The three most important values that family members must share revolve around people, work and money. In order for a family to share a vision for the future of their company, they must have the same views and attitudes about these three areas. Then they can move forward together. When you look at business families …
The Ten Keys to Success in Family Business
When I moved my family business consulting practice from Frederick, Maryland to Aspen, Colorado, it meant moving the case files for 250 families who had been my clients. Staring at all these files, I thought to myself, there must be something in these boxes. Reading through so many of the files in a short span …
Rules of Engagement
The best run family businesses have a set of ground rules that define expectations for how family members will function in the business. This may be an agreement on how decisions will be made or terms for employment of family members. One family calls it “The Family Deal.” Every family needs something like the “Family …
It’s in the sauce
Kikkoman, makers of soy sauce, was founded in 1603 by the Mogo and Takanashi family. Looking back 406 years one can only say, “Wow!” If you look forward, it is another picture. What if you look forward to what lies ahead in your family business? One family adopted the following mission statement: “We will be …
“Austere times can spur a boom in creative energy”
When I am outside the U.S., I do my best to stay informed by reading everything I can get my hands on. This often means the International Herald Tribune. The title of this post was the heading of an article on November 17, 2008. Part of the article referred to “Redesigning the business.” At some …
Family Business, Values and Security
These are challenging times everywhere. Markets are down, costs are up and money seems “frozen” in the banks. One of the principal advantages of family business is that the owners can take a “long view.” This may mean accepting a lower rate of return for a long term gain. You cannot escape focusing on the …
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