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Helping Family Businesses
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Introducing Teens and Young Adults to the Family Enterprise

The universal truth is the next generation always surpasses the preceding one. That is the nature of evolution. It is the responsibility of each generation to prepare the next to exceed them. In enterprising families, there are many facets to preparation: leadership, ownership, independence and stewardship. Skill development starts early with a very young child and continues on.

 
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To Select or To Elect? Decision-Making Methods for Family Member Roles in Family and Business Governance

To be organized and productive, an enterprising family must have effective methods for decision making. Many families accomplish this through governing bodies, including a board of directors, a family council, committees, or task forces charged with addressing specific questions the family faces. Often, the method for choosing family members to serve in these governance roles is a decision with its own layer of complexity. Are representatives democratically elected or selected?

 
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Dealing with Conflicts of Interest on a Family Business Board

Last month, 180 leaders from over 100 companies attended The Private Company Governance Summit in Washington, D.C. including FBCG senior consultant Stephanie Brun de Pontet who served as a panel moderator for the session “Dealing with Conflicts of Interest on Private Company Board.” The forum focused on how to create a clear distinction between a board member’s role on the board and the other roles they may plan within or for the company.

 
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Should We Separate the Chair and CEO Roles in our Family Business?

Is a combined CEO/Chair function always the right structure? The answer becomes complicated in later generations, for bigger families, for those with more complex businesses and when governance is formalized. The opportunity to challenge tradition is while you are planning a leadership change or making significant changes to the board, such as increasing formality as with the addition of independent directors. It should also be a key question in your emergency succession plan.

 
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Family Champions: Energy for Success

Business families require effective leadership throughout the system to fulfill their potential. A lot of attention goes to who will be the next leader of the business, and appropriately so. But there is another area in which leadership can bring great value to the family – the role of “family champion.” This person is a visionary catalyst who invests energy into the family-business system to support and develop the family-ownership advantage.

 

The Status Effect: How Ego Plays Out in Family Firms

We find that helping families better understand the sources of tension in both their family and work systems can give them more choices to better manage those tensions.

 
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From Partners by Chance to Partners by Choice: The 7 Cs of Trust-based Partnerships

Sibling and cousin partnerships almost always come about by chance rather than choice. Sometimes, but not usually, these partnerships are formed because siblings and cousins want to be in business together. It makes good sense then for family business partners to take the time to re-constitute their partnerships around fundamental principles – what I call the 7 Cs of Trust-based Partnerships.

 
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Ensuring that family business owners are strong contributors to the board

Owners on the board represent two distinct groups: owners who are employees of the family business, and those who are not. First, the role and responsibilities of directors need to be clarified. Owners should sit in the boardroom to serve on behalf of the full ownership group and not to represent their personal interests. As a director they have a fiduciary responsibility to ensure the business is well-managed. To fulfill this responsibility, they must have a solid understanding of the dynamic​

 
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Evolving Your Family Business Board

Family businesses that evolve their board structures to meet the growing needs of the family and business gain greater understanding and appreciation for complexities of the governance process as well as for how best to harness the board with regard to innovation and other key areas. Beyond the board’s form, several other dimensions are important to consider such as size, composition, rotation, retirement and evaluation.

 
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Understanding Profitability in the Family Business

Mixing family and money in business can be confidently accomplished when families take the time to educate themselves on the concepts and key issues surrounding profitability, build forums to gain alignment on their goals, and set policies to clarify expectations on profitability related matters.

 
 
Results: 738 Record(s) Found.

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