Is the Cottage Always the Peaceful Place for the Family?
The idea of a family cottage where everyone can hang out together and share the cottage time with their families is always a great plan. Too often, disputes arise when families try and “relax” together. Does this sound familiar? There are more legacy type of issues with the cottage than with any other asset in […]
What About Children Who Are Not in the Family Business?
In many families, not all the children make a choice to join the family business. It is important that we understand some of the reasons why they don’t. There are several which I can quickly list including but not limited to the following: they weren’t encouraged to join, they were not invited in (for many reasons that warrants an article on its own), they don’t like the family business, they may not get along with their siblings and recognize even greater conflict ahead by joining them in the business, they may not have any applicable skill set to bring to the table, and my favorite one they have found their own passion outside of the family business. I Want To Do My Own Thing Let’s focus on those that have a chosen profession or career that does not involve the family business. Looking at transition and succession planning from their view is quite […]
What is a Family Enterprise Advisor and Why Do I Need One?
This is a question I often face as I build my practice. Family Business issues exist in every entity but how does the family business advisor help us deal with them? Ask yourself the following questions: Do I have a clear succession plan that has been communicated to all members of the family? Have I […]
