Difficult Decisions in the Family Business
Being in business is often fraught with daily, difficult decisions. Some of these decisions are relatively minor and others can be deemed to be major. It is the major ones that have the most likelihood of disturbing the “norm” or what is perceived to be normal. The challenges and results of these major decisions are […]
Should I Encourage My Children To Join The Family Business?
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 the question, “What does your son/daughter want to do?” This generally begins a discussion that […]
Can We Love Our Children TOO Much?
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 creates a false sense of entitlement which will not serve them well in life. I […]
What About Children Who Are Not in the Family Business?
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 involve the family business. Looking at transition and succession planning from their view is quite […]
