A substantial number of family-owned businesses do not have a clear plan for succession when the founder is ready to retire. Up to 42 percent of family-owned businesses have not chosen a successor for when the patriarch or matriarch leaves the business. Often this is because the family leadership perceives the next generation as unready, […]
Conflict in the Family Business and The Role of Forgiveness
Conflict within any business can be troublesome, but in a family-run business, conflict can be downright crippling. On the other hand, healthy relationships in a family-run business can lead to greater long-term success. So, what differentiates family businesses that operate peacefully and without major conflict from those that run into conflict regularly? Having an effective […]
3 Main Conflicts That Impede Growth in a Family Business
Conflict is unfortunately a main part of many family businesses. Families bring their private dynamics into a professional space, which can impact the business in a negative way, keeping it from moving forward or potentially even causing it to crash and burn. If you’re part of a family business, you know that they can be […]
Solid Family Management Practices Create Security and Future Success
What begins as a small family business needs to adapt to changing needs and be scalable for growth. Businesses without sound organizational structure are not set up for sustainable growth and easily stumble over future roadblocks. Better family management practices can build a stronger foundation within a business that can weather and adapt to whatever […]
The Future of Women & Family Business Leadership
A family business is as the phrase implies, a business that is operated by a family. Many times, people outside of the family will be hired to serve as helpful employees, but upper-level management and ownership usually stays within the family. Family-owned businesses have been successful for hundreds of years, and it’s safe to assume […]
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