June 02, 2015
Robert Spielman, Tax and Business Services Partner, Quoted in Reuters Article, "YOUR MONEY - Graduating into the Family Business."
By Beth Pinsker
There is one big advantage 23-year-old Clint Morrison has found joining his family's business fresh upon graduating from Rider University: he has a job, while most of his friends do not.
Robert Spielman, a partner in the tax and business services unit at Marcum LLP, advises clients that it is their job to make sure their kids are exposed to all aspects of the business, especially if they expect to hand it over to them one day.
For example, one of his clients, a fish distributor, hired several family members for its sales force. "But none learned how to manage the business, and eventually, they had financial troubles," Spielman said.
The best way is to start at the bottom and experience all areas of the enterprise. If the family business is a trucking company, start out in maintenance, then drive for six months, go into sales and then assist in the financing side before managing the fleet and employees, Spielman says.