Ellen (daughter): I’m convinced the economy is starting to rebound, Dad. All the economic indicators seem to be pointing in the right direction. Charlie (son): I agree. Housing starts and sales are up and mortgage rates are even rising a bit. If we don’t open a new location now, then when? Henry (father): Whoa! Let’s […]
Throughout the next few months, we plan to introduce a series of thought-provoking transition case studies designed to foster conversation and critical thinking. We welcome your comments and feedback below! Next Generation Leadership: Whose Decision Is It? Pat and Jody are siblings, age 34 and 33, in their family business. Both have Ivy League MBAs and […]
A recent report by KPMG in Australia explores the education and progression of next generation family members and their approach to changing business strategy, write David and Paul Karofsky. (Click here to view the report) This resonates with some critical issues faced by several family businesses we are currently working with. Here are the key points […]
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 get to it later […]
Originally published in Family Business Magazine How does entitlement present itself? What are its causes and consequences? And how do we cure it? While waiting for our table during a recent dinner with friends, someone in our party encountered a woman in her mid-20s speaking on a cell phone. The young woman, attractively dressed in […]
So, You’re in the Family Business… by Paul Karofsky Sandy: When I started to work for you, Dad, you told me I would take over the business. That was thirteen years ago. How long am I going to have to wait? Tom: I guess every father hopes to see his son follow in his footsteps, […]
So, You’re in the Family Business… by Paul Karofsky Ed: You kids have got to make some choices. If you can’t decide who’s going to run the business, I’m sure not going to do it for you. Lilly: But Dad, there are three of us who have worked here for several years. We all think […]
So, You’re in the Family Business… by Paul Karofsky Jean (Mom): You two used to have such a good relationship. But it has deteriorated as the problems in the business have increased. You’ve got to straighten out your personal relationship regardless of the business! Matt (son): Look, we’ve had pricing problems, delivery problems, and our […]
So, You’re in the Family Business… by Paul Karofsky Jeff: Look, Jane, we’ve been partners in this business for three years since Mom and Dad retired. Things have been going pretty well. I thought we understood each other and knew what to expect. I like your husband. I know he’s capable and talented, but I’m […]
So, You’re in the Family Business… by Paul Karofsky Janet: Come on, Dad, how many times will you change the terms of this buyout? Can’t we find a way to wrap this up? Roland: I know, Janet, but your Mom and I have always had two cars. I don’t think the continued use of my […]