Family Business Archives

Why Succession Planning is a Multi-Year Process

Succession Planning. That seems to be the #1 issue people talk about when it comes to family businesses. And just about every consulting, accounting, legal and financial group claims to do it and do it well. Talk to family business owners over 55 and they'll tell you...

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November 1, 2020Family BusinessSuccession Planning

Family Business

Family Owned Businesses Pay Attention to Good Governance

The way corporations work in America, there are four roles that need to be filled: DirectorOfficerShareholderEmployee What are the responsibilities of these four roles? What happens when family members who own a business fulfill all four roles? Let’s dive in and find out. Role Responsibilities Each role...

October 23, 2020Family BusinessGovernance

Family Business

Justice is Never Enough

In an effort to gain justice while ignoring forgiveness, family members in family businesses suing each other is not uncommon. In the last couple of years, I’ve run across several situations in which family members sue each other to find justice. Nevermind that justice is never enough....

October 3, 2020Family BusinessLawsuits, Love

Family Business

Cabins and Family Conflict

I was in a meeting recently with several professionals, one of whom is a lawyer and specializes in family litigation – most of it pertaining to family businesses. He told us that cabins cause more family disputes and litigation than do family businesses. He also noted that...

September 19, 2020Family BusinessCabins, Conflict, Family Business, Family Conflict

Family Business

I Can’t Marry Into This

Editors Note: This story is a compilation of three different calls I received in the last year which were remarkably similar. All three found me via this web site and called me for advice. Two were female, one was male. The names and particulars have been changed...

September 19, 2020Family BusinessConsequences, Decisions, Family Business, Marriage

Family Business

Role Confusion in Family Owned Businesses

In most family owned businesses – whether Christian or not – there is usually an enmeshment of roles for family members who work in the business. They confuse the four roles that anyone can play in a corporation: Shareholder Board of Director Member Corporate Officer Employee It's...

January 3, 2017Family BusinessFamily Business, Role Confusion