…When equal may not be fair

So, You’re in the Family Business… by Paul Karofsky Mom (upon leaving their attorney’s office): This estate planning is driving me crazy! I know we’re trying to reduce taxes but it’s important to me that we treat all the children fairly. How else can we do that without giving each one an equal interest in […]

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…When equal may not be fair

So, You’re in the Family Business… by Paul Karofsky Mom (upon leaving their attorney’s office): This estate planning is driving me crazy! I know we’re trying to reduce taxes but it’s important to me that we treat all the children fairly. How else can we do that without giving each one an equal interest in […]

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…When a raise is not enough

So, You’re in the Family Business…by Paul Karofsky Andrew (son): Dad, I’ve wanted to talk with you for a while about this, but, uh, it’s not that easy. I’ve been working really hard, putting in long hours, and have been here almost a year, and a lot of others in the company are earning more […]

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…Gaining credibility in the family business

So, You’re in the Family Business… by Paul Karofsky Jeannie (older sister in a family business meeting): Ron (younger brother, in a loud voice): I said I’ve got an idea how we can solve that! I think we should…” Jeannie: We heard your suggestion the first time. You don’t have to yell. Ron: It sure […]

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…A part-time commitment is not a life sentence

So, You’re in the Family Business… by Paul  Karofsky Daughter: Mom, you’re not hearing me! Mom: Laura, it’s just that you’ve been part of this business for so many years. You were always such a natural. Even when you were a baby, you were filled with personality. Our employees and suppliers all love you. And […]

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Family Vacation House Rules

By Paul and David Karofsky July 2010 In general, we discourage families from leaving their homes to multiple children as it can often lead to family conflict, write Paul and David Karofsky. For example, we worked with three generations of a family that had a couple of vacation homes. The senior generation grandparents had a […]

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Case Studies in Good Governance

by Paul and David Karofsky March 2010 Family business researchers, educators and advisors have long been touting the need to extend the role of governance to non-family members, write father-and-son team Paul and David Karofsky. However, there are certain questions that families need to ask themselves before embarking on such a process: Whom does the […]

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