When Bob Steadman started his manufacturing business 22 years ago, he had never heard of mission statements. However, from the beginning he operated his company with a few simple guiding…
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The stock market wasn't the only thing that crashed on "Black Monday," October 19, 1987. The Phillips siblings (real case, fake name) remember the day all too well. On this…
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The children's game of tug of war loses its charm when it is played verbally by adult siblings in a family business over a conference table. As adults, the rope…
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Henry James Pillows, our mythical family business owner, has celebrated his 75th birthday and has decided "mandatory retirement or not, I'm leaving." His four children, all of whom work in the…
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Studies show that approximately two-thirds of family businesses fail in transition of management to children. One study of family businesses from 1924-1984 reveals that 80% of these businesses had died,…
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The goal is to develop communication skills that allow us to discover a mutually beneficial resolution. Communication skills among family members range from "begging for a fight: lose-lose" to "mutual…
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Death and taxes, as the old saying goes, are the only things in life you cannot avoid. For some family business owners, the burden of taxes is as close to…
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During a family business board meeting one family member stands up and shouts, "You have pushed us around long enough. I'm tired of you trying to control everything. I'm sick…
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