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When the only tie that binds a family together is sharing business ownership, chances are the Family Enterprise will struggle to remain family-owned and intact for successive generations. However, when the family and the Family Enterprise are mutually supportive, the opportunity for sustainability is greatly enhanced. By taking a family-centric approach and applying a “Family Accord” framework—one that is based on structure, communication, and consensus—families can enjoy far greater odds of long-term success with their Family Enterprise.

The economy is relatively healthy, but history has taught us that growth cycles don’t last forever. It’s not if there will be an economic downturn—it’s when. Knowing that there’s a cyclical pattern to many markets, savvy owners and executives figure out how to take advantage of business cycles to create a continuing growth trajectory and boost profitability. From that strategic planning point, five action items are critical to middle-market companies for maximizing growth, profitability, and value—in any economy.

Strategy is a crucial area of focus, but one area that’s often overlooked is planning for an unforeseen event. For example, what would happen to your business—and your family—in the event of your premature death or disability? How can you ensure a successful ownership transition and protect your family in the event of such an occurrence? One way is to have a buy-sell agreement in place.

Lawsuit awards can be incredibly high, and individuals known to have substantial assets are particularly vulnerable. In some cases, the high-stake lawsuits can cause devastating reputational damage. Given the risks and exposure, the need for holistic liability protection is an important issue. Learn the different types of liability insurance available and how to address some of the most common sources of risk, including board membership and social media and online activity.

Enterprising families are showing an increased interest in participating in direct investments around the globe. Some families have turned to private equity out of frustration with the volatility in the public markets and the unexpected correlations between asset classes that occurred during the 2008-2010 timeframe. The factors that impact their private equity portfolios’ success are complex in nature, and there are 15 key considerations that inform families’ preferences for private investments, and, ultimately, impact how well they will do.

The Internet of Things (IoT) connects machines and devices to one another. Today’s devices have between 6 to 9 sensors capturing and transmitting data to help all industries become more efficient, productive and safer. The 2020 annual global economic potential across all sectors is estimated up to $14.4 trillion—that is the current GDP of the European Union. For businesses to fully realize the great potential of the Internet of Things (IoT), they will need to be prepared for the privacy, cybersecurity and liability risks that lie ahead.

With people, assets, and services becoming increasingly connected by software and hardware—the Internet of Things (IoT)—physical risks are now directly intertwined with digital risks. Will errors made by artificial intelligence be treated more like products liability or vicarious liability? Since IoT is so new, there is no definitive legal reference of concise volume of regulation on the topic.