As the holiday season draws near, we can’t keep count of the many things we’re thankful for, including our family, friends, and colleagues. We are thrilled to have the opportunity to work with and help family businesses just like our own, day in and day out.
This article is from the “So You’re In The Family Business” series, authored by Paul Karofsky. To view more of these family business articles, click here. WHEN A HOPE IS NOT A PROMISE Sandy: When I started to work for you, Dad, you told me I would take over the business. That was thirteen years ago. […]
Inside and outside of the family business, conflict is a fact of life. Different personalities with competing goals, agendas and backgrounds constantly come together in conflict on a daily basis. While unresolved or unaddressed conflict is toxic, effective conflict resolution strategies can build closer relationships and help drive progress in your family business. However, before […]
I recently attended a breakfast meeting at Northeastern University’s Center for Family Business on “Bringing Non-Family Executives Into The Family Business” presented by Harry Fraser. I found this to be interesting and topical as several of our clients currently have non-family members in C-level positions in their organizations. Here are some of the key points […]
We’re pleased to announce that David Karofsky, President of Transition Consulting Group, has been awarded certificates in Family Business Advising and Family Wealth Advising by the Family Firm Institute (FFI). These certificates are presented to individuals who have achieved comprehensive professional knowledge and gained significant expertise that can be used as value to family business owners […]
Peter Buffett, Emmy award-winning musician, author, philanthropist, and son of high-profile investor Warren Buffett, was recently quoted in CampdenFB as stating “Next gens need to forge their own path in life, based on what interests them, instead of simply entering the family business.” He continued, “The support, the privilege, really comes from having two parents […]
We recently facilitated a workshop with parents and adult children of family enterprises. The goal of the one day workshop was to assist parents and their adult children in communicating more effectively to address the issues of evolving family dynamics. The day consisted of several discussions as a group as well as breakouts by generation […]
Last week, we attended the Family Firm Institute’s 2011 Annual Conference in Boston, the family enterprise field’s annual premier conference. This international conference brought together over 400 of the fields top advisors, educators and consultants for what was a thought-provoking and inspiring three days. The conference focused on the next generation of family members and the […]
The decision to bring the next generation of family members into the family business is often stressful. Questions of birthright, entry criteria, and roles and responsibilities are difficult address and often result in no conclusion to the detriment of both the business and the family member.
If there is a single example of the embodiment of a family empire, it would be Ralph Lauren. The calculated (and sometimes risky) moves that Ralph and his son David have taken, both together and separately, have carried the company through the advent of the digital age, well beyond that of its competitors. Fast Company […]