News

Family Feud the game is fun to watch.  Family feud in the family business is like watching a train wreck.  It’s hard to put a good spin on the word “feud.”  It implies more than just a disagreement, but rather a longstanding and deeply-rooted standoff.  It would be unrealistic to expect all family members to …

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 …