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Category Archives: Legacy

Does Your Family Business Need a Coach?

Are you planning to pass control of your family business to a new generation? Is your family business stuck in a growth rut? Are you experiencing issues like personality clashes or operational mishaps? If you answered “yes” to any of the above, you might need a family business coach. A family business coach is essentially a performance coach that can help your company enhance performance on both an individual and group level—and ultimately boost your company’s bottom line. Coach or Consultant? Business consultants and … Read More >

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Seller’s Remorse in the Family Business

Before you give your business to your children, you must first set expectations As a family business consultant, one of the most common issues I come across is the disappointment when a family business is transferred from parent to child, and the expectations are not met. This can happen for a number of reasons, from differences in generational values to differences in motivation, but the main cause is a lack of communication. In most cases, each party—parent and child—go into the succession process with … Read More >

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How to Exit the Family Business — Without Exiting the Family

The “family” dynamic in a family business has the potential to make a company great and undermine it at the same time. Even when things seem like they are going well, complex, underlying issues between family members can eventually lead to someone deciding to split from the business.  If you’ve read the tabloids or have been near the internet in the past few months, you’ve likely heard a famous example of this—Prince Harry and Meghan Markle are in the midst of leaving the most … 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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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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