Tag: family business advice

How Founders Can Stay Relevant When the Next Gen Takes Over

When it's time for a family business to have a new generation of leadership, it's often difficult for the first-generation founder let go. Founders, justifiably proud of the businesses they have Read more

Single Family Offices as Owners: Long-Term Investors or Financial Optimizers?

When a family firm reaches a certain size, the family may decide to transfer their wealth and their ownership into a family office. These offices help business families manage their wealth across Read more

Family Business Stories Build a Legacy For the Next Generation

A great story, skillfully told, can shape attitudes and spur commitment and action. This is especially true at family businesses, where the stories and values of the family and business intertwine. Read more

When we think about legal help, we often picture a judge, a courtroom full of people, and enormous media involvement if the companies are well-known. Navigating court procedures is a time-intensive Read more

Family Business Budget Planning: 7 Things to Consider

Part 2 of a two-part series As we showed in part 1 of this discussion , trying to use budgets as both a planning tool and an expectations setting tool can be destructive, because the self-interests Read more

Daughter Continues Mom's Legacy of Helping Others

Kaela Hammerstrom Combs is the second generation to run a national organization founded by her mother decades ago -- Blessings in a Backpack, which works through schools to distribute backpacks Read more

Self-Interest Can Skew Budgets at Family Businesses

Part 1 of a two-part series Are you familiar with any of the following scenarios? “My business unit leaders never set realistic budgets, I have to push them and prod them to get growth—did I hire Read more

A Secret to Success: Family Business Centers

While family members running a business together often lean on one another for advice, they can often learn best from people running other family businesses. Family business centers around the world Read more

Attitudes Towards Money Can Cloud Family Business Decisions

In our work with business families, we encounter a wide range of approaches for establishing financial targets and making financial business decisions. Interestingly, such practices often diverge Read more

Twins Can Be a Family Business's Superpower

FamilyBusiness.org Editor-in-Chief Kimberly Eddleston talks with two sets of twins working in their families' consulting firms -- Jenny Dinnen and Katie Rucker of MacKenzie Corporation , and James Read more