Safety in Family Business
I recently had meetings with several families where it became very clear that members of the family did not feel psychologically (or even physically) safe.
Family Business Board Governance
Governance structures in family companies must be designed to safeguard the long-term interests of family shareholders by ensuring the growth and continuity of the enterprise and promoting the family’s harmony and welfare.
Seven Dimensions of Succession Planning in Family Business
When leaders of family businesses think about succession planning, typically they are thinking of who will replace the President or CEO. Some go further to think about who will own the business when the current owners are gone: succession of ownership.
The Key to Family Council Success: Have Fun!
During the 17th Annual Women in Family Business Gathering, we explored best practices for gathering the family, developing family councils and herding cats!
Facing the Troisième (The Third Stage of Life)
The French have a concept called “le Troisième”. It refers to the third stage of life. If we anticipate that we may live to be 90, that third stage refers to the years between 60 and 90.
Sustaining the Family Business
Starting a business is a lot easier than keeping it alive. Most statistics on survival of entrepreneurial ventures suggest only 1 out of 5 survive for 5 years or more.
Creating a Shared Vision Statement
In my many years of specializing in work with family businesses and families of wealth, I have found that the single most important indicator of success for these families is a shared vision.
Letting Go and Preparing the Next Generation for Succession (Learnings from Nepal)
24 hours after I returned from a trip to Nepal, I gave the following talk for a family business forum in Grand Rapids, Michigan.
Four Areas of Knowledge for Owners
We look at key areas of knowledge for effective business ownership, including financial analysis, industry trends, personal financial planning, and the distinct roles and responsibilities of owners versus management, emphasizing both practical and psychological aspects of wealth.
