Jerry was a 20 year old young man who was the son of a very successful small business person who had founded and run a well-regarded construction company for over 30 years. Jerry had a core belief that he was destined to take over the business when his dad retired. This is a common expectation [...]
"Don't handicap your children by making their lives easy." – Robert A. Heinlein "We can really respect a man only if he doesn’t always look out for himself." – Johann Wolfgang von Goethe One of the most challenging issues for family owned businesses has to do with the succession of a son or daughter as [...]
"Family life! The United Nations is child’s play compared to the tugs and splits and need to understand and forgive in any family." – Mary Sarton In a recent article I talked about how the strengths and weaknesses of individual family members affect the overall success of the business. The converse is also true: the changing [...]
"All good businesses are personal. The best businesses are very personal." – Mark Cuban Last month’s article on the darker sides of managing a family business generated a lot of response. Numerous owners of family businesses gave me feedback about the accuracy of my experiences. Given that 80-90% of businesses in the United States are family owned, [...]
"Despite having to contend with internal family tensions on top of the usual work stresses family businesses still outperform non-family businesses. At the end of the day it’s not what they succeed at but the way they succeed that makes the difference." – Jane Hilburt-Davis Thus consultants to family firms, who work with the owners [...]
“Enjoying success requires the ability to adapt. Only by being open to change will you have a true opportunity to get the most from your talent.” – Nolan Ryan Smith Manufacturing is an 40-year-old manufacturing company that is deep into its second generation of ownership. They have a solid product, excellent service and a very [...]