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Tag Archives: family business advice

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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How to Address Conflict in a Family Business

When most people hear the phrase “dysfunctional family,” they take it to mean that a family has issues or challenges that may have broken down traditional loving bonds. While unfortunate, episodes of dysfunction, or even conflict, are fairly common in many families, but, in most cases, they don’t have fiscal repercussions. That’s certainly not the case when a family business is at the center of a family conflict. And, if the underlying issues that have led to surface issues like compensation, hidden agendas, and communication … Read More >

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A Family Business Challenge: Choosing Trusted Advisors

The statistics about the longevity of family-owned businesses are quite sobering. Although 90% of all U.S. businesses are family owned, and they employ 60% of the workforce, most won’t survive past the second generation. There are many reasons why this is the case, but failing to engage trusted family advisors is certainly close to the top. It’s important for all businesses to collaborate with trusted advisors such as CPAs, wealth managers, attorneys, and other professionals who have expertise in areas that are critical to … Read More >

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Dealing With the “Generation Gap” at a Family Business

“Why don’t my kids have the same values I do?” “What can I do to make them think like me?” As a family business advisor, these are two questions parents running family businesses who are frustrated with their kids’ attitudes toward work often ask me. The most simplistic answer I can give is that it’s better to understand where “kids” are coming from rather than judge them because they think differently than their parents do. Of course, that is easier said that done. Parents … Read More >

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Family Business Succession Planning: Boost the Odds of Long-Term Success

The statistics about family businesses—a mainstay of the global economy—are quite sobering. It’s well documented that just 30% of all family businesses last into the second generation, and only 12% make it to the third generation. Why? It’s often the result of poor talent management. An article in the April 2015 Harvard Business Review, “Leadership Lessons from Great Family Businesses,” provided some food for thought from a study conducted by Egon Zehender and Family Business Network International of the 50 leading family firms around … Read More >

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