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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Family meetings, why? Leading practice for family enterprises is to hold meetings with the family owner members on a regular basis. The foundation of a family is its shared values and history. The family meetings can be a forum to enable the family to define and communicate its shared values and provides a forum to […]
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In a succession plan, the most challenging issue to overcome for an entrepreneur is letting go. The typical entrepreneur has been everything to the business and often has been called upon to actually do everything, at some point in time. With the energy, passion and time put into a business, simply to hand it over […]
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Wealth is not to be taken for granted and it is our job to educate our family members about the responsibility of wealth. We have been very fortunate to have lived through some of the most prosperous growth periods in history. This has afforded us the luxury of offering to our children a lifestyle without […]
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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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