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Tag Archives: Family business

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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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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Look Before You Leap: What Parents Should Know Before Their Children Join the Family Businesses

Having the opportunity to bring your children into the family business can result in the best of times—or the worst. I find many parents who have their children work with them wish they’d given more thought to what would transpire after bringing them on board. Some parents have been expecting their children to join the family business from the day they were born, denying them the chance to achieve their own dreams. Many parents are objective bosses, seeing their children for who they are, … Read More >

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