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Tag Archives: family business consulting

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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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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Family Business Challenge: Hiring Outside the Family

When you head a family business, you face a number of challenges that are absent in non-family businesses. One of the most trying can be determining whether family members have the requisite skills and experience to be productive employees, or you need to look outside the family to staff your team. If it sounds like this is a slippery slope, believe me, it is. Family dynamics aren’t the same as business dynamics, and a combination of the two can be a disaster or a … Read More >

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The Hiring Dilemma: High Potential Versus High Performance

The process of hiring employees can be considered as part art and part science. The challenge faced by hiring authorities is where to put the most emphasis: on a person’s resume, which documents (and may overstate) his or her past performance, or on a less tangible determinant, such as future potential. It’s an unfortunate reality that many people who look good on paper end up not being successful in positions for which they’ve been hired. There are many reasons this can happen, but more … Read More >

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