In my last two posts, I discussed nepotism – how it can hurt a family business and the good kind of nepotism that can actually help a business. Nepotism is the practice of showing favoritism toward one’s family members or friends in economic or employment terms, for example, granting jobs to friends and relatives, without …
The GOOD Kind of Nepotism
As discussed in my previous post, nepotism is the practice of showing favoritism toward one’s family members or friends in economic or employment terms, for example, granting jobs to friends and relatives, without regard to merit. Such practices have damaging effects on businesses, eroding the support of other employees, reducing the quality and creativity of …
Nepotism in Family Business
Nepotism is the practice of showing favoritism toward one’s family members or friends in economic or employment terms, for example, granting jobs to friends and relatives, without regard to merit. Such practices can and do have damaging effects on businesses. They can erode the support of other employees, reduce the quality and creativity of management …
Advisory Boards – Getting Down to Brass Tacks
Creation of an Advisory Board made up of outsiders who are experienced business leaders is a way to “push the envelope” for a family business and cause business owners to examine directions and possibilities they might not otherwise consider. An Advisory Board can make the business stronger, increase shareholder value and better position the company …
Advisory Boards for Family Businesses
Family businesses often lack the breadth of vision and diversity of experience needed to take the business to the next level. It has been known that in some businesses if the “right person” does not introduce an idea, it simply doesn’t get a reasoned consideration. In those cases, the business becomes insular and static, and …
Family Business, Students & Spanish in Chile
In October I was in Boston for the Family Firm Institute’s (FFI) 25th Annual Conference*. At the Conference, a friend from Barcelona, whom I mentor, introduced me to Professor Claudio Muller, from Chile. Claudio teaches about Entrepreneurship and Family Business and invited me to speak to his class. As an aside, in my last two …
The Importance of Elders in Family Business
In my last post, I spoke of Norman Paul, MD, the man who was my mentor and friend, and how important that relationship was to me. Everyone, including those in family enterprise, needs wise elders who serve the same functions that elders provided in both ancient and modern “tribes.” Recently, I had the pleasure …
Wisdom, Mentors and Friends
I didn’t get to Boston in time, and for that I am sad… I first met Norman Paul, MD, at a professional meeting in 1986. We both were sitting in the back of a conference room and he coveted my copy of the New York Times. I jokingly responded, “What’s the problem? Are you to …
“At Time of Death or Emergency”
When the founder or leader of a family business passes, survivors must have proper information if they are to make timely and wise decisions about the business. If they have not been actively involved in the business, there are many things they simply do not know. Further, it is quite likely that the founder or …
Ready for the Unexpected
What would happen if a beloved family member and key executive in your family business and were to be taken from you suddenly, either by an accident or natural causes? The death of a founder or key executive in a family business is a very difficult situation. Family members must deal with a sudden lack …
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