Julie (sister, leaving a family business meeting with her brother): That does it! I am finally convinced that Pop thinks he’s going to live forever. I can’t believe he’s not as concerned about the future as we are. How do we get the message through to him? Frank (brother): He knows he’s mortal, Julie. […]
Sam: Robert, when your oldest daughter wanted to come into the business, I didn’t argue. She was focused on marketing and we needed her help. But now you want your other two kids to come in also? Robert: Sam, I’ve been your brother-in-law and your business partner for over twenty years. I know […]
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 doesn’t seem like it to me. Why don’t […]
It’s the knotty problem that can unravel a family enterprise; what’s the fairest way to apportion interest in the family business, when some family members work in it while others have pursued independent careers? Do you divvy up interest equally to each, regardless of their involvement? Or do the family members who work in […]
Steven: I know your previous experience will be invaluable to us, but I can’t work only when I want to, so why should you to be able to do that? Karen: My life is more complex—with two young children and a house to run. But with flex-time, I could still work with you […]
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 though your dad’s health has been improving, […]
“We’re both in our sixties. We’ve worked hard for forty years and we’re tired. We’re ready to retire but our adult kids still act like children! They’re unreliable on the job and unable to make important business decisions on their own. How can we even think about retiring?” While the details may vary, […]
When we ask family members in business together what they do, the response is frequently a rather glib, “Whatever needs to be done.” That’s what entrepreneurs do when they start a business. But as the business grows and matures, especially through multiple generations, clarity and agreement around who does what and who reports to whom […]
Have you had “The Difficult Conversation” with your family? The one about what will happen when you leave this life? Every few years, our family has what we call a “Dress Rehearsal.” Together with parents and adult children, we meet with our independent financial advisors, and sometimes with our attorney. The announcement is made that […]
Andrew: Dad, 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 than I am. I think I deserve a raise. Charles: Well, Son, I thought you had been pretty well paid, but I guess maybe […]
