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Category Archives: Family Business

Investing in Potential

Why family-owned businesses should invest in leadership development Your business goes as your leadership goes. Leadership can either buoy a business or sink it. Finding (and keeping) good leaders is paramount to success. That’s why large corporations and many privately-owned businesses make significant investments in the development of future leadership. Family-owned businesses, however, lag behind in this regard. That’s because many family businesses have a pre-ordained leader waiting in the wings, usually another family member.  Effective leaders, however, aren’t chosen—they’re made. Leadership development programs … Read More >

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Why Legacy Is the Key to a Smooth Transition for Family Businesses

As you may have heard, the world’s most popular television show, Game of Thrones, is in the midst of its final season. The show—if you are one of the approximately 15 people on the planet who has not seen it—has an overriding theme of family and the importance of family legacy. Much of the characters’ motivation is derived from creating or leaving a legacy. The concept of legacy—in the show and in real life—is both abstract and incredibly powerful. And for family businesses in … Read More >

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5 Signs You Need a Family Business Consultant

The business of family is hard. A family run business is even harder. Family-owned and operated businesses are part of the American fabric. Whether it’s the Waltons of Wal-Mart or the family bakery on the corner, a family business instills a sense of pride. Creating something that can be passed down from generation to generation is a desirable legacy — and if done correctly, can ensure a family will thrive for generations to come. However, as anyone who runs or works in a family … Read More >

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Family Business Feud: Getting to the Root of the Issue

Family-owned businesses have a unique dynamic. There is a lot more emotion involved than in a public company where answering to the shareholder is the driving force behind all decisions. This emotion can be a positive thing – creating a feeling of unity in which everyone works together to reach a common and even righteous goal. Emotion, though, can complicate things as well – especially among family members in the business. Family relationship dynamics often leak into actual work issues, sometimes amplifying those issues … Read More >

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Critical Principles for Mentoring the Next Generation

Mentorship is crucial for the next generation of leaders. Whether the younger generation is being groomed to take over a family business or simply graduate into a leadership position at a closely held or public company, the knowledge and wisdom of the current generation is imperative to the younger generation’s success. I have found in my work, however, that many mentor-mentee relationships suffer from a variety of roadblocks, leaving both mentor and mentee frustrated and disenfranchised. The generational divide is often the main driver … Read More >

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