Family-owned businesses are often rife with interpersonal conflicts, and there’s no bigger conflict than deciding who gets to own the business after a death in the family. Here is some advice. Whether your family is having a dispute over your business because the owner is retiring or they’ve died, …
Family Business Articles and Interviews (tag)
Working for a Family Business: A Special Opportunity or Disaster in the Making?
Family businesses have a poor reputation. Many issues can arise, such as non-family leaders clashing with the family, family politics, job undermining, entitled or inept successors, and inconsistent messages about direction. Conversely, family business owners take a long-term view, reinvest in the …
How to Tell Your Child that Running the Family Business Isn’t Within Reach
Besides sleeping, work is where we spend the vast majority of our time. Huffington Post estimates about 25 percent of our lives are spent working. That makes sense -- we need money to live. We also gain a sense of accomplishment through work. However, once the day is done, what we really want to do …
Kids and Entrepreneurship: Involving Your Kids in Your Business
We are all aware that the future of this world is in the hands of our children. It's up to us to make this world a better place so that the kids can enjoy it when their time comes to take our place. Furthermore, we need to guide and educate our kids on how to handle life and carve their own …
Transitioning a Family Business: How to Do It and Keep the Family Intact
Statistics compiled by Johnson Cornell University tell us that 40 percent of all U.S.-based family businesses, of which there are approximately 5.5 million, are passed down to the next generation. From there, about 13 percent keep their doors open long enough to be transferred to the third …
Pros and Cons of Joining the Family Business
Family-owned businesses have been the backbone of the American economy since our country’s beginnings. According to the advocacy group Family Enterprise USA (FEUSA), there are roughly 5.5 million family-owned businesses in the U.S. today. These businesses contribute more than half (about 57 …
