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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.


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​


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.


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.


Should Spouses Work in the Family Business?

We know of many family firms that allow spouses to be employed in the business. Outcomes tend toward the positive when there is a strong drive towards accountability; when the person is highly qualified for the job; when performance goals are set and reviewed regularly and feedback is given; and when there are rules in place that prohibit one spouse working for another or spouses being in the same department.


Managing the Complexity of Human Resources in Family Firms

Because your business’s performance is so highly dependent on your people, HR is a crucial contributor to the superior performance of family firms. So, maximizing the effectiveness of your HR systems and practices will help maximize your performance across the board. The ideal role for HR is as a true champion of engagement of all firm resources, not just the human ones. In many firms, that will mean taking clear, practical steps to transition HR into a more strategic role.


Developing a Winning Strategy for Family and Business: The Parallel Planning Process

The parallel planning process, originally advanced by Randel Carlock and John Ward in “Strategic Planning for the Family and Business” (Palgrave, 2001), links these two powerful forces to recognize the real potential of family business. By helping both family and management create a business strategy that supports the interests of the family and the potential of the business, a powerful synergy can result.


Getting Started with Family Governance

Family governance is a process or structure to educate and facilitate communication between family members. It also provides a forum for constructive discussion, problem solving and decisions about the family as it relates to the business, as well as, how the business relates to the family.


Understanding the Differences Among Family Governance Forums

What is a family council and how does it differ from a family assembly or a family meeting? To help answer that question, below are brief definitions adapted from The Family Council Handbook that provide distictions among the different types of meeting forums.


What it Means to be an Investing Owner and Why it’s so Important

Owners have both a right and responsibility to ensure their investment performs well. If perpetuating the family business across generations is the family’s aspiration, owners need to ensure that the business will not only survive but thrive. Our experience is that families take great pride in holding productive discussions around expectations, precisely because they are difficult conversations to have.

Results: 763 Record(s) Found.

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