Siblings Julie and Frank have worked in the family business for close to ten years. Frank is 32 and Julie is 29. For their dad, who is 61 years old and in excellent health, the business is practically his whole life. He still goes in at 7 AM each morning, and even works most Saturdays. […]
While young people are not the only ones who have difficulty being heard in a family business, they are often dismissed more readily simply because of their age. Younger siblings and newcomers to the family business are frequently perceived by other siblings and parents as “the kid,” and, accordingly, are heard less. The knowledge that […]
Father: Rick, I thought this project was going to be completed yesterday. Son: Well, Dad, I tried to, but there were just so many things going on. Father: I understand there are lots of things going on, but you’ve got to get this done. Son: I’m sure I’ll be able to […]
Daughter: Mom, you’re not hearing me! Mom: Julie, it’s just that you’ve been part of this business for so many years. And though your dad’s health has been improving, he may never fully recover. I’m not getting any younger either and it’s awfully hard to muster up the energy we need in this economy. How […]
What is a family council, and does your family business need one? A family council is a very different animal than a Board of Directors, or even the less-formal advisory board. A family council fills an essential role in the family enterprise by providing you the opportunity to share and reaffirm your family and corporate […]
It’s the conversation some of us dream of – and some of us dread: Mother: Jon, Dad and I have been talking, and we’re really hoping that you’ll join us in the family business. Father: This is one of my greatest dreams come true! So, what do you think, son? Jon: Well, I did work […]
Father: Rick, I thought this project was going to be completed yesterday. Son: I’m sure I’ll be able to get to it later today, but first I want to… Father: Now, Rick, wait a minute, first I really want you to get this finished. And while we’re at it, it isn’t getting done […]
When’s the best time to write a pre-nup? Hint; it’s not the day before the wedding – much less the day after. Defined entry criteria for family members – what we call the rules of engagement – are the business equivalent of pre-nups, and should be spelled out and in place well in advance of […]
Like it or not, Baby Boomers are aging. Nowhere is this more apparent than when returning to Florida from a summer with younger people up north. Gravity is taking hold. Body parts are drooping. The aches and pains of arthritis abound and every family, in some fashion, is impacted by serious conditions. The healthier ones […]
I recently read an article on how Sunday night is the new Monday morning. The article stated, “In 2014, 32 percent of workers polled by Gallup said their employers generally expect them to check e-mail and stay in touch remotely outside of normal business hours.” In our experience, family members take special advantage of that. This makes […]
