Face-to-face meetings are crucial for successful family businesses. They foster communication, build unity, and establish traditions, ultimately promoting long-term success. Summer, with its relaxed schedules, presents an ideal opportunity for…
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.
A recent New York Times story reported that Hong Kong billionaire Li Ka-shing recently announced succession plans for his business empire, which is reported to be one of the largest…
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.
Chances are good that a long-lived family business will eventually be led by a sibling team. Despite sharing common values, siblings face real obstacles when cast in the top leadership spot.
