There’s lots of evidence that family business leaders learn more from their peers than anyone else. This makes good sense. You are learning from people who have experienced the same things you are going through or will be encountering- from sibling challenges to transition of ownership or leadership to building a Board or the possibility […]
With each installment of our Video Blog Friday’s Series, Paul Karofsky reflects on influential lessons learned from his career working with family businesses. Each Friday, we will provide a new story with a unique topic – so stay tuned! We hope you enjoy the ninth feature in our series, Which Comes First… where brothers-in-law are […]
Keeping your family business strong requires diligence. Let’s take a look at five best practices for families running a business together. Strategic Planning Unless you know where your business is headed, how will you know what is required of future leaders to help get you there? For some, the process of strategic planning may be […]
There are two kinds of ownership in a family enterprise. One is tangible- that’s the stock in the entity. The other is intangible. It’s the emotional connection based on history and legacy. We’ve found that this latter kind of ownership is much more challenging to relinquish. In fact, more than one acquisition advisor has told […]
With each installment of our Video Blog Friday’s Series, Paul Karofsky reflects on influential lessons learned from his career working with family businesses. Each Friday, we will provide a new story with a unique topic – so stay tuned! We hope you enjoy the seventh feature in our series, When Circles of Fog Block a View to the Future…, where Karofsky presents a situation where a family business must assess the ability of the younger generation to take hold of the business.
There are several questions you should ask yourself when you are considering opening up the leadership of your family business to someone from outside of the family. What’s the state of the family in terms of leadership today? Is there someone qualified to take the reins, or is exploring options elsewhere the right approach? What […]
With each installment of our Video Blog Friday’s Series, Paul Karofsky reflects on influential lessons learned from his career working with family businesses. Each Friday, we will provide a new story with a unique topic – so stay tuned! We hope you enjoy the sixth feature in our series, When a Raise is Not Enough, where Karofsky illustrates the need to balance financial raises with the accomplishments of a family member – rather than simply “increasing their allowance.”
Differing generational perspectives abound. Last week we worked with a group of several families on the succession of their businesses. With the senior generation in one room and the younger generation in another room, each was asked to talk about desires, concerns and expectations around the process of transitioning ownership and leadership. In addition, we […]
With each installment of our Video Blog Friday’s Series, Paul Karofsky reflects on influential lessons learned from his career working with family businesses. Each Friday, we will provide a new story with a unique topic – so stay tuned! We hope you enjoy the fifth feature in our series, When Dad Isn’t Ready to Let Go, where Karofsky illustrates the importance of starting a conversation and promoting open dialog around succession planning for family businesses.