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 principles: work hard, work smart,…
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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 particular day one of the…
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 business, breathe a sigh of…
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, 13% were still in the…