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 Chicago-based global real estate firm, whose portfolio includes some of the city’s iconic buildings, is anticipating growth and change as the third generation prepares to take the reins.
How do you explain the family real estate business to young children? The Golub family has used the board game Monopoly to help illustrate basic real estate concepts and strategy — and to introduce fun and friendly competition.
The family, which owns and operates Golub & Company, an international real estate development and investment firm based in Chicago, has not always been so strategic about preparing the next generation for the business. After a smooth but casual transition from the first generation to the second 20 years ago, the family now has active and significant participation from third-generation members and is laying the groundwork for an eventual transition to the third generation.
Gene Golub, now 88, and his original partner founded the firm in 1960, when they were both 30 years old. In a business that depends heavily on developing long-term, trusting relationships, they made their first connections with the help of a neighbor, an attorney who worked with developers.
Then they got their first loan with a handshake from a banker who liked both the partners and the property...Read more
EY's Todd Immell discusses the capabilities of Robotics Process Automation for the family office. Part two of a four part series on RPA.