When the fall is all that’s Left, it matters a great deal. Family businesses fail, fall down. Bad Succession Planning? A PricewaterhouseCoopers survey listed 10 reasons why Family-Owned businesses fail. 1. Poor succession planning. 2. Lack of trusted advisers. 3. Family conflict 4. Different visions between generations. 5. Governance challenges. 6. Exclusion of family [Continue Reading]
How to Properly Manage Succession Planning in Small Business and Family Business
“Call Me Irish but I don’t believe in Cooler Heads Prevailing” The stereotypical temper of the Irish and those of Irish descent is most often somewhat unexpected, extremely passionate, and very short-lived. In Family Business sometimes cooler heads don’t prevail. Main conflicts in Family Business include control, succession planning, performance and compensation issues. William [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]
Family Business: Succession Planning Strategies Balance Competing Interests
The History of Family Business The histories of Family Businesses span time. There were family farms before there was Rome. Shepherding has been a family business over 6000 years; other Family business are recorded in the Guinness Book of Records, Hoshi Ryokan , a family owned and operated hotel in Japan, opened in 717. [Continue Reading]
Leadership
What is Leadership? What is Leadership in a Family business? Family business success is based on Leadership. Succession planning, strategy in a family owned business needs a leader. One definition is “Leadership is the professed desire and commitment to serve others by subordinating personal interests to the needs of those being led through effectively [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]
Work-Life Balance; Work, Love, Play
“The richest and fullest lives attempt to achieve an inner balance between three realms: work, love and play.” Work, Love and Play are the three realms of life discussed by Erik Erikson. Erik Homburger Erikson was a German-born American developmental psychologist and psychoanalyst known for his theory on psychosocial development of human beings. He may [Continue Reading]
Owners, Employees, Customers and Company Culture
. Why are you in business? Does your company culture reflect the owner’s values, inspire employees and satisfy customers’ needs? During a recent discussion about the new iPhone 5, a friend asked our group, ‘why Apple is in business’? A business is an activity that provides goods or services to consumers for the purpose of [Continue Reading]