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Estate plans try to be equal, but sometimes the best you can hope for is fair.

The comparison of the aging athlete to the family business CEO has parallels. There is one huge difference though – the aging athlete is normally retired by a third party. Not so with the family business CEO.

Especially in a family business, the single best way to avoid conflict is to anticipate issues and resolve matters before the proverbial pot boils over.

Governance is a gigantic concept that encompasses global issues down to family dynamics.

T.S. Eliot was a famed twentieth-century British poet known for insightful quotes.  My personal favorite is: “This is the way the world ends, not with a bang, but a whimper.”

It was a crisis! The holidays were in full bloom when the family received the news of a potentially fatal prognosis due to a rare disease.

Few issues are more difficult to navigate in a family business than the role of in-laws, or out-laws for that matter. In either case, they are relatives by someone else’s choice. Hopefully we all make good choices for partners, but what’s good for you might not be good for...

There is no relationship in life longer than that of siblings.  And, like today’s families, sibships come in all shapes and sizes. The classic nuclear family has diminished in the past decades, due to divorce, remarriage and parenting out of wedlock. So now we have more half-sibs, step-sibs and...

Let’s start by defining a family business. The classic definition is a business where a single-family lineage has ownership control, is active in management and involves multiple generations. But some of those boundaries have become blurred. What about blended families? How about publicly traded companies? Would siblings who used “family...

Family businesses are a difficult balancing act. Best practices offer a path to a successful business and family harmony for generations to come.

Here’s the thing...good planning avoids conflict. But, good planning is much more than asset allocation. Advisors implore their clients to plan for the future. They often use disturbing techniques like horror stories of deplorable outcomes due to a lack of planning. Usually the disturbing track is about a loss of...

Every leader surrounds themselves with advisors. We have all had mentors throughout our lives whose lessons have given us our ethics, values and acumen. Whether it be a parent, teacher, clergy or Dutch Uncle, our mentors have shaped our abilities to think, reason and solve. If we are fortunate enough...

Ignoring the family dynamics in a family business will lead to ultimate disaster. Families that do well over the long haul in business recognize the need for balance.

Conflict in a family business needs to be addressed and managed before it is allowed to dominate poor governance and ultimately destroy the business. Using the conflict paradigm puts you on the road to resolution.

The accounting function of a business should measure more than profit and equity once a year. It should provide a service for management to help determine how money was made and how equity can be increased.

You should eliminate the phrase “it’s not personal” from your repertoire. Adding objectivity in your best practices will help eradicate this false communication.

Exploring the “keep or sell’ dilemma prior to the decision will help manage any impending conflict. Establishing the benefits of a sale for all stakeholders, and executing a deal that fulfills those expectations will go a long way to maintain family harmony.

Family business research provides a helpful tool by which to measure your company. Being aware how other family enterprises navigate the potentially turbulent waters can only make you smarter – and taking appropriate action makes you wiser.

Have you ever wondered how succession looks through the eyes of the successor – or successors? Plenty has been written about “how to” for the exiting seniors, but little has been said about how this looks and feels from the next generation in a family enterprise.

Sibling rivalries can leave families ruined and businesses destroyed. To avoid sibling rivalry overdose, families and businesses need to establish “best practices.”