Today, I am writing about you and your family interactions, mostly as it relates to the family business. Risk taking in your family communication is not easy to do. Having difficult conversations can let you and the business thrive. Not having difficult conversations could stifle and hold back the business.
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Succession is not only about the plan and how the succession will be done. It is also important to keep an eye on your business, its risks and opportunities. We have heard of SWOT analyses. It is imperative that you share your thoughts and plans about the businesses’ future with your successor. You have likely […]
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Not all family businesses are destined to remain within the family. This is an unfortunate reality and the stats prove this fact out. Only about 50% of family businesses remain within the family after the second generation and about 15% stay with the family after the third generation. Sobering statistics. Depending on the size of […]
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We were all brought up uniquely with different values. This becomes apparent especially when money and wealth are involved. And this can become apparent in a relationship. One of the leading reasons for separation and divorce is over money, often because in some families, it is a taboo subject, not to be discussed. Misunderstandings can […]
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What do you do when one of the second generation is not compatible or worse, is in conflict with the rest of their siblings? This can pose a problem when that child is serving in a responsible role within the business or if that child is a shareholder. Let’s discuss each of these scenarios. In […]
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