Magazine article The National Public Accountant

Succession Planning Issue for Practitioners ... by Practitioners

Magazine article The National Public Accountant

Succession Planning Issue for Practitioners ... by Practitioners

Article excerpt

When the son of media baron Rupert Murdoch resigned from the family business in August, people who knew both men told The New York Times, "The strong bond between father and son has frayed recently." The son, Lachlan, who was heir apparent of the $24 billion-a-year News Corporation, reportedly felt that "his father interfered in his business dealings and undermined him."

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Sometimes family-owned businesses get to that sad point--perhaps even a few family-owned accounting firms. However, among the scores of family-owned firms dotting our nation's map, we found four refreshing examples where businesses and relationships experience significantly more credits than debits. Turn to our cover story beginning on Page 20 to see for yourself.

Next, be sure to read Robert Yudkin's account of how he and his father decided to sell the business Robert was in line to take over. Then, expand your professional knowledge with all that our columnists offer in this issue. After all, the more you know, the more you can pass on to your heir apparent. May I call you "Rupert"?

Background on Circular 230

Along with his Tax Advisor column on Circular 230, Page 8, Sidney Kess sent us the following background information, and we want to pass it on to you.

The American Jobs Creation Act of 2004 (P. …

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