Working on Ourselves in a Family Business
The ideas of how we will take a little bit of time during this pandemic (to stay healthy first) to work on ourselves has taken so many unexpected twists and turns over the last 7 months. Some of us have chosen to read more books, start to exercise a bit, eat healthier or on the […]
How to come out of this on TOP
Hi friends, We definitely didn’t see this coming, yet here we are. It seems like the right time to write some kind of uplifting article about, “It’s going be okay,” or, “we are almost through this unprecedented time,” or, “hang in there”. Sorry folks this article will not be an iteration of the same. I wanted […]
What Are Your Intentions?
I hope you are well rested and ready to attack your “intentions” for 2018. I use the word “intentions” instead of the word goals, after a long discussion with a dear friend who spent some time explaining to me why she no longer uses “goals”. What is the difference you may ask? A goal can appear to […]
How Does a Family Member Exit the Family Business?
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 in their family business. When the husband and wife, who have most likely started the […]
Fair is Not Always Equal and Equal is Not Always Fair
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 parents accept this to be true? As parents we always work hard to maintain […]
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 […]
Owning a Family Business and Sleepless Nights
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 they lie awake and worry about something business related.” Many next generation members are initially […]
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 […]
What does Mom have to say about the Family Business?
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). But so often is the case, Mom is much more involved in the business than […]
What is a Family Enterprise Advisor and Why Do I Need One?
This is a question I often face as I build my practice. Family Business issues exist in every entity but how does the family business advisor help us deal with them? Ask yourself the following questions: Do I have a clear succession plan that has been communicated to all members of the family? Have I […]