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Managing Family Businesses
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Master the art of trust in business
Everything depends on trust--management team building, growing the business, effective succession, and happiness in the workplace. Because it is necessary for successful interactions, it makes sense for companies to make trust a primary goal in the business culture. It doesn't mean you can never criticize or get angry, or give a negative evaluation. It does mean that there will be an ability to absorb whatever ups and downs relationships entail... READ MORE
Children should get experience in other businesses
If your parents own a business that you intend to enter and perhaps run some day, it is crucial to work someplace else first. This is true for several reasons... READ MORE
Take care of business by taking care of yourself
Running a company is an awesome responsibility which the owner or manager faces daily. There is the need to make money, grow the company, and do well in the marketplace. Owners must maintain eternal vigilance regarding new products, new technology, future trends, competition, changes in the business world, innovation in marketing and sales. In the past couple of years, owners have been faced with the entire new marketplace of e-commerce. If a business is stagnant or coasts for long, it will deteriorate... READ MORE
Incentives create a culture of success
In the modern business climate, firms are increasingly aware of the value of making the workers into a team, all dedicated to success. In the service of that goal, new industries often offer ownership in the form of stock or stock options to employees. UPS learned the value of this almost 100 years ago, and the high tech companies of today routinely create employee-partners... READ MORE
Business plans best when coordinated with personal plans
Goal setting is an essential part of business. Without a clear plan, a business can not function at its best. Direction of future growth and development of new products and markets are certainly two important components of a business plan, as well as the setting of margin and profits and possible physical expansion... READ MORE
Ten great ways to get more value from your lawyer for less money
1. If You Don't Know That Life Involves Risks, Sell Your Business. Business requires taking risks; managing these risks successfully is how to best increase profits. Some lawyers do no more than rub their chins and say, "Well, this would be a risk," as though that is helpful advice. Don't accept or pay for that level of meaningless help... READ MORE
Partners favor family over business
A doctor opened his medical practice in Connecticut as a young man. He worked hard to establish his reputation. His efforts were rewarded with financial success and high regard in the community. The doctor had a son and daughter, and each in time also became a doctor. Both entered practice with their father. As the practice grew, other physicians were hired, and several became partners... READ MORE
Test your heart's stress levels
Last month I had a "stress test" as part of a physical exam. My heart is fine. As the technician was attaching multiple wires in preparation for the test, she asked me what I do for a living. I told her I work with family businesses--helping management people to get along with each other and helping with the succession process. "Wow," she said. "could we ever use you here."... READ MORE
Dealing with all the issues in planning
In a recent edition of the Family Business Quarterly, Gary C. Hayes, CPA, writes about the importance of addressing all the issues in succession planning. In many cases the issues can be broken down into personal, estate, real estate, and governance issues. The owner has to decide how long he wants to remain active in the business, and what kind of future for the business would make him comfortable... READ MORE
Power carries heavy price
It feels good to a lot of people. Power makes us special and important, set apart from others. It can give us the feeling that we are better. It's a taste of immortality... READ MORE |
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