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, […]
Family Business Landmine – Next gen not attending or finishing college
Sneaks up quick Want strong productive kids Problem – are they best equipped Future roles and compensation Employment policy What happens when a member of the next generation decides to quit college and come to work for the family business? In most cases the family reluctantly gives in and the family member begins working […]
Avoiding a Family Business Landmine – Next Generation Children with Varying Work Ethics, Skills and Ambition
It can get interesting in the family business when cousins start showing an interest in the business, while the family business may not be interested in them! Successful and sustainable family businesses realize the need to get out in front of this issue. The best time to talk about this is years before it can […]
What NOT TO DO – Wait too long to start engaging the NEXT GEN
The best way to avoid potential inter family conflict is to get the next generation engaged in family business discussions at an early age. Most of the families I talk to are concerned about making sure the next gen understands and appreciates the values and work ethic it has taken to make the family business […]
5 Family Business Problems to Avoid by Holding a Family Meeting
I see too many families that put off having a family meeting for any number of reasons. It’s difficult to coordinate everyone’s calendar. They’re not sure exactly how to conduct the meeting. They’re afraid they’ll get questions they don’t want to discuss. What I’ve seen when families take the time to hold a family meeting […]
