It is not uncommon for family businesses and their managing families to be in conflict. There are the “every day” conflicts of running the operating company. These can include debates on machinery acquisitions, pricing policies, supplier relationships, customer relationships, etc.
I know this heading is not what most advisors face on a regular basis. Is it really the best advice to give someone? If your kids (at any age) conveyed this message to you what would you do? As a parent
Conflict stinks and it consumes way too much energy. It rarely gets resolved without some external assistance.
People always ask me “What is my why??” Why do I do the work that I do with Family Businesses?
What a great year it has been! Working with families in business has always been satisfying but no more so than this year! I am so lucky in that I get to work with a spectrum of families that work
In my many years of helping families explore transitioning their family business to the next generation, there is always an element of fear. This fear is multi-faceted. Fear of losing control of the company, fear of the next generation doing things
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
Sorry to scare you into thinking this article was going to take a month to read! Okay, there might be 4,000 ways or more depending on how many articles you read about Family Business. I want to focus on #1 which is COMMUNICATION.
I always tell my clients, colleagues & friends, that the estate they leave behind for their loved ones, becomes a family business whether it was planned to be or not. This new “business unit” or your “estate” will have many
This headline will certainly raise a few eyebrows I am sure. It is often a very quiet discussion that I have had more often than you can imagine with those next generation family members, and spouses who are currently working