Tauber & Balser, P.C., in Atlanta, established a family business practice three years ago after discovering a significant concentration of family businesses in its client base.

Only 30 percent of family businesses make it to the second generation.

Principal services offered by T&B are business valuation, estate planning, compensation recommendations, goal setting, succession planning, operations consulting, human resources consulting, and tax planning.

Compensation issues are significant problems in family businesses. They often involve non-family members. Because their career potential is limited, non-family members need higher compensation.

Although equal pay for siblings is often used in practice, it is rarely equitable if they have different responsibilities. A market study of the value of various responsibilities can help the parties accept the differences in compensation.

Supporting in-laws is important, and this includes the wives of employees and the avoidance of disapproving comments.

Governance is a pervasive issue in family businesses, including the formation of committees, how they operate, and a review of their missions.

Overworked executives are common in family-owned businesses. Advisors need to help family members create work/life balance.

Nearly half of the equity of private companies is held by women. Work/life balance is particularly critical here.

From Practical Accountant, August 2006, 800-221-1809. For the complete article, click on the following link: http://www.webcpa.com/article.cfm?articleid=21014&;pg=pracacc.