In a family enterprise, there can be many levels of governance = systems and procedures for decision making. In the strict legal sense, those who hold the votes, can elect the board of directors and thereby control the enterprise. Let’s summarize about the best practices for “chain of command” in an enteprise. This can help […]
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You have worked long and hard to build your family enterprise. You know many aspects of the enterprise innately because of your familiarity having built this enterprise. Do you think your family understands and shares this depth of financial knowledge about the business? One day, it may be theirs and you may not be around. […]
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I often am asked, “How long does succession of my business take?” The answer is never straightforward and I respond like many typical professionals with, “It depends.” This is not the answer that the person wants. So then I pose two questions: 1. what does a successful succession look like to you? 2. how long […]
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Story time of long lived family businesses – the henokien member. The Henokiens were created in 1981 by Gérard Glotin. The name goes back to the biblical story of Henok, son of Cain, who lived for 365 years before he was called up to heaven, although not yet dead – according to the Bible. Henok […]
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Management. This is the backbone of any business and definitely the essence of a family business. Why? The management, whether the knowledge of the business, the “secret sauce”, resides in the sole entrepreneur or in a team of key players, is critical to a company’s long term success. Much of my past posts have focused […]
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