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Stewardship: A Very Practical Family Business Theory

In a family business, a stewardship climate is one in which individuals are more likely to be intrinsically rather extrinsically motivated, identify highly with the organization, and use personal, rather than positional, power. In addition, at the organizational level, family businesses displaying stewardship climate are those with a collectivist culture, rather than an individualistic culture, have a low power distance in their organizations and have a high involvement orientation. 1/11/17

 
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Unsticking Succession: Common Obstacles and a Path Forward

This article arose from a specific question from a family enterprise leader: “I know that I have to plan for succession and I know everything I should be doing, but I’m not making any progress. How do I get unstuck?” Succession planning remains a critical focus for many family firms. We hope this review of a fundamental family business concern sparks some new thinking and some positive momentum to kick off your planning.

 
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Budgeting for Family in the Family Business

We find that implementing a formal budgeting process for family work is valuable, regardless of whether these questions have been raised. Creating a budget engages the family, shareholders and management in a conversation that aligns them around its goals and priorities for the family and the business. It also makes explicit the investment is being made in family unity and shareholder development.

 
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Co-CEO Structure: Are Two Heads Better than One in a Family Business?

The skills required to run a company continue to increase, and there is less margin for error when change is the norm and competitors respond to bad decisions at lightning speed. Co-leadership models have been used by family businesses for centuries, but not frequently. Today, that frequency is increasing. The purpose of this article is not to advocate or oppose a co-CEO model. Nor is it to provide empirical evidence for or against co-leadership; such evidence is scant and anecdotal at best.

 
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How should family businesses cultivate and prepare the next generation for board service?

How should family businesses cultivate and prepare the next generation for board service? Advice from our governance experts Craig Aronoff, Otis Baskin and Kelly LeCouvie Originally appeared in The Family Business Boardroom, September 2016

 
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Continuity Planning for Family Business Boards

Developing the qualifications for board members – both family board members and independent outside board members – is arguably the most important task to determine the ideal mix of board members. Originally published in The Family Business Boardroom Newsletter, September 2016

 
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Family Wealth Continuity

Many wealth continuity plans lock people together providing few options for how money is to be managed, by whom and with which co-beneficiaries. While there are of course certain basic requirements of any effective financial structure, to the extent that options are available – to make personal financial decisions, to align with certain others or not, or even to exit – the structures will be strengthened and relationships enhanced.

 
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In Praise of Peer Groups

As family business consultants, we often recommend that family owners join peer groups. After families have worked with a consultant to set up sound continuity plans for the leadership of the family as well as the business, there is something reassuring about meeting regularly with people who are facing the same challenges you are.

 
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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?

 
 
Results: 766 Record(s) Found.

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