Family Business Archives

The Art of Balancing Family Dynamics in Family-Owned Businesses

December 16, 2020
/ Business Owners & Executives
/ By Bruce Werner

Tags: Business Management, Family Business, Family Dynamics, Fiduciary Duties & Corporate Governance, Small Business,

It’s vital to balance corporate governance with family dynamics. Family-owned businesses fail when relatives’ goals and values don’t align.

Forming A Peer Advisory Board To Cope With COVID-19

Tags: Business Leadership, Family Business, Fiduciary Duties & Corporate Governance, Small Business,

The effects of COVID-19 will affect businesses beyond 2020, but creating a peer advisory board now could help your business survive long-term.

As Leaders Age and the Unexpected Strikes, Developing a Succession Plan is Mission Critical

Tags: Business Leadership, Business Management, Business Transition and Exit Planning, Family Business, Selling Your Business, Small Business,

The average S&P CEO is 58. Are businesses ready for transition? Developing a succession plan should be on every company’s agenda early on.

a family sits on a lawn, representing managing family wealth and legacy

6 Ways to Manage Family Wealth and Create Your Family Legacy

July 30, 2020
/ Personal Finance
/ By Robert Legan

Tags: Estate Planning & Asset Protection, Family Business, Family Dynamics,

Your family legacy depends on managing family wealth and relationships in a way that fulfills a common mission. Six tips on creating your family’s purpose.

family preparing food in the kitchen, representing how to create a Family Charter

How to Create a Family Business Charter

Tags: Family Business, Family Dynamics,

Successful family businesses often create a Family Charter or Family Business Constitution—a written agreement to guide decisions on boards, succession, hiring and more.

welder at work, representing making bad business decisions

Not Making Business Decisions = Making Bad Business Decisions

Tags: Business Leadership, Family Business, Small Business,

When Werner Co. faces growing pains, its president avoids making business decisions that could jeopardize the company—but his inaction is still a decision.

man in black suit stands in front of ancestor photos, representing issues that come up in a business divorce

Breaking Up Is Hard to Do: Surviving a Business Divorce

Tags: Business Leadership, Business Transition and Exit Planning, Family Business, Small Business,

A business divorce is sometimes inevitable, but it can be avoided. Precautionary measures and written agreements can aid in resolving partnership disputes when they occur.

person holding 100-dollar bills, symbolizing cash allocation and cash on hand

Building the Best Strategy to Drive Cash Allocation

Tags: Family Business, Family Dynamics, Financial Management, Mergers-Acquisitions-Integrations, Risk & Assurance,

Do you have too much cash on hand? Cash allocation decisions are some of the trickiest for small businesses to face – make your cash work as hard as you do.

family walking, symbolizing family succession planning

How Family Business Succession Planning Becomes Succession Implementation

Tags: Business Management, Family Business, Family Dynamics,

Family business succession planning requires discussions about ownership, leadership, payment and other issues to smoothly transition from Gen 1 to Gen 2.

Women with raised hands, symbolizing consensus decision making and compromise

Consensus Decision Making: How Much Compromise is Too Much?

Tags: Business Management, Employment & Labor Dynamics, Family Business, Small Business,

In the decision making process, trying too hard to achieve consensus leads to suboptimal results. Consensus decision making should include the best of everyone’s input.

Articles tagged: Family Business