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Family Dynamics
Protect Your Family Business with Smart Succession Planning
Clarifying Roles and Responsibilities for Smooth Transitions In family business, a succession plan guarantees continuity. It ensures a smooth transition of leadership so that the business can carry on. Where no succession plan exists, the risk of turbulence and conflict is high. Creating a succession plan is a fairly straightforward but necessary task. It details […]
The Importance of a Family Charter in Family-Controlled Businesses
How to Maintain Control in Family-Controlled Businesses Unique challenges tend to arise when a family controls a business. Some questions that may emerge are: Which family member will lead the business? How will profit distributions be decided? How can a family member exit the business? Questions such as these are best handled in advance and […]
How to Pursue Your Family Purpose (And Why You Should)
How Your Family’s Mission, Vision and Values Can Make You Wealthy and Fulfilled Wealth is a means to an end – living a great life. Successful families work hard to build wealth, not for the sake of achieving some number on a balance sheet, but because they want the wealth to support their family life. As […]
Family Governance is Not Business Governance
Family Businesses Need Strategies to Govern Both the Family and the Business Family businesses are unique and the way they are run differs from family to family. Each business has varying degrees of corporate governance. Formal governance structures grow as the business grows and becomes more complex. Governance processes trail business needs in most situations. When […]
Solving Familial Business Issues: Putting the “Family” in Family Business
A Family’s Most Valuable Business Asset is Itself The component to family businesses that make them unique from other businesses is the family. Solving family business problems without understanding the family dynamic is akin to a placing a bandage on a broken leg – it simply is not sufficient. Family businesses possess a complexity that […]
The Importance of Succession Planning for a Thriving Family Business
Succession Planning Means Looking Beyond the Second Generation Most family businesses don’t make it beyond the second generation. Even fewer reach the third generation of ownership. Why is that? As much as one generation would like to hand the business off to a next-generation family member, the following critical questions are often not adequately considered: […]
Parenting Past Fear to Help Set Children Up for Success
Parenting the Whole Child for Successful Living Raising children is a lot of things. It’s exhilarating, exhausting, loving, caring, difficult, rewarding, and can be really scary. The vulnerability of a parent can be overwhelming and truly a kind of vulnerability strictly reserved for parenting. As is the nature of vulnerability in parenting, there is the […]
Recognizing Tipping Points to Keep Family Wealth in the Family
Preserve Wealth by Recognizing Tipping Points Families that have worked extremely hard to build wealth find it even more difficult to preserve that wealth over time. Often, the concern is that a wealthy family could go from shirtsleeves to shirtless in three generations. The first generation creates the wealth. The second generation consumes the wealth and the third […]
Always Balance Family and Business in a Family Owned Business
Family Owned Business: The Other Side of the Coin On February 19, 2018, Financial Poise published an article by Bruce Werner, the regular contributor to this column, entitled, “Effective Private Company Board Strategies Drive Goals to Completion.” Bruce highlighted that driving strategy is a principal responsibility of a private company’s board of directors, and that […]
Families in Business: Mapping Out the Future with Family Business GPS Systems
Many Paths, Much Resistance for Families in Business I’m old enough to remember maps. Yes, physical, paper maps that you bought at gas stations or got for free from the AAA office. Once unfolded, they never went back to the original uniform accordioned formation. A well-used map actually had worn spots at complicated intersections. But, […]
