Financial Poise

Articles tagged: Family Business

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

6 Ways to Manage Family Wealth and Create Your Family Legacy

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.

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

How to Create a Family Business Charter

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

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welder at work, representing making bad business decisions

Not Making Business Decisions = Making Bad Business Decisions

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

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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

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.

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

Building the Best Strategy to Drive Cash Allocation

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.

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family walking, symbolizing family succession planning

How Family Business Succession Planning Becomes Succession Implementation

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

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Women with raised hands, symbolizing consensus decision making and compromise

Consensus Decision Making: How Much Compromise is Too Much? 

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.

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A man and woman chat at a coffee shop, symbolizing good governance and communication in family businesses

Without Good Governance, Family Businesses Go Nuclear 

3 Case Studies on the Importance of Good Governance To put it bluntly, proper governance does not come naturally for most private and family businesses. It requires leadership to understand that good governance protects the business, and is worth the sometimes substantial time and effort required to achieve it. Families will never be perfect. Which […]

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A family takes a selfie in front of a castle, symbolizing the fun in family governance

Lessons on Family Governance in Business

The Cornell/Loyola Family Business Roundtable brought together thought leaders to discuss business and family governance. Here are the key takeaways.

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company culture is the elephant in the room

Embrace the Elephant in the Room: Advice on Company Culture

As companies grow, culture can get lost. Learn to maintain company culture and embrace disagreements as more voices enter the room. 

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