You have to make sure that you keep the people that are important to your business, both family and key employees motivated. Most studies conclude that employees are loyal, not only for fair pay but also because they feel: – that they are a part of something bigger than them, and – that what they […]
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The Family Firm Institute – an acknowledged leader in the family business arena is soon holding its annual conference, Transitions West. In the conference, the main topics to be addressed include: 1. Engaging the NextGen in the transition from child to owner 2. Building trust, respect and communications within the family 3. Dealing with thorny […]
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Part of a succession plan requires you to value the business. This will be necessary whether you: 1. plan to do an estate freeze, 2. sell to your family members or the next generation or 3. sell to management or outside parties. The valuation of a business can be one metric that you may […]
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As we end the year, this is a time for reflection and planning for the coming year. With some of the families with whom I work, often they try to address some of the more complicated aspects of succession (governance, estate freezes, family employment) before setting in place the basics. I have previously spoken about […]
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A family business is any for profit enterprise with a purpose for family employment and to make a profit. The size of a family business can range from the corner grocery store to a major enterprise, employing thousands. The Kohler family [toilets and faucets], for example, continue to run their business very much as a […]
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