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Tag Archives: family business advisor

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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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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Strategies for Siblings in a Family Business

Much has been written about how to deal with the parent-child relationship in the context of a family business, but less is said about how to address the very common instance of multiple siblings working in the same environment. When parents and children are involved, the balance of power lies with the older generation, but that clarity becomes blurred when two or more siblings are involved. As a family business advisor, I recently worked with the owner/CEO of a family business who was in … 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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Sibling Rivalry and the Role of Family Governance, Compensation Rules

As family business owners watch their children grow up, they may dream about the day when their offspring join the business and work as a team to ensure its ongoing success. Unfortunately, in my experience in family business consulting, reality may not be quite as rosy. Let’s examine the case of a business owner with two sons who must make decisions on issues like compensation and succession. The brothers have different skill sets and ideas about how the business should operate; they’ve always been … Read More >

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