Family Business

You may think that after a business celebrates a milestone anniversary – one year for restaurants, a decade or even half a century – they get to rest and relax a little. That would be a mistake.

Working with a team of any size can be challenging – but imagine going home with your “work wife” or “work husband.” That’s exactly what Chad and Jami Buchanan...

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.

Of all the household names HGTV has produced, Chip and Joanna Gaines may be the most popular for their rustic style, Texan rough-and-tumble life and television show, “Fixer Upper.”

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...

Media from radio to newspapers to blogs as well as social-media sites exploded with the news: Detroit’s beloved Henry the Hatter had lost its lease for its longtime storefront. People assumed...

What would you put in an ice cream flavored to represent the great city of Detroit? If you have some tasty ideas, Hudsonville Ice Cream wants to hear from...

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...

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...

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...

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,...

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.

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.

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.