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Special Interests » Family Business

Family Business

- Isn’t it amazing that when the term “family business” is used it conjures up images of mom and pop operations like the corner party store or dry cleaner? For those of us who work with family firms, we know that the images couldn’t be further from the truth.

- While most have heard of sweat equity, in case you haven’t – it is the hard work you put in theoretically beyond your compensation in hopes of a future reward. Sweat equity is the foundation on which many family firms are built.

- How families who have family businesses can create workplace conflict by not setting proper boundaries.

 

- Careers may be marathon runs – but they do have a beginning and an end. That is unless your career is serving as the head of a family business.

- Is there something in the universal human condition that says that a family-operated business tends to fail when the grandkids take over? Is it being accelerated in the digital age? Columnist Richard Segal explores the idea in Family Business.

- Although the family has chosen to remain anonymous, it seems that they too may have run out of interested family to continue the business. There were seven family shareholders and only two were actively in management. The managing family members were in their 50s when they decided that it was time to explore the “sell option.”

- According to the American Family Business Survey, the number of female CEOs or presidents has doubled every five years since 1997. The most recent survey, done in the summer of 2007, indicates that 24 percent of the businesses surveyed currently have a female CEO or president – up from about 5 percent in 1997.

- In 1986 a group of multidisciplinary professionals got together to explore family business. Twenty years later that group has evolved into the Family Firm Institute (FFI), an international organization of service providers to family firms.

Nothing is more critical to both the short and long term success of a family business than the transition between the first (G1) and second (G2) generation. Fewer than half of family companies make it from the first to the second generation.

- Parents with a special needs child worry most about what will happen to that child when they are no longer able to care for him or her. If the family is fortunate enough to own a business, planning for the child’s life after the parent’s death can become complicated.