Conceptual thinking is clearly here to stay. This article is helpful in understanding the difference in how “left brain” and “right brain” thought processes differ and it attempts to show how those of us who are more analytical can be more conceptual in our thinking, but what seems to be missing is tips on how […]
I like Daniel Goleman’s post on steps for making a vacation last. Click here to check it out. http://www.linkedin.com/today/post/article/20130731134342-117825785-three-steps-to-a-vacation-that-lasts?trk=mp-reader-card. Vacations present an opportunity to decompress, to tune-out the typical day-to-day stressors and to tune-in to family and friends. And yes, even yourself! And don’t you really owe that to yourself? With a long Labor Day […]
Governance is a hot topic in the world of family business. Do you have a family council, a board of directors and/or a board of advisors? In this post, we will examine the roles and responsibilities of each to help you determine what may be appropriate for your family and your family business. Family Council […]
It’s not always easy for the senior generation “let go” and allow the younger generation to take the reins of the family business. It can be very hard to do. In most cases, the business is the senior generation members’ retirement plan and the largest asset they own, and trusting someone else with their financial […]
A couple of weeks ago, we covered what parents need to consider when they are thinking about bringing a child into the family business. This week, we want to look at this from the next generation’s perspective. What are four key things you should think about as you are determining whether or not to join […]
With all of the consolidation in fields like manufacturing, wholesale distribution, and even the funeral home space, what does a family-owned business need to do to remain family-owned and privately controlled? We suggest you begin by setting aside some time to seriously reflect on the trends in your industry. What is it that the “big […]
Having adult conversations with your adult children can be difficult, because even though they may be adults themselves, they will always be your kids. And discussing with them how they may – or may not – become the next leaders of the family business can be especially tricky. It requires understanding not only your expectations […]
Imagine this scenario: your son or daughter is working with you as part of the family business. He or she is planning to get married – will the spouse become part of the business entity or work outside of the organization? Or maybe your brother, who is your partner in the business, is getting married […]
It’s that time of year when we start to open the windows and let the fresh air in (and maybe let some of the stale air out). We begin to tackle our spring cleaning projects that may have been neglected or pushed aside all winter. As we do with our homes, we should do the […]
The idea of talking to your parents about estate planning is a daunting one. But in a family business, it becomes even more dicey, because it blends both personal and business details. So how can you raise the topic to your parents and have that difficult conversation without seeming greedy? We suggest openly discussing it […]