If you are in a family business I know this heading will make you reflect on your own family dynamics. For most family businesses the answer is “a bit of both”. For many family businesses there is difficulty in truly
This is a question that I am often asked by just about every family business owner(s) facing this decision. It is often hard to come up with a direct answer for so many reasons. My first response is usually
Many of you have heard me make this statement. Fair is not always equal and equal is not always fair! What does it really mean in the world of Family Business? Why does it apply and how do we
As a parent the immediate answer is NO WAY! You can never love your kids too much no matter what their age and stage in life is. But there is a line in which our parental love for our kids
The idea of a family cottage where everyone can hang out together and share the cottage time with their families is always a great plan. Too often, disputes arise when families try and “relax” together. Does this sound familiar? There
The family business founders whom I come across frequently ask, “What will make my child the business owner that I am?” I am usually unsure of where this conversation will go but I always have the same simple answer: “When
In many families, not all the children make a choice to join the family business. It is important that we understand some of the reasons why they don’t. There are several which I can quickly list including but not limited to the following: they weren’t encouraged to join, they were not invited in (for many reasons that warrants an article on its own), they don’t like the family business, they may not get along with their siblings and recognize even greater conflict ahead by joining them in the business, they may not have any applicable skill set to bring to the table, and my favorite one they have found their own passion outside of the family business. I Want To Do My Own Thing Let’s focus on those that have a chosen profession or career that does not
We live in a somewhat traditional world where Dad runs the business and mom runs the house (there are so many other configurations of this arrangement but it was easy to stick with tradition for the purpose of this article).