Advisory

According to the Family Business Institute, 88% of current family business owners believe the same family or families will control their business in five years; however, succession statistics undermine this belief.  The statistics are concerning:  It is estimated that only 30% of family businesses will survive into the second generation.   What’s to blame for …

Engaging an advisor for a family business requires some unique considerations as family ownership often presents complexities and hurdles not generally found in other business types. Many of the issues specific to family businesses include succession planning, governance, and corporate actions. In addition, personal and business finances, as well as social relationships, are often intertwined. …

Determining fair compensation for family members in a family-owned business can be a bit more complicated than one might imagine. The issue of fair compensation not only involves multiple aspects of the business, but also the complexity of the family. From a business perspective, finding the appropriate level of compensation is relatively easy.  There may be …

In simple terms, innovation describes the process of improving something that already exists. Family owned companies, like any other business, need constant innovation to compete within their markets for future growth and success.   Two common hurdles that often stifle innovation in family owned businesses are resistance to change from the current controlling generation and …

A family business is defined in terms of three systems: the company itself, the family attached to it, and the owners. Understanding how these three systems work in your family business and maintaining a “healthy balance” can play an important role in ensuring long-term sustainability of your family business.   The Business System includes the …

Why do some family businesses prosper generation after generation and why do some flounder or fail? When multiple family members control business ownership and management over time, it’s natural that the business—and the family—will see success or struggle based on things they can and cannot control. Understanding “healthy” and “unhealthy” indicators common to all family …

As we start off the new year with personal resolutions, it makes sense to also make some professional ones. For instance are advised to visit our doctors for wellness checkups on a regular basis. The start of the New Year is the most popular time to commit to a healthy lifestyle and committing to being …