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Helping Family Businesses
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Results: 772 Record(s) Found.

Accountability in the Family Business: Creating a Culture for Success

Accountability is a regular discussion topic with our family business clients. When accountability is alive and well, individuals, the family and the business may share in success. When accountability is mostly non-existent, however, a pervasive attitude of entitlement may exist that can lead to the demise of the business and perhaps the unraveling of family bonds.

 

Developing Next-Generation Leaders in Family Business

By Stephen P. Miller Engineering a successful generational transition is often the issue that most concerns entrepreneurs who hope the businesses they have created will thrive through multiple generations of family ownership. In a survey of family business owners, Family Business Consulting Group co-founder John Ward (1997) found that weak next-generation leadership was perceived as one of the top three threats to long-term family firm su

 

Emotional Ownership

Emotional Ownership By Kent Rhodes & Dana Telford "Let's go to work!" Dad would call out through my bedroom door. I'd rub my sleepy eyes and tumble out of bed for another Saturday morning of work at our family-owned resort. Some might say this was demanding too much of an 8-year-old like me, but looking back on it now I see that these weekend work sessions were more than chores leading to an allowance. My dad was instilling in me an ethic of hard work and helping me to understand

 

Mindfulness Brings Calm, Compassion and Creativity to Family Enterprises

By Amy Schuman & Stephanie Brun de Pontet Families in business together need skills in managing both emotional and financial demands. They must remain calm and focused in the face of high stakes situations. They need to let go of baggage from the past while not being overwhelmed by the uncertainty of the future. While some families struggle with these skills, many become masterful in focusing their attention on the demands of the present moment without being distracted by the past and future.​

 

Getting Non-Operating Shareholders Appropriately Involved

By Steve McClure Over time and generations, a family business usually encounters increasing obstacles to shareholder unity. As the family grows, members will become geographically dispersed and some may never set foot on the premises. Greater numbers in each generation means share ownership dilution and typically an associated decreased economic interest for each shareholder. They are generations removed from the founder and may not have had direct interaction with their entrepreneurial...​

 

Governance Beats Avoidance for Long-Term Family Business Harmony

By Otis Baskin Most successful business-owning families have a common fear: "How do we keep the next generation from fighting over the business?" This fear is well founded, as the survival rate for family businesses from founding generation to second generation and beyond is low. Further, most of us know tragic stories of ruined family relationships and lost fortunes because a group of siblings or cousins - who were to be the beneficiaries of a wonderful blessing - could not get along...

 

Don't Think of it as 'Succession Planning...'

By Kelly LeCouvie & Jennifer Pendergast Succession planning is an important process for any business, and particularly for family owned businesses. While family businesses often outperform nonfamily businesses, their succession planning can be more complicated due to the family dynamics that may overlay both ownership and leadership transitions. Jennifer Pendergast and Kelly LeCouvie share their wisdom from years of experience guiding families to successful generational transitions in...

 

Achieving Balance: Individual Rights and Family Interests

By Amy Schuman and David Lansky. Living in a civil society requires some sacrifice of individual freedom. In fact, much of the debate between U.S. political parties, which has become even more polarized in recent years, deals with the extent to which the state (society) should be involved with (interfere with) individual choice. In our consulting engagements with families in business together we have also often observed this dynamic at work.

 

Filling a Board Vacancy: Using Gap Analysis to Capture Opportunities

By Steve McClure Whether you have an advisory board with a few independents, a predominantly family board or a professional board with a majority of independent directors, a vacancy on an active board creates an opportunity to bring in needed knowledge or new ideas, with a few key constraints. In contrast to family firms that are establishing their first board or reconfiguring their entire board, when replacing one director that individual must be the right fit with all other family and...

 

Should I Leave the Family Business? To Go or Not to Go

By Stephanie Brun de Pontet and Chris Eckrich If you're considering leaving the family business, make sure it's for the right reasons. Thoughts on critical questions to ask yourself to see if leaving the family business is the right decision for you. By Stephanie Brun de Pontet and Chris Eckrich.​

 
 
Results: 772 Record(s) Found.

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