Our History

Our Mission & Philosophy

We help family members in business together enjoy Thanksgiving Dinner with one another.

The world of family business is complex; there are no quick solutions as each situation is unique in its own way. In our work with family enterprises, we understand the issues and challenges as we live them and manage them ourselves. We resist quick solutions and honor the words of Dr. Stephen Covey, “Seek first to understand, then to be understood.”

Much of David’s mantra is “managing expectations.” In our work in the arenas of closely held business and family enterprise, we strive to gain a deep understanding of the various experiences and perspectives that our clients hold. As we learn their desires, concerns and expectations, we work to seek their alignment on fundamental goals and then build a plan to achieve them.

Our History

After 20 years as a third generation member of his family’s business, Paul Karofsky realized that it was time for the business to serve the family. An ensuing strategic planning session convinced him to sell his family business.

At 47 years old, and far too young to even think of retirement, Paul opted for a second pass at graduate school and focused on family dynamics and intergenerational relationships. When he emerged with a new piece of parchment, he discovered that the world of family business was just developing as a discipline. After consulting to the launch of Northeastern University’s Center for Family Business, Paul was asked to serve as its Executive Director and did so for 14 years. During that period, he engaged in a combination of speaking, writing and consulting activities and in 1991 he created Transition Consulting Group.

Here are David’s thoughts about working in a family business.

Having grown up in a family business in a supportive and nurturing environment with his father (mother, uncle, second cousin, grandmother and her second husband), it had long been Paul’s dream to perpetuate family business for yet another generation. In 2009, Paul engaged in discussions with his son, David Karofsky, who held a Master’s Degree in counseling psychology and an MBA. Coupled with an innate ability to relate to others and more than 10 years in “the real world,” David’s background and desire presented an opportunity for the Karofskys to take family enterprise full circle. After intense reflection and much due diligence by both Paul and David, the timing was right and together they re-launched Transition Consulting Group into what is believed to be the first, and possibly the only, father-son team consulting to business families. In 2018, Paul made the choice to retire, and David took over as sole leader of TCG.