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Family Dynamics
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, […]
Addressing the Various Needs of Special Needs Parents
The Unique Financial and Personal Needs of Special Needs Parents I remember being in the crowded elementary school gym one time, when people literally just stepped over my daughter while she was having a seizure, as though she were a bookbag. I remember standing in line at the grocery store hearing a woman complain bitterly […]
It Works Until it Doesn’t: Why Assessing the Rules of Your Belief System and Values is Necessary
Your Belief System and Values are Fluid As much as we like to think that our belief system and values are defined by independent and reliable decision-making, we are only about half right. Everyone carries an embedded list of “shoulds” that, at times, are nearly inaudible, while at other times, scream loudly in our heads. […]
Sibling Squabbles over Mom’s Money: Divvying Assets Between Multiple Heirs
Financial Transitions when Mom Has Money For many, it is a common dream: a peaceful retirement after years of hard work providing for your family. It is the iconic American Dream to work and then to pass along the fruits of your labor to the next generation. But as lovely as this image may feel, […]
