Sayings, all well put from David and Goliath by Malcolm Gladwell, said in three different languages: – from shirtsleeves to shirtsleeves in 3 generations – Dalle stelle alle stalle (from stars to stables) – Quien n lo tiene, lo ance; y quien lo tiene, lo deshance(he who doesn’t have it, does it, and he has […]
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As serious and challenging your path through succession can be, you should take time to: 1. Enjoy the journey 2. Celebrate your achievements 3. Take baby steps The journey through succession in my view is equally as important as the end goal to transition the business between generations. Throughout this quest you can enjoy the […]
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For the successful family, at what age is it appropriate to teach your children about your family’s wealth, and more importantly, the responsibility that such wealth carries with it? My view, is you start the process at as early an age as possible. Why? You engage your children with the concept that wealth carries with […]
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Having a family vacation is a rare opportunity and luxury with our full lives. Where we go or what we do does not matter as much. What matters are the benefits of a vacation, which include: – 24/7 quality time together – time for reflection away from the workplace – shared experiences, including meals, sitting […]
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Have you heard of minority shareholder rights? These are the rights enshrined in company law and have been tested in the courts. What are they? In simple terms, whether or not a person owns or does not own voting shares, that shareholder has rights whereby the majority may not make decisions that would be prejudicial […]
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Have you spoken to your family, including your children, that with wealth comes the obvious: – privilege, – opportunities and – choices. More importantly, with wealth comes responsibility. Many families of wealth tend to shield their children from both the burden of that wealth, though letting them enjoy the benefits that wealth can bring with […]
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Gieves and Hawkes and Henry Poole, both family businesses, both in the same tailoring business and both located on the prestigious Savile Row in London. Sadly, however, two different paths. The family owners of Gieves and Hawkes , in a number of steps, sold their business to a Hong Kong based public company. The last […]
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Financial assets are a tool for keeping score; and in my view, they are not an end in and of themselves; simply put, they are the results of your efforts. The financial assets represent one facet related to the wealth in your family enterprise. The other measures of wealth include the intellectual and human capital […]
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Running a family business can be a rewarding and challenging experience, especially when siblings...
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From the outset, you should begin to assemble your team to be key players in the succession of your business.
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How does your company determine its dividend policy for its owners? Or as many companies do, the decisions on dividends are often made on an ad hoc basis. As a company becomes more mature with a regularity of earnings, planning for dividends both to set and meet shareholders’ expectations is part of a succession plan’s communication strategy.
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We have all heard of pre-nuptials in high profile family and especially Hollywood marriages and more often after a star’s divorce happens. A pre-nuptial agreement also can be necessary in a family business, where the family wants to ensure that the business and enterprise stays within the family, whether or not one of the children’s […]
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