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.
Chris-Tia Donaldson has built her hair and skin care company tgin (Thank God It’s Natural) into a national, growing brand. The products are geared toward women and men who choose to use natural ingredients.
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.
If you’ve read about cars for any length of time, chances are you’ve read an article in a magazine or newspaper penned by Julie Candler. In Corp! magazine and other publications in the Detroit area and nationally, her stories covered the many facets of the auto industry. Candler was the first woman to write an auto column for a major woman’s magazine; her “Woman at the Wheel” column ran for 18 years in Woman’s Day.
Score another victory for those businesses wanting to locate in Michigan, but now won’t consider it. The reason this time is not labor, a perceived shortage of skilled workers or the climate. This time it’s the water. Yes, Flint’s crisis of tainted water would turn businesses away from locating here. This is how we move it forward.
Like many family businesses, a solid succession plan is important not only for the family involved, but for the entire organization. Understanding the family dynamic and open communication are the building blocks to begin the process of changeover
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.
Never stop challenging accepted practices with innovations — it’s what entrepreneurs, engineers, scientists and many others do on a daily basis. If you can build a better wheel, do it!
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.
Soon the U.S. Senate Finance Committee will consider extending legislation that would aid underwater homeowners by expanding their ability to sell their homes at market price.
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.
One thing that always makes me shake my head is the fact that electric energy usage peaks in the summer in North America as people try to stay cool. It drives me crazy (which is a short trip, I admit). Considering the deep freeze of February 2015, it seems especially insane.
Motivating. Inspiring. Authentic. These are the words that repeatedly surface when describing and learning from the state’s leading women in businesses and public service. The 19th annual “Women and Leadership in the Workplace” Conference and Awards Luncheon honors these exceptional individuals.
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.”
Detroit 2016: Six 60-foot cars will be traveling 3.3 miles up and 3.3 miles back, stopping every 7-10 minutes at 20 different points on Woodward in Detroit. Designed to be pedestrian friendly and part of the fabric of downtown, the M-1 Rail cars will share the road with traffic and cyclists and allow people to jump off and jump on. Different people, different backgrounds coming together. This is a positive, bold vision for Detroit.
Regardless of how your business was formed, or what your family system looks like, the family dynamics, culture, traditions and personality will permeate the business. As a family business you should embrace that and make the family and the company better because of it.
Non-competes are hurting Michigan’s ability to compete in a new economy. Recent evidence clearly shows that states that allow and enforce non-compete agreements (even where limited to “reasonable” scope) show less mobility of talent, attract less venture capital, and have fewer startup ventures.
Some see the family business as a golden goose whose eggs they harvest and pawn, but want to take no responsibility for the health of the goose. Consultant Richard Segal explains how to develop good practices and maintain family harmony while working together toward common goals.
Corp! in print and online is a B-to-B publication that features success stories, best practices and strategies that CEOs, business owners, executives and managers will find useful and relevant. We pride ourselves on not making editorial decisions based on how much coverage a story has received in other media, or how it ties into the latest scandal in the business world. Corp! is dedicated to raising the profile of business in our communities and driving it forward.