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Tag: ‘family business issues’

What it Takes for a Family Business to be Successful

Want a concise rundown of what it takes to be a successful family business?  As a family business consultant and speaker who helps to create solutions for the unique challenges faced by family business, I’ve created a quick list of items that are necessary for success. Alignment – Owners should discuss all critical issues so […]

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The Importance of Trust in Family Business

A majority of family business consultants, experts, leaders and members believe that the most prevalent reason for failure of family businesses is seated within the family dynamics. The critical issues facing these businesses are more family-based than business-based: issues of values, relationships, and personalities that change over time and require both psychological attention and adjustment. […]

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Dispute Resolution in Family Business

Disagreement among owners is one the biggest risks to a family business. No matter how amicable the relationships, sooner or later there will be a disagreement among owners. It can be about the direction of the company, distribution of profits, investment in a new business, sale of a portion or all of the business, etc. […]

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Is 10,000 Enough?

In his book, “Outliers,” Malcolm Gladwell speaks of many topics relevant to leadership, management, competence and family business.  He argues, and with good reason, that it takes a minimum of 10,000 hours of focused effort to develop a skill, even more to be come skilled to the point where others call you “gifted” in that […]

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Consensus Decision-Making in Family Business

Reaching agreement on decisions in family business is no small task. When members of a family enterprise fail to make wise decisions, the business suffers. When decisions are made that polarize group members, family relationships are put at risk. Consensus decision-making helps to alleviate these problems. If a family is committed to working together for […]

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Creating the “Elegant Agreement” for Family Business

In my last post, which you can read here, I gave the background of the Yost family, with whom I worked as a consultant.  The Yosts own a group of successful car dealerships.  Brothers Alan and Charlie make up the third generation of this family business, and both worked in the business.  Alan is determined […]

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When Family Business Leads to Family Conflict

One of the families I worked with as an advisor was going through such turmoil in their family business that it threatened to tear the family apart.  This story is about that actual case, somewhat “sanitized” to protect the identity of the company and the individuals. The business is a group of car dealerships, which […]

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Form Should Follow Function in Family Business

Surely we’ve all heard the edict “form follows function.” This means that the form or shape of a structure is correlated to the purpose or function of that structure. Having the right shape, structure and form is important, and when conditions dictate, a being or entity must evolve.  There are plenty of animals that are […]

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Best Practices & the Power of the Golden Share

In my last post, I summarized the situation of Sharpe Enterprises, a family-owned business that became the largest producer of citrus fruit in the United States.  Fred Sharpe, founder, brought each of his four children into different areas of the business. Along the way, he created a holding company that held the stock in the […]

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Spilled OJ – Creating a Family Business Mess

Fred Sharp moved from the Iowa farm he had inherited to Florida his wife, Alice, and their four children in 1940.  He planned to become the largest citrus producer in Florida… and that’s exactly what happened. It was a great time to purchase land in Florida, and Fred had received a great price for his […]

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