Family businesses, a unique blend of family ties and business acumen, face a complex challenge: succession. This intricate dance is fraught with emotions and high stakes, as it determines the…
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Is succession the only hurdle your family business faces? While it’s a critical issue, advisors know there’s more to the story. This article explores three underlying challenges that can make…
2020 found families and businesses under pressure, stress and in the middle of the COVID crisis. For many family businesses this called attention to the structural damage or holes that were hidden inside the organization, leadership or family.
As anybody who watches the “Twilight” movies knows, vampires live forever. In reality, of course, the actors portraying the characters are as mortal as anyone. And the enterprises led by…
Operating a business can be stressful; and when that business is family owned, there can be heighten stress and conflict brought on by the intangibles. For example, I see a…
Family businesses are too often like the proverbial “red-headed step child” in the corporate world. That’s because there are still a lot of misconceptions, or myths, about family businesses that…
Children who are indulged in bloated salaries and do-nothing jobs aren’t being helped and will likely not be happier as a result. And these types of indulgences significantly hurt the business.
“I never thought I would leave the family business.” says the 46 year old unemployed heir of a $20 million Texas based light manufacturing and distribution company. “But when Dad got…