From the category archives:

Thoughts

Money is Binary: Enough or Not Enough

by Timberry on June 3, 2009

I caught this post on Huffington: Who’s Happy And Why?

One thing that struck me immediately was this, a quote from that story:

For example, studies by Dr. Ruut Veenhoven, a sociologist at Erasmus University in Rotterdam, show that the extremely poor — those earning less than $10,000 a year — may be rendered unhappy by the relentless stress of poverty. Yet his work shows that after a poor person’s income exceeds that level there is no further correlation between money and happiness. After a certain level of income, typically enough to meet basic expenses, money ceases to be a factor.

What I like about this, particularly, is an idea I think I heard first from my older brother. “For me,” he said, “money has always been a binary thing. Enough or not enough.” I like that. I think it applies to me, and my life. For most of our life, we didn’t have enough. Finally, after the company made it, we did have enough.

“Enough” is a relative concept, of course. And it evolves. For years, when we lived in Mexico City and the first three kids had been born but were still young, we used to take walks when we could and dream together. Our most common dream was “having a down payment to buy our own house.”

A few years later, it was to buy a house in Palo Alto; to move out of San Jose. And then it was a house big enough for a growing family, two parents and five kids. And it became private high school and then college educations, five of them, all very expensive. “Enough” evolved.

The example of cars. Being able to buy a 1975 rambler station wagon was huge, when that happened. But we survived the old orange-yellow VW van and going up the Sierra highways in second gear, which made the Toyota Corolla station wagon a big deal when we were able to get that. Later, it was never a Mercedes or Porsche, but having a relatively new car, and especially one with 4WD, mattered.

Vacations were fine when they were camping in Camomila, or outside of San Miguel de Allende. And one of the best vacations ever was in Acapulco where we thought we’d been invited to a luxury place (journalist perks) but ended up in Las Hamacas instead. Tour guiding worked fine. We had some really nice vacations later, when there was “enough;” but we didn’t really miss them when we couldn’t afford them.

I liked this, from the same post:

Some years ago I was helping Jimmy Carter gather his thoughts for his book Virtues of Aging, and at one point I said to him, “President Carter, I have a crazy question for you. I’m about the age now that you were when you were president. Have you come to any new perspectives about what matters in life, now that you’re older?” His answer was to the point: “Earlier in my life I thought the things that mattered were the things that you could see, like your car, your house, your wealth, your property, your office. But as I’ve grown older I’ve become convinced that the things that matter most are the things that you can’t see — the love you share with others, your inner purpose, your comfort with who you are.”

So here’s the thing. At the end of the day, it may be wisest to judge each of our own life successes not from the outside looking in but from the inside out. It’s not about the material things I can show the world, but about how I feel about the work I do; it’s about the relationships I have and the love I share.

Ken Dychtwald Ph.D.: Who’s Happy And Why?

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(I posted this yesterday on Small Business Trends, and it goes up tomorrow at Planning Startups Stories; but it belongs here too.)

Last week a group of students interviewed me, as part of a class project, looking for secrets and keys to success. They were asking me because after 22 years of bootstrapping, my wife Vange and I own a business that has 45 employees now, multimillion dollar sales, market leadership in its segment, no outside investors, and no debt. And a second generation is running it now.

Frankly, during that interview I felt bad for not having better answers. Like the classic cobbler’s children example, I analyze lots of other businesses, but not so much my own. As I stumbled through my answers, most of what I was saying sounded trite and self serving, like “giving value to customers” and “treating employees fairly,” things that everybody always says.

I wasn’t happy with platitudes and generalizations, so I went home that day and talked to Vange about it. Together, we came up with these 10 lessons.

And it’s important to us that we’re not saying our way is the right way to do anything in business; all businesses are unique, and what we did might not apply to anybody else. But it worked for us.

1. We made lots of mistakes

Not that we liked it. At one point, about midway through this journey, Vange looked at me and said: “I’m sick of learning by experience. Let’s just do things right.” And we tried, but we still made lots of mistakes. We’d fuss about them, analyze them, label them and categorize them and save them somewhere to be referred to as necessary. You put them away where you can find them in your mind when you need them again.

2. We built it around ourselves

Our business was and is a reflection of us, what we like to do, what we do well. It didn’t come off of a list of hot businesses.

3. We offered something other people wanted …

… and in many cases needed, even more than wanted. You don’t just follow your passion unless your passion produces something other people will pay for. In our case it was business planning software.

4. We planned.

We kept a business plan alive and at our fingertips, never finishing it, often changing it, never forgetting it.

5. We spent our own money. We never spent money we didn’t have.

We hate debt. We never got into debt on purpose, and we didn’t go looking for other people’s money until we didn’t need it (in 2000 we took in a minority investment from Silicon Valley venture capitalists; we bought them out again in 2002). We never purposely spent money we didn’t have to make money. (And in this one I have to admit: that was the theory, at least, but not always the practice. We did have three mortgages at one point, and $65,000 in credit card debt at another. Do as we say, not as we did.)

6. We used service revenues to invest in products.

In the formative years, we lived on about half of what I collected as fees for business plan consulting, and invested the other half on the product business.

7. We minded cash flow first, before growth.

This was critical, and we always understood it, and we were always on the same page. See lesson number 5, above. We rejected ways we might have spurred growth by spending first to generate sales later.

8. We put growth ahead of profits

Profitability wasn’t really the goal. We traded profits for growth, investing in product quality and branding and marketing, when possible, although always as long as the cash flow came first.

9. We hired people slowly and carefully.

We did everything ourselves in the beginning, then hired people to take tasks off of our plate. We hired a bookkeeper who gave us back the time we spent bookkeeping. A technical support person gave us back the time we spent on the phone explaining software products to customers. And so on.

10. We did for employees’ families as we did for ourselves.

Family members — not just our own family, but employee family members too — have always been welcome as long as they’re qualified and they do the work. At different times, aside from our own family members, we’ve had two brother-sister combinations, an aunt and her niece, father and daughter, and husband and wife.

And in conclusion…

Bootstrapping is underrated. It took us longer than it might have, but after having reached critical mass, it’s really good to own your own business outright. It might have taken longer, and maybe it was harder — although who knows if we could have done it with investors as partners — but it seems like a good ending.

Family business is underrated. There are some special problems, but there are also special advantages too.

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Reality Check: Beauty, Women, Distortions

by Timberry on May 2, 2009

I picked this up browsing Seth Godin’s recent post over the weekend. He had it here, as part of a riff on the new world of commercial advertising on youtube. Good post too, but I ended up thinking this Dove commercial on youtube deserves special attention.

(If you don’t see the video, click here for the Youtube source.)

I assume you’re aware of how much we distort the supposedly ideal beauty in women. I am. But we forget. This is a bad thing, it hurts people, both women and men, and we should remind ourselves frequently.

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Statistics. Picturing large numbers. Communicating numbers. Some of the numbers in this 11-minute talk are just amazing. He asks: "have we lost our sense of outrage?"

If the video here doesn’t show up — technical details — the link is Picturing Excess. Or, alternatively, here is the video, from Chris Jordan, speaking at TED.




What is this doing on this blog, you ask? We’re people who care, no? People who think too.

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Reflections on Changing Dad Roles

by Timberry on June 27, 2008

The generally accepted dad style has changed a lot during my lifetime. I’ve witnessed a steady change, an evolution towards a different kind of fatherhood parenting. And I think the new way is a lot better, for reasons that might surprise you. Not just because dads that I see are sharing more of the load than dads (including me) used to, which seems better and fairer; but also because (hear me out on this one) I think it’s better for the dads and — of course — the kids.

And this post is going to be personal. Fair warning given.

Born in 1948, I grew up in the 1950s world that television stylized by inventing the "housewife," who could be made deliriously happy by clothes coming out of a washing machine whiter than white. She wore poodle skirts and high heels while cheerily doing dishes. She was there to meet the kids coming home from school.

My parents both respected the 1950s concept of the breadwinner. What that meant, to give you a specific example, was that when dinner ended the mom and (in our house) four kids stayed in the kitchen to clear the table and do the dishes. There were four of us kids, three boys and a girl, and our mom divided the chores among us as much as she could.

Our 1950s dad was an active dad, a loving dad, the best there was. He’s 88 now, still a man I admire very much, and a role model of the professional (he was an MD until he retired) who is also a father. He was involved in all the key decisions. He was home on weekends, and he pulled us into his favorite activities, including a lot of active sports, a lot of spectator sports and (we always hated it) long sunny weekends outside doing the garden. We planted trees. We watered. Dad was usually there, rarely just supervising; and he never supervised while staying inside watching TV. If he wasn’t there with the yard work, he was working. He took us to football games, basketball games, and baseball games. He even took us to the 1962 World Series. He taught us to play football and basketball and baseball too, and coached the little league baseball team.

But, even as  medical doctor, meaning he knew where things were and how things worked, my 1950s dad as I knew him was not a dad who would change diapers, or drive a kid to baseball practice during the work day, or attend a parent-teacher conference that wasn’t vital, like when one of us was in serious trouble and the school demanded both parents (happened rarely, but happened). I was the second, just 17 months younger than the oldest so maybe he did that in the beginning but not with the younger ones, who came six and 10 years after me. And he never cooked, and he never did the dishes, and he didn’t help with the housework.

He was the breadwinner. Our mom made that position clear.

Fast forward a generation, to dadding (daddom? fatherhood is so stilted) in the 1970s.

I was a foreign correspondent in Mexico City in my 20s when we had three kids quickly, from July of ‘72 to October of ‘75. I like to think (memories are deceptive, and my picture, frankly, is different from my wife’s) I was a pretty good 1970s dad. When we had three little ones running around, I remember giving people bottles and changing diapers. But my wife remembers doing that pretty much all by herself, maybe with a lot of help from her mother (one of my all-time favorite people).

And how do I reconcile my memory with hers (we are still married, by the way, all these years later)? I go to the facts: in those years I pretty much got up before dawn, ran, and drove to the office before 7 a.m. because traffic was so bad in Mexico City (or maybe because I like the early mornings, or perhaps to avoid the morning chaos of a house with three young kids, but I blamed it on traffic). And I rarely got home before 8 p.m. (traffic was really bad between 4 and 7 p.m.). And I worked a lot of weekends, doing freelance stories for different publications, even writing travel brochures for the Mexican government (we were always broke). So I guess my memories of being an active dad in Mexico City were for the two and maybe three weekends that I was with the family all day Saturday and Sunday. Which would make my wife’s memories (she uses the "I" word a lot in the context of raising kids) more accurate than mine.

But then let’s fast forward again — I think this makes it more interesting — but this time only half a generation. Our fourth was born in 1982, after we had moved back from Mexico to the United States, and after I’d gone back to school for two years to get the MBA degree. And our fifth was born in 1987. We had just cashed out on my founders equity in Borland International, so for once we weren’t broke (although that didn’t last long, as Palo Alto Software started to suck up our assets, but that’s a different post).

And then, in the 1980s, I discovered what I’d been missing. I was home a lot more. I ran my consulting business (which became Palo Alto Software later) out of a home office from 1983 to 1987. I took care of our toddler daughter (not by any means the primary — my wife would kill me — but way more than I had in the 1970s when the first group of three were little. My wife’s mother was in Mexico City, we were in the U.S., so she couldn’t take up the slack I left, the way she always had. And with four and then five kids, my wife had an enormous job, which meant that like it or not, custom or not, I became way more active than I’d been 10 years earlier.

And with that I discovered what I’d been missing. I gave the 2 a.m. bottle to our fourth almost every night for more than a year. I got involved with bathing and feeding and all of that. I was almost always back-up, my wife still did the real work, but I was a lot more there. And I discovered that when dads put in quantity time with kids, they get way more back than what they put in. Over time, it became clear to me that I had missed so much with the first three that I was grateful that I had a chance to catch on for the last two. Because it’s been my experience that the biggest winner in my sudden increase in dad involvement was me. The dad.

I think before I go on I should set the record straight. I wasn’t, even in my reformed dad self of the 1980s and 1990s, like the more involved dads of today. I was still pretty much focused on work — we raised those kids with my consulting income, I was nobody’s employee, so there was a lot of pressure. And my wife cooperated to make sure that when work was needed, I was free to stay focused on work. I traveled a lot in Latin America while consulting for Apple Latin America, and got over to the Far East for several computer companies. At one stretch of four years I spent one week per month in Tokyo. And my wife, rather than insisting on full half and half participation or anything like that, kept my world clear for the work that I had to do. She still gets to say "I" when she talks about raising kids.

Still, I also coached the kids’ soccer for about eight straight years, and I made a lot of parent teacher conferences, and I was there a lot more. And nobody gained as much as I did.

Fast forward again. To today.

I’m watching it today with another generation. Having three children born between ‘72 and ‘75, if you do the math, it’s not surprising that we now have grandchildren: five of them, the oldest is four years old. And their dads seem to be far more involved with them than I was even with those more recent ones. And I, meanwhile, am seeing again, with a new generation, that the more quantity time these dads get with these kids, the better off they are.

It’s not just a matter of sharing the work. The more they do of that work, the better off they are. Strange math — the more you give, the more you have — but I think that’s what I’ve seen in evolving dad styles over three generations.

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Photo Problems

by Timberry on June 19, 2008

I’d like to see us get a better tool for blogging photos. I used Flickr earlier today because it seems to do the thumbnails semi-automatically, but it’s hardly optimal. It makes one post per picture. Shouldn’t there be a tool to do a post with a group of pictures, maybe as a table with the thumbnails on the right and the comments on the left? Does one exist? Paul? Noah? Sabrina?

And, on the other hand, there is the allure of Facebook, which seems to do pictures awfully well. Tempting.

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Zen Habits on 7 Deadly Sins of a Relationship

by Timberry on April 24, 2008

The Seven Deadly Sins of a Relationship | Zen Habits.

I’m quoting a post by someone named Leo, directly:

If you can avoid these seven things, and focus instead on doing the four things above, you should have a strong relationship. I’m not going to guarantee anything, but I’d give you good odds. :)

  1. Resentment. This is a poison that starts as something small (”He didn’t get a new roll of toilet paper” or “She doesn’t wash her dishes after she eats”) and builds up into something big. Resentment is dangerous because it often flies under our radar, so that we don’t even notice we have the resentment, and our partner doesn’t realize that there’s anything wrong. If you ever notice yourself having resentment, you need to address this immediately, before it gets worse. Cut it off while it’s small. There are two good ways to deal with resentment: 1) breathe, and just let it go — accept your partner for who she/he is, faults and all; none of us is perfect; or 2) talk to your partner about it if you cannot accept it, and try to come up with a solution that works for both of you (not just for you); try to talk to them in a non-confrontational way, but in a way that expresses how you feel without being accusatory.
  2. Jealousy. It’s hard to control jealousy if you feel it, I know. It seems to happen by itself, out of our control, unbidden and unwanted. However, jealousy, like resentment, is relationship poison. A little jealousy is fine, but when it gets to a certain level it turns into a need to control your partner, and turns into unnecessary fights, and makes both parties unhappy. If you have problems with jealousy (like I once did), instead of trying to control them it’s important that you examine and deal with the root issue, which is usually insecurity. That insecurity might be tied to your childhood (abandonment by a parent, for example), in a past relationship where you got hurt, or in an incident or incidents in the past of your current relationship.
  3. Unrealistic expectations. Often we have an idea of what our partner should be like. We might expect them to clean up after themselves, to be considerate, to always think of us first, to surprise us, to support us, to always have a smile, to work hard and not be lazy. Not necessarily these expectations, but almost always we have expectations of our partner. Having some expectations is fine — we should expect our partner to be faithful, for example. But sometimes, without realizing it ourselves, we have expectations that are too high to meet. Our partner isn’t perfect — no one is. We can’t expect them to be cheerful and loving every minute of the day — everyone has their moods. We can’t expect them to always think of us, as they will obviously think of themselves or others sometimes too. We can’t expect them to be exactly as we are, as everyone is different. High expectations lead to disappointment and frustration, especially if we do not communicate these expectations. How can we expect our partner to meet these expectations if they don’t know about them? The remedy is to lower your expectations — allow your partner to be himself/herself, and accept and love them for that. What basic expectations we do have, we must communicate clearly.
  4. Not making time. This is a problem with couples who have kids, but also with other couples who get caught up in work or hobbies or friends and family or other passions. Couples who don’t spend time alone together will drift apart. And while spending time together when you’re with the kids or other friends and family is a good thing, it’s important that you have time alone together. Can’t find time with all the things you have going on — work and kids and all the other stuff? Make time. Seriously — make the time. It can be done. I do it — I just make sure that this time with my wife is a priority, and I’ll drop just about anything else to make the time. Get a babysitter, drop a couple commitments, put off work for a day, and go on a date. It doesn’t have to be an expensive date — some time in nature, or exercising together, or watching a DVD and having a home-cooked dinner, are all good options. And when you’re together, make an effort to connect, not just be together.
  5. Lack of communication. This sin affects all the others on this list — it’s been said many times before, but it’s true: good communication is the cornerstone of a good relationship. If you have resentment, you must talk it out rather than let the resentment grow. If you are jealous, you must communicate in an open and honest manner to address your insecurities. If you have expectations of your partner, you must communicate them. If there are any problems whatsoever, you must communicate them and work them out. Communication doesn’t just mean talking or arguing — good communication is honest without being attacking or blaming. Communicate your feelings — being hurt, frustrated, sorry, scared, sad, happy — rather than criticizing. Communicate a desire to work out a solution that works for you both, a compromise, rather than a need for the other person to change. And communicate more than just problems — communicate the good things too (see below for more).
  6. Not showing gratitude. Sometimes there are no real problems in a relationship, such as resentment or jealousy or unrealistic expectations — but there is also no expression of the good things about your partner either. This lack of gratitude and appreciation is just as bad as the problems, because without it your partner will feel like he or she is being taken for granted. Every person wants to be appreciated for all they do. And while you might have some problems with what your partner does (see above), you should also realize that your partner does good things too. Does she wash your dishes or cook you something you like? Does he clean up after you or support you in your job? Take the time to say thank you, and give a hug and kiss. This little expression can go a long way.
  7. Lack of affection. Similarly, everything else can be going right, including the expression of gratitude, but if there is no affection among partners then there is serious trouble. In effect, the relationship is drifting towards a platonic status. That might be better than many relationships that have serious problems, but it’s not a good thing. Affection is important –everyone needs some of it, especially from someone we love. Take the time, every single day, to give affection to your partner. Greet her when she comes home from work with a tight hug. Wake him up with a passionate kiss (who cares about morning breath!). Sneak up behind her and kiss her on the neck. Make out in the movie theater like teen-agers. Caress his back and neck while watching TV. Smile at her often.
  8. Bonus sin: Stubbornness. This wasn’t on my original list but I just thought about it before publishing this post, and had to add it in. Every relationship will have problems and arguments — but it’s important that you learn to work out these problems after cooling down a bit. Unfortunately, many of us are too stubborn to even talk about things. Perhaps we always want to be right. Perhaps we never want to admit that we made a mistake. Perhaps we don’t like to say we’re sorry. Perhaps we don’t like to compromise. I’ve done all of these things — but I’ve learned over the years that this is just childish. When I find myself being stubborn these days, I try to get over this childishness and suck it up and put away my ego and say I’m sorry. Talk about the problem and work it out. Don’t be afraid to be the first one to apologize. Then move past it to better things.

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Clear Mountain Morning and a Beautiful Granddaughter

by Timberry on February 17, 2008

Fenruary 17, 2008

I woke up earlier than Vange or Cristin, much earlier in fact, dressed haphazardly, got onto the computer for a while …

Full of thoughts:

  • Yesterday was the best skiing I’ve done in 10 or 15 years. Exhilarating. Tast, smooth, rhythmic, the mountain was crystal clear, my physical condition made a huge difference. No burning thighs, no need for long pauses. Cristin was delightful company, the snow was ideal, the view was fabulous. We skied the Outback Express lift, which had really nice runs and very small lines. We repeated the Kangaroo run a lot.
  • Paul sent an email: your beautiful granddaughter. Beautiful pictures of Eva. That’s another warm, happy thought. 
  • The exhilaration tempered by reality. I’m 60 years old.
  • Walking to the coffee place two  blocks away at 7:30. The day is delightfully cold and crystal clear. I look up at the mountain. Vaguely toy with the idea of taking the bus up again today. Ski alone, iPhone music for company. Clear. Beautiful. But that’s just dumb.
  • My right hip has a dull ache from skiing yesterday.
  • Megan’s in Paris. Megan’s in Paris. That’s a warm, wonderful, happy thought.
  • The line in the song “Mothers don’t let your babies grow up to be cowboys: “Cowboys like clear mountain mornings.”
  • Not just clear, but also cold. The cold increases the clarity. Walking to Nancy P’s for coffee, I could see Mt. Bachelor in the distance. The cold increases the clarity.

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Not exactly the most treasured memory or great family picture, but maybe useful information in this story on the New York Times. Here you go:

MANY business owners are so consumed with day-to-day operations that they dont think about estate planning. But the federal estate tax, with a top rate of 45 percent, can have a big effect on the business you leave behind, and planning while you are hearty is the best way to manage that.

Among the arrangements to make are leaving a source of cash to cover the tax bill and, as much as you can afford it, giving assets to younger family members while you are alive. These lifetime gifts, as they are called, have a dual benefit: they reduce the size of your taxable estate, and, if the assets increase in value after you have passed them on, the appreciation is tax free.

When Congress was considering a permanent repeal of the tax, which currently applies to estates worth more than $2 million, small-business owners lost interest in this kind of planning, said Dennis I. Belcher, a lawyer with McGuireWoods in Richmond, Va. But since the repeal efforts failed last year, more clients have asked about lifetime gifts, Mr. Belcher said.

Which methods work best depend on your liquidity needs, tolerance for complexity and whether you act before or after the business has increased in value. Here are some considerations:

Reducing business holdings could leave you strapped for cash. The simplest alternative is to buy life insurance that would cover the tax bill, Mr. Belcher said. Start by setting up an irrevocable life insurance trust, which can buy the policy and, when you die, hold the proceeds for whomever you have named as beneficiary. Without a trust, the policy would be considered part of your estate and the proceeds could be taxed.

Next, you need to funnel money into the trust so it can pay the premiums. There is no gift tax on your contributions as long as you stay within the annual limit of $12,000 per recipient, with no limit on the number of recipients. Spouses can pool their gifts to jointly give $24,000 to any person tax free, and each trust beneficiary counts as one person.

You dont want to give up control. First, divide the business into voting and nonvoting shares, even if you must recapitalize the company, said Richard L. Dees, a lawyer with McDermott Will & Emery in Chicago. Ideally, voting stock should make up no more than 10 percent of the total company shares, he said. After that, you can give away partial interests in the business. You can make these gifts to family members directly, but it is better to use an irrevocable trust, which protects the assets from creditors, said Steven B. Gorin, a lawyer with Thompson Coburn in St. Louis.

Since gift recipients lack control, and the shares are considered unmarketable, you can value both the gift and the interest you retain at a discount of 35 to 45 percent, lawyers said. The discount on what you give away enables you to pack more into your annual limit, or into the $1 million overall limit on what you can exclude over a lifetime. (A 45 percent levy kicks in on anything over $1 million.)

Giving away too much in business assets could incur the gift tax. In that case dont give them away sell them in exchange for a promissory note with interest, said John D. Dadakis, a lawyer with Schiff Hardin in New York. With this strategy, you can also apply discounts and avoid tax on future appreciation. Here, too, it is preferable to use a trust, rather than dealing with family members directly.

A liquidity event, like a sale or initial public offering, is on the horizon. You can transfer the appreciation at little or no gift-tax cost with a grantor retained annuity trust. Here you put company shares into a short-term irrevocable trust and retain the right to receive an annual income stream equal to the value of what you contribute plus interest at a rate set each month by the Internal Revenue Service (the Section 7520 rate). If you survive the trust term a condition for this tool to work any appreciation in the trust when the annual payments end passes to your family.

On the other hand, if the appreciation never occurs, the business owner is no worse off, said Charles A. Redd, a lawyer with Sonnenschein Nath & Rosenthal in St. Louis. In this case, the trust would satisfy its payout obligations by returning some of the stock to the owner.

As you near retirement, cash flow can be a concern. Consider a charitable cash bailout, said David T. Leibell, a lawyer with Wiggin and Dana in Stamford, Conn. Here, the owner, who has already transferred some shares to children, puts others into a charitable remainder trust, and the company buys them back for cash at fair market value. The trust uses the cash to supply an income stream to the owner, with the rest going to charity after the owner dies. Meanwhile, the company retires the shares it has bought back, increasing the value of what the children retain. This transaction avoids income tax, gift tax and estate tax, Mr. Leibell said.

Whether you choose just one of these strategies or use them in combination, it is best to start with the least complicated approach that will achieve your goals. Lawyers fees for these transactions can range from less than $10,000 to many multiples of that sum, depending on the details. And any time you give away shares of a business, you must get an appraisal, which can easily cost $5,000 or more. You will want to be sure that what you spend to use various estate-planning tools is less than your heirs would pay the tax man.

A Little Planning Can Mean More for Heirs Later – New York Times

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Holiday of Stuff

by Timberry on November 19, 2007

From a Holiday of Stuff on MommyCEO:

Last year after the holiday at our house my husband drove a truck (yes a truck) load of garbage to the dump. Thank goodness a lot of it was able to be recycled, but nonetheless it was GARBAGE – wrapping paper, boxes, bags, packaging, etc. Really it was OBSCENE.

The other part of it that was obscene was the WASTE. More than half the gifts our kids got were already broken, lost, or forgotten by the time New Years arrived. Our house became strewn with small plastic toys.

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