The accounting function of a business should measure more than profit and equity once a year. It should provide a service for management to help determine how money was made and how equity can be increased.
The passing this winter of Dr. Leon Danco, the pinnacle of the family business consulting field, inspires reflection on his life and the struggles and rewards of business survival.
Businesses are assets that can be bought, sold and liquidated. Families are a lifetime investment in love, support, nurturing and caring. Sometimes families aren’t meant to be in business together, and recognizing it before the family is destroyed makes good sense.