How Does a Family Member Exit the Family Business?
This headline will certainly raise a few eyebrows I am sure. It is often a very quiet discussion that I have had more often than you can imagine with those next generation family members, and spouses who are currently working in their family business. When the husband and wife, who have most likely started the […]
Are The Holidays Stressful or Joyous For Your Family?
If you are in a family business I know this heading will make you reflect on your own family dynamics. For most family businesses the answer is “a bit of both”. For many family businesses there is difficulty in truly separating business from pleasure when everyone gathers together. While I know that this article may […]
Should I Encourage My Children To Join The Family Business?
This is a question that I am often asked by just about every family business owner(s) facing this decision. It is often hard to come up with a direct answer for so many reasons. My first response is usually the question, “What does your son/daughter want to do?” This generally begins a discussion that […]
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 […]
