Family employment in a family business can be rewarding and part of best practices to further the succession plan for your business. However, it also can have a darker side where sibling/cousin rivalries can emerge, entitlement issues arise and leadership issues become apparent. Often these potential issues can be headed off with one thing, communication: […]
Read MoreDo you think that discussing the family business with your younger children is appropriate? If so, how early can you approach this delicate topic of succession? One forward looking family did just that as part of their succession plan. The second generation in this family ranged in age from 10 – 20 years. None of […]
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Management succession is an integral part of bolstering your business to facilitate succession. In my view, the key components of a management succession would include: 1. hiring and keeping the key personnel 2. compensating the key personnel appropriately 3. implementing policies and procedures for the business and 4. documenting these policies and procedures. Your objective […]
Read MoreThe recent news about George Chuvalo, Canadian boxing legend, is a sad tale of children from two marriages and a second wife and the wealth that he had accumulated over his lifetime. Most importantly, who gets this accumulated wealth? Later in his life he was not able to manage his personal affairs. Others stepped in […]
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Life together, family meetings An inevitable part of family businesses, is to retain the family part of the family business. How is this done? In my view, simple not easy….communication. Communication is something that many need continual prompting to ensure that it is regular, productive and constructive. One tool to facilitate communication is family meetings. […]
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