when siblings battle over the family business

succession plans can get dicey… for the advisor.

by ed mendlowitz
call me before you do anything: the art of accounting

someone has to be the boss. when the founder is active, he or she is usually the boss. but what about arents who step aside to have their children run the business? particularly where there is more than one child working in the business?

more: readers rip: ‘she wanted her shoebox back’ | when parents, children hit an impasse | wealth is a state of mind | the six types of “impossible” clients | you’re not just taxes | granting unconventional request pays off | 20 best practices for staff training and retention | what does the client want to see?
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i’ve seen some situations where two siblings can run the business as equals. and then, there are other situations where they can’t. what do you do?

posted on june 16, 2021

edward mendlowitz

about the author

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edward mendlowitz, cpa, abv, pfs, is a partner at withum, a forward-thinking, technology-driven advisory, and accounting firm. ed has over 40 years of public accounting experience, is recognized as one of the top 100 most influential people in accounting by accounting today, and is the 卡塔尔世界杯常规比赛时间 "practice doctor."

his latest handbook is 77 ways to wow! the handbook for small-business advisory services.

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he is a licensed certified public accountant in the states of new jersey and new york and is accredited by the american institute of certified public accountants (aicpa) in business valuation (abv), certified in financial forensics (cff) and as a personal financial specialist (pfs). ed is also admitted to practice before the united states tax court and has testified as an expert witness in federal and state court regarding business valuations, and twice at the house ways and means committee on tax reform, fairness, and reduction. a graduate of city college of new york, ed earned his bachelor of business administration degree.

he is a member of the aicpa, the new jersey society of certified public accountants (njscpa) and the new york state society of certified public accountants (nysscpa). in addition, ed was a founding partner of mendlowitz weitsen, llp, cpas, which merged with withum in 2005. currently, he serves on the nysscpa estate planning committee and was chairman of the committee that planned the nysscpa’s 100th anniversary. the author of 19 books, ed has also written hundreds of articles for business and professional journals and newsletters.

he is the contributing editor to the practitioners publishing company’s 706/709 deskbook, and the aicpa’s management of an accounting practice handbook, corporate controller’s handbook and wiley’s handbook on budgeting and is on the editorial board of bottom line/personal newsletter and the journal of accountancy member panel on business valuation. appearing regularly on television news programs, ed has also been quoted in numerous major newspapers and periodicals in the united states. he is the recipient of the lawler award for the best article published during 2001 in the journal of accountancy.

ed is a frequent speaker to many professional and business groups, including the aicpa, njscpa, nysscpa, american management association, the national committee for monetary reform, university of medicine and dentistry in n.j., and many more. for 11 years, he taught courses on financial analysis, corporate financial policy and theory, monetary and fiscal policy, and managerial accounting in the mba program at fairleigh dickinson university.

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