Every generation blames the one before and all of their frustrations. The Gettysburg address has 286 words, the Ten Commandments have 179 words, last week’s Internal Revenue Bulletin to explain one part of the Patient Protection and Affordable Care Act was 270 pages and over 100,000 words. Family Business is faced with many issues, the [Continue Reading]
Tabasco: A Fifth-Generation Family-Owned Business Since 1868
The hot sauce industry is on fire with revenue of more than a billion dollars, but it all began with just one name: Tabasco. The Fifth-Generation Family Business invented the product category. TABASCO® brand products are made by McIlhenny Company, founded in 1868 by Edmund McIlhenny on Avery Island, Louisiana. The fifth generation is still [Continue Reading]
Common Problems – What’s to Happen All Happened Before
‘Winds in the east, mist coming in Like somethin’ is brewin’ and bout to begin. Can’t put me finger on what lies in store. But I fear what’s to happen all happened before.” Many issues in small business, family business are common problems and have “all happened before.” One of the biggest challenges of a [Continue Reading]
Friends, Counsel and Performance
“If you don’t know the kind of person I am and I don’t know the kind of person you are a pattern that others made may prevail in the world and following the wrong god home we may miss our star.” No one achieves real success alone. We depend on our core friends, associates to [Continue Reading]
Learn How Strategic Talent Management Leads to Family Business Success
“I’m not looking for the best players; I’m looking for the right ones.” How much value is being lost owing to the lack of talent management? Many Family businesses over overlook a basic economic issue, scarcity of human talent – they don’t recognize until it’s too late. “Scarcity is the fundamental economic problem of [Continue Reading]
Family Business Conflict – It accumulates by a magnitude
Family business conflicts can be the reason for lack of success, lack of growth and the tempo that ideas move forward. Webster’s Dictionary (1983) defines conflict as sharp disagreement or opposition of interests or ideas. In other words, what I want does not match what you want. When conflict occurs in the workplace, it can [Continue Reading]
EMPLOYEE TRAINING: Nothing to Prove, Nothing to Lose, Nothing to Hide
As Leaders of a Team, an Organization, a Company we must consider these three thoughts, nothing to Prove, Nothing to Lose, Nothing to Hide. My Mom often said, “Have a good time and behave as if I was there.” Phillips, Craig and Dean wrote the following lyrics in their song “Nothing to Prove.” “You [Continue Reading]
Closely-Held Family Businesses Rise in Value
The Wall Street Journal reported in June, Some of the world’s richest people derive their wealth from closely-held business. At $3 trillion, private businesses controlled by “ultra high net worth” families are valued at a fraction of the world’s roughly $55 trillion stock market capitalization at the end of 2012, according to data from Wealth-X [Continue Reading]