commerce

Karen Robinson Cope, Serial Entrepreneur and Philanthropist

Karen Robinson Cope is the managing partner of Atlanta Technology Advisors, a firm dedicated to growing early stage companies. Prior to ATA, Karen was the President and CEO of Prime Point Media, one of the largest alternative out of home advertising companies in the United States. Ms. Robinson joined Prime Point Media in 2001 when the company was still in the planning stages and was instrumental in the successful commercialization of the business and sale of the business. Prime Point Media was acquired by Outdoor Partner Media, a publicly traded company located in Toronto, in August 2006.　

Before joining Prime Point, Karen was chairwoman, President and CEO of Enrev Corporation, a battery management technology company that was sold in 2001. At Enrev, she led the company’s development of a licensing model for its proprietary products, established a notable roster of private stockholders, and raised more than $42 million in private equity. Prior to Enrev, she was president and CEO of Electronic Power Technology, Inc and President and CEO of Advanced Charger Technology which was sold in 1998. From 1991 until 1993, she served as vice president of sales and marketing for Amnex, a telecommunications company. At Amnex, she doubled sales in less than two years and under her leadership, the company was ranked second in its category in INC. Magazine’s fastest growing publicly held companies. Prior to that, Karen served as vice president of sales and marketing for National Data Corporation, a $900 million publicly traded company. She has also held leadership positions at AT&T and the May Company where, at 23, she was the youngest divisional sales manager in the company’s history.

Karen holds a BA in economics and political science from the University of Redlands. She is a member of the Board of Counselors of the Carter Center, as well as a board member of a number of companies and non-profits. She is the past president of the Technology Executive Round Table, and a protégé in the Committee of 200, the premier Women’s National Professional Organization. In 2000 she was honored as the Georgia Technology Woman of the Year and Wireless Weekly named her one of the top 20 Women in the wireless industry. She is a frequent speaker at both the regional and national level where she has spoken at MIT, Georgia Tech, Harvard and Emory Universities. She is also a frequent judge, most recently at the Ernest and Young Entrepreneur of the Year.

Ms Robinson is married to Richard Cope, also a serial entrepreneur who is the CEO of Nanolumens, the leader in flexible displays. They are parents to Alexandra Mara and live in Duluth, Ga. They are actively involved in Perimeter Church and supporting micro lending in both Africa and Central America.

Karen Robinson Cope, Managing Partner, Atlanta Technology Advisors, 770-329-3630, Krobinson@ata-6.com

Sunset Family Business Radio

Recap: Vision, Strategy and Succession with Kirk McMillan, Former President of Family-Owned Twelve Baskets, Inc.

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Meredith Moore hosted Kirk McMillan on the June 24, 2010 Family Business Radio’s weekly program, while her co-host, Pat Romboletti, was out of town. Kirk is the former president of Twelve Baskets, a business founded by his father that is one of the leading wholesale food re-distribution companies in the Southeastern United States. 

As with many children of families who own businesses, Kirk started in the business as a youngster. One of his first duties? Picking up and taking out the trash. When he formally joined the company, he began in accounting which his mother ran at the time. From there he moved to the President’s position where he took control of management development and strategic planning.

Not surprisingly, a mission statement is near and dear to Kirk’s heart. Like no other document, it establishes a common understanding among the family and employees about what the business provides to their chosen industry. Kirk warned against using cookie-cutter mission statements. He thinks you get into hot water pretty quickly when you put out a mission statement and then don’t abide by it. “But establishing a mission statement encourages the process, the conversations, so everyone is clear on the purpose of the business,” he said.

Kirk went on to list the three essential parts of a successful business, all of which he thinks provide vital feedback—both positive and negative—that a business needs.

• A strategic plan. It starts with a mission statement that needs to have clarity of purpose. A business also needs a feedback mechanism that puts processes in place to tell you whether you are achieving that purpose. Another important element is a business’s ability to adapt to the feedback—how it is used to make corrections, to further the long-term goals.
• Board of Directors. These are the (hopefully) outside people who bring their experience and expertise to guide the business. They keep you accountable and are responsible to the shareholders. Kirk suggested they need to meet 3-7 times a year, but cautioned that you don’t want to get to the point where the board runs the business. He encourages businesses to install a board as soon as possible to help avoid the “leadership crucible,” where the founder has to continually make high-stress decisions that leave them feeling isolated.
• Family meetings. This formalized structure gives the family a voice where they have an opportunity to ask: as shareholders, are we getting our needs met? Kirk thinks 2-3 meetings per year are sufficient

Kirk recently left Twelve Baskets. Currently working on his doctorate at Kennesaw State University (and taking full advantage of the access it provides to the Cox Family Enterprise Center), he continues his involvement in family-owned businesses with his doctoral research, which includes working with the very definition of a family-owned business and what makes them different from other businesses. His research has him working with terms like family orientation, or the characteristics that make up the family—their functions, strengths, what orients them in running the business together. Also the family influence scale that looks at the power, experience and control the family has in the business. It gauges how the family permeates and impacts the organization, which makes culture one of the largest factors in the scale.

Speaking from personal experience, Kirk advised to allow plenty of time for succession, a big component of which is mental preparation. “It was about a five-year process for me,” he admitted. First came the emotional preparation—why do I want to leave? Why do I want to stay? Are the tasks required of me on the job meeting my intrinsic needs? What are the personal aspects? How will the family be impacted? This portion of the process went on for about two years for Kirk. 

Then came the conscious decision to make a move, followed by relinquishing control. “We went through a co-presidency for a year. It involved my brother taking on new responsibilities, which also said explicitly to the world that we were making this transition from me to him,” he explained. From that point, he moved to CFO for a year. And then he was out the door and on to his next adventure.

As to how to define a successful succession, Kirk believes that ultimately it is more art than science. “Business is art,” he said, “and success is often in the eyes of the beholder.”

You will gain a wealth of knowledge by downloading the full podcast. Kirk has many “lesson’s learned” and an abundance of insights unique to a family business from the perspective of someone who has been the part of a very successful one. 

Kirk McMillan, former President, Twelve Baskets    email: mcmillan.kirk@gmail.com

Our guest on Thursday, June 24 is Kirk McMillan, former President of family-owned Twelve Baskets. Under his leadership, the company achieved exponential revenue growth and +900% increase in customers.

Kirk will discuss the role establishing a clear vision, strategic creativity and management development based on integrity played in the success of the company during his tenure. But the story doesn’t end there. Kirk left Twelve Baskets after 13 successful years and is currently a Doctoral student at Kennesaw State. He will share the process that led to that path and will discuss the topic of his research-strategy and strategic thinking.

You will come away with valuable insights about running, growing and leaving a successful family owned business and will here how a clear vision combined with a well defined and executed strategy can transform your family business as well.

Our guest:

Kirk McMillan

As second generation President of Twelve Baskets, Inc. for 13 years, Kirk built his family business, based in Atlanta, GA, into one of the leading food re-distribution organizations in the southeastern United States. After a two-year succession plan, Kirk turned over the family business to his brother. Currently, Kirk is enrolled in the doctoral program at Kennesaw State University, researching family business strategy.

A lifelong resident of Atlanta, Kirk resides in Smyrna, GA with his wife of 16 years, Kristi, who is the Director of the Cox Family Enterprise Center. Kirk is a graduate of The Citadel in Charleston, SC and received his MBA from Kennesaw University. He is a member of The Academy of Management, Greenleaf Center for Servant Leadership, Family Enterprise Research Association, Technology Association of Georgia and the Family Firm Institute.

Kirk McMillan, former President, Twelve Baskets    email: mcmillan.kirk@gmail.com

Sunset Family Business Radio

Recap: The Emotional Side of Succession and Estate Planning

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On June 17, 2010, Family Business Radio’s hosts Meredith Moore and Pat Romboletti welcomed James Robinson, Partner at Schiff Hardin LLP and Stephanie Brun de Pontet, Ph.D. an associate at The Family Business Consulting Group, Inc., to discuss estate planning—its technical and emotional aspects.

Estate planning is about so much more than business and money and inheritance. It is about the legacy you want to leave—for the next generation and their children and all the children to come. Jim believes that if you keep the legacy concept and your invaluable family relationships uppermost in your mind, it really keeps the whole estate planning process on track and in alignment.

That being said, conflict avoidance is a predominant aspect of most family businesses, according to Stephanie. If they fear a conflict, the family will avoid the topic, such as succession planning. In his work, Jim sees two major manifestations of conflict avoidance:

• A reluctance to engage in the estate planning process or planning for succession at all.
• Once the estate/succession planning conversation is started, a reluctance to involve the adult children in the discussions.

Stephanie noted that in the long run, however, that avoidance only compounds problems. For example, a founder may pass away with unsigned succession documents on her desk. Jim said, “I can draft the best documents in the world, but if they’re not signed, they are worthless. We work hard to avoid this circumstance, because it’s a hard one to fix when it’s too late.”

In grappling with family business owners who try to avoid any type of planning, Stephanie referenced a common perception she sees among seniors—“Once I’m gone, whatever happens will happen. It won’t be my problem.” However, the cost of this attitude is huge, especially the emotional cost which seems to hit heirs the hardest. She has seen family relationships disappear as a result.

Stephanie urged people to understand that succession is a process, not an event. It needs to be as transparent as possible. A 5-, 10-, 15-year time horizon is optimal. And it can’t wait until the last minute.

You can begin the process by putting together a competent, trusted team—all family members/stakeholders, financial advisors, family business specialists, estate attorneys, and CPAs. Jim added, “The choice of team members needs to be client-driven since every family business is unique. No single trusted advisor has a handle on the full picture, which is why you need a team.” Also it is critical to include all the stakeholders in the process so that they are part of the decision-making. It helps avoid anyone feeling like the final solutions and their consequences were imposed upon them.

In your estate planning discussions, remember to consider scenarios regarding disability. In Jim’s practice, this issue is rarely addressed in the documents he reviews. If it should happen, you have to go to court and have a guardian appointed for the incompetent business owner who still has legal control of the business. To avoid this unfortunate circumstance, address disability in the operation agreement. “Be careful about the definition used to describe “disability,” Jim urged. “If you have a disability policy, use its definition.”

Regarding equity and its equalization—sometimes it is not practical to divide the estate equally among your heirs, especially when many of the assets are illiquid. One strategy Stephanie employs is to encourage the founder/patriarch to “take a raise”; that is, to take money out of the business so that they can diversify—and liquefy. It helps with the choices regarding estate planning and also with the emotional task of letting go.

From his years in law school, Jim shared the fact that everyone has a will—whether you have a document or not. Because if you don’t have your wishes expressed in a formal will of your own making, then the state of Georgia (or wherever you live) will be happy to supply a will for you. Although it may not even come close to being something you would want to happen. Jim: “It is rarely workable or satisfactory to anyone.”

This penetrating discussion is available as a download from our website. You’ll be impressed with the breadth and depth of Jim and Stephanie’s knowledge on this hugely important, highly emotional topic.

James R. Robinson, Partner, Schiff Hardin LLP, Atlanta, GA – 404-437-7038  Email: jrobinson@SchiffHardin

Stephanie Brun de Pontet, Ph.D.  email: Brundepontet@efamilybusiness.com  678-773-1675 The Family Business Consulting Group, Inc. · 1220-B Kennestone Circle Marietta GA  30066 Phone 888-421-0110 · Fax 770-425-1776

Estate planning for the family-business owner encompasses much more than developing tax strategies.  What’s at stake is the survival of the business itself—often the sole source of the family’s wealth.

There is often a forgotten component, that when omitted, can result in a perfectly drafted estate plan that ends up embroiling the survivors in court battles for years.  That factor is the emotional and very personal side of planning for the future of the business and the future of the family.

Without addressing the underlying emotional issues that often reside just below the surface before you focus on the technical aspects of estate planning, your time and money may be wasted and your plan may be doomed.

Our guests today, James Robinson, Partner, Schiff Hardin LLP, and Stephanie Brun de Pontet, Ph.D., an associate of The Family Business Consulting Group, Inc. bring a wealth of first-hand experience helping family business owners address both the psychological and legal aspects of succession and estate planning.

Tune in at 1:00pm on June 17th to learn first-hand how you can ensure a successful transfer of your business and your wealth.

Our guests:

James Robinson

James R. Robinson focuses his practice on the wealth transfer and business succession planning needs of families and closely-held businesses. He concentrates on estate and gift planning, business succession planning, wealth preservation, sophisticated  tax planning, and charitable giving.

He also provides fiduciary counseling and dispute resolution, and advises tax-exempt organizations on formation and operations.

James is the author and co-author of numerous publications on his area of expertise, including his most recent article, “The Sea Change in Generational Wealth” published in the June, 2010 issue of Private Wealth and Financial Advisor magazines.

He is a graduate of the University of Colorado, received an M.A. from New York University..  James graduated from Emory University School of Law (J.D. with high honors) and was Executive Managing Editor of the Emory Law Journal.  He has been admitted to the bar in Georgia, Florida, Tennessee and the U.S. tax Court.

James R. Robinson, Partner, Schiff Hardin LLP, Atlanta, GA – 404-437-7038  Email: jrobinson@SchiffHardin.com

Stephanie Brun de Pontet, Ph.D.

Stephanie Brun de Pontet, an associate of The Family Business Consulting Group, Inc., specializes in advising family enterprises facing important transitions.

Stephanie has extensive experience working with sibling teams, and developing training programs to educate the next generation about stewardship, and other family business best practices.  A recognized expert on the topic of succession, Stephanie frequently collaborates with clients on key aspects of this process, such as establishing succession plans, drafting needed policies and oversight structures, and building a framework for next-generation collaborations.

Stephanie brings a unique combination of knowledge and experience from the fields of management, entrepreneurship, and psychology to her work with family business clients. Prior to coming into the field of family business, Stephanie worked for a number of years as an entrepreneur and an advisor to closely held businesses. She holds a PhD in psychology as well as a Masters in Business Administration (MBA).

In addition to her consulting work, Stephanie is the Executive Editor of the Family Business Advisor and teaches the Family Business Management course at Georgia State University. An active speaker and researcher, Stephanie frequently presents on various topics of “Best Practices” in family business management. In 2008, Stephanie was awarded the Family Firm Institute’s Outstanding Doctoral Dissertation Award for her research on family business succession, and she currently serves on the editorial board of the Family Business Review.

Stephanie has also served on advisory boards for a number of non-profit organizations, and is currently active in her children’s school and the Metro Atlanta Chamber of Commerce. While living in Canada, she was a board member of the Montreal chapter of the Canadian Association of Family Enterprise (CAFÉ).

Stephanie moved back to the United States with her husband and two daughters in 2005, and they live in Atlanta, Georgia.

Stephanie Brun de Pontet, Ph.D. email: Brundepontet@efamilybusiness.com 678-773-1675 The Family Business Consulting Group, Inc. · 1220-B Kennestone Circle Marietta GA 30066 Phone 888-421-0110 · Fax 770-425-1776

Sunset Family Business Radio

Recap: Marriage, Divorce and Your Family Business

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Family Business Radio’s guest on June 10, 2010 was Tamar Oberman Faulhaber, family law attorney with Vernis & Bowling of Atlanta.  Hosts Meredith Moore and Pat Romboletti held a fascinating discussion with Tamar, inspired by the sobering statistic that, while just 30% of family businesses transition to the second generation, in the event of divorce, the succession rate is even smaller with only 10% of spouses continuing to operate the family business together.

One of Tamar’s specialties is that she starts with a new client by asking what the needs and goals are at the end of the process; that is, what will improve their lives once everything is over? Beginning with the end, in other words. Once those points are articulated, then the legal strategy aligns with achieving those goals, which helps avoid getting bogged down in revenge and retribution (however human those tendencies are). In this way, the focus is on the future, rather than the past.

According to Tamar, the best thing that you can do for yourself if you are contemplating a divorce is to get educated on Georgia law and how it impacts divorce. The more you are informed about the particularities of Georgia law, the better off you will be. For instance, if someone already has a business when first getting married and there is a subsequent divorce, then only the performance of the business during the marriage (its growth or decline) is figured into the divorce settlement. Also, in Georgia, property is divided according to what is equitable, which means what is fair and not necessarily that the assets are divided in half. For alimony and child support, income is considered to be gross income from any and all sources.

Common mistakes Tamar has seen with divorces in family businesses.

• Lack of pre-planning. When there’s a new husband or wife, whether working or non-working, introduced into a family business, there are important business aspects to navigate around and through.
• To operate in panic-mode. She has seen people who go into shellshock and completely shut out their lawyers, not even sharing relevant information. “The #1 asset you have in court is your credibility,” she said. The greater the transparency, the greater the credibility.
• The unpredictability of  juries—(and in Georgia—you could easily find your fate I in the hands of a jury). While judges know the intricacies of what works with divorces, juries do not necessarily. They are notorious for thinking it’s all so easy—“just give him half of the business…”—and not understanding the impact on the business. Besides, juries are often expensive and are risky for both sides. And yes—the talent of your lawyer really comes into play with juries.

A typical trusted advisors team that Tamar puts together might include the client’s CPA, a forensic CPA, financial advisors, occupational therapist (to assess the ability of a person to earn a living), and a business evaluator-appraiser. “It all depends on the circumstances,” she said.

And what can you do before it gets to the divorce stage? When first entering into a marriage, it’s not just about flowers and china patterns. Be clear-eyed about the family business. Ask yourself: what is the worse thing that can happen? Talk about it, matter-of-factly and develop workable solutions. Again, think in terms of the end—but with this significant change: what do you want out of the marriage?

This entire conversation is available as a download from our website. Please do so. Tamar has a practical, pro-active and positive approach to handling divorces that we know you will appreciate.

Tamar Oberman Faulhaber, Esq., Vernis & Bowling of Atlanta, LLC, 7100 Peachtree Dunwoody Road, Suite 300, Atlanta, Georgia 30328, Phone: (404) 846-2001, Fax: (404) 846-2002, Email: TFaulhaber@Georgia-Law.com, Website: www.Georgia-Law.com

We have shared the statistic before—only about 30% of family businesses transition to the second generation.  In the event of divorce, the succession rate is even smaller, and only 10% of spouses continue to operate the family business together after divorcing.

While most couples prefer to avoid having the difficult conversation about “what if” we were to ever divorce, the wisest approach for financial well-being and the continuation of your business is to plan a comprehensive strategy upfront.

Our guest on Thursday, June 10th is Tamar Oberman Faulhaber, Esq with Vernis & Bowling of Atlanta, LLC, who will provide a comprehensive view of this topic.  You can plan on coming away from this interview with a good understanding of Georgia law and of what can happen to you and your business when you are not prepared for the break-up of a marriage.  As important, you will come away armed with knowledge and with a sound strategy on how to avoid the pitfalls.

Our guest:

Tamar Oberman Faulhaber, Esq.

Tamar Oberman Faulhaber was born and raised in Oak Park, California. She graduated Magna Cum Laude with Honors in Philosophy from Lafayette College in Easton, Pennsylvania in 1990, where she was also a Marquis Scholar. She earned her Juris Doctorate from UCLA Law School in 1993, where she served as editor of UCLA Law Review and was a recipient of a Child Abuse Fellowship. 

Tamar clerked for the Honorable Alford J. Dempsey, Jr., in the Fulton County Superior Court for approximately five years. She served on the Rules Committee to establish and maintain the Fulton County Family Division which served as an example as a successful model of a Family Court to other counties in the State. Tamar also served on the Forms Committee of the Fulton County Family Law Information Center to assist citizens of the State to represent themselves in domestic matters.

Tamar volunteered with the Family Law Center for the San Fernando Valley in California and with Victim/Witness division of the DeKalb County Solicitor’s Office in Georgia, assisting victims of domestic violence in family law related matters.

Tamar is a trained Guardian ad Litem and Domestic Mediator, and over the past fifteen years, she handled all types of Family Law matters from Paternity and Legitimation actions, Juvenile Court matters, Domestic Violence cases, Divorces, Custody cases, Child Support matters, International Custody disputes, Contempts, Appeals, and Jury Trials.

In addition to the practice of Domestic Relations Litigation, Tamar also taught Domestic Relations Law as an adjunct professor at John Marshall Law School in Atlanta.

Tamar is admitted to practice law in California, Arizona, and Georgia.

Tamar Oberman Faulhaber, Esq., Vernis & Bowling of Atlanta, LLC, 7100 Peachtree Dunwoody Road, Suite 300, Atlanta, Georgia 30328, Phone: (404) 846-2001, Fax: (404) 846-2002, Email: TFaulhaber@Georgia-Law.com, Website: www.Georgia-Law.com