Defining & Creating Ownership Groups in Family Businesses

Individual roles in family businesses are as complex as family relationships themselves. Individual family members can have many different roles, and it can be very confusing to delineate what role is relevant in a given circumstance. The Three-Circle Model1 is a helpful tool to understand these roles better. This diagram was…

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4 Causes of Conflict in Family Businesses and How to Begin to Resolve It

When conflict is allowed to take root and fester in a family business it can tear the family, and even the business, apart. Relationships can be severely damaged or destroyed. It affects all the employees at the business, as toxicity and negativity spreads, destroying morale and teamwork. Ultimately, left unresolved,…

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Succession Planning – How to Begin the Conversation

Building a family business is a major accomplishment, and takes an enormous amount of vision, passion, and determination. Maintaining and protecting your business for the future is a critical component to the business’ long-term success. What we are talking about here is succession planning – the process of identifying and…

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Your Business is Changing – What About Your Leadership?

Successful business leaders know you have to constantly ensure you are optimizing the performance of your leadership team. You need to have the right team in place and the right players in the right positions. In family businesses, the designation of the “leadership team” is often not as cut and…

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The Importance of Having a Financial Model

The success of your family business is directly related to how informed you are about your company’s financial performance. Having a solid internal system, a financial model, in place for summarizing expenses and earnings allows a business to determine the impact of future events and business decisions. While it’s often…

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