Family Business Magazine Blog

A recent article in The Practitioner -- an online publication of the Family Firm Institute, an organization for professionals who advise and study family enterprises -- pointed out the difference between "firm survival over time" (continuity of a family business through the years) and "longevity of a family enterprise" (a family's ability to create wealth and value over generations).

The Practitioner article -- by Pramodita Sharma, the Sanders Professor for Family Business at the University of Vermont's School of Business Administration and a visiting scholar at Babson College -- argued that family enterprise success can be defined in ways other than leadership transfer from one generation to the next. "Both the creative destruction of firms and pruning of the enterprising family are integral parts of longevity of an enterprising family ....," Sharma wrote. "Recent reviews of the research on succession, governance, professionalization and performance all point in the same direction -- that one size does not fit all and the overarching numbers of ‘success' are insufficient to capture the complexity and heterogeneity of family enterprises and their pathways to success."

Family Business Magazine's cover subjects for May/June 2014, the Power family, sold J.D. Power and Associates to McGraw-Hill in 2005....Read more

Free Feature Article

The late Larry H. Miller, founder of the Larry H. Miller Group of Companies, was not a good student. Though he was intelligent, he was often thrown out of class and school. He barely graduated high school.

His eldest son, Greg, attended a couple of years of college, but says he learned more by working with his dad.

“My real formal and meaningful education was in the business,” Greg says. Sitting with Larry to work out deals and identify the best prospects set Greg on the path to lead the company when his father died.

Matriarch Gail Miller, however, has come to value education in a formalized setting. She’s served on the board of trustees for Salt Lake Community College and established the Larry H. Miller Campus there.

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Read more about the Larry H. Miller Group of Companies and the family behind it

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Feature Video

EY's Todd Immell describes RPA (Robotics Process Automation) and how it can deployed in family offices. In this video, Todd answers the key question: What is Robotics Process Automation? Part one of four. Sponsored by EY.