In order for a family business to survive past the third generation, the extended family must resolve to put their personal interests aside and make decisions that are best for the business. The larger and more diverse the family grows, the more challenging it is to achieve that goal.
Instituting term or age limits for directors is a way to ensure you have the right board members to help your family business grow and thrive in today’s competitive marketplace. Requiring directors to step down once they have served a predetermined number of terms or reached a certain age takes...Read more
Dramatic change is on the horizon, and multigenerational businesses are facing critical transition issues as ownership in private companies and substantial wealth are transferred between generations. Because few families are ready for these transitions, the family office will play an increasingly important role in supporting the family.
The Family Office...Read more
Nearly 100 years ago, Pierre S. du Pont was concerned about the difficulties future du Ponts would face as a result of the fortune being generated by the young chemical giant of the same name.
Du Pont, one of the three cousins who transformed the family’s 100-year-old gunpowder business into...Read more
Decisions at the J.M. Huber Corporation are made with the long view in mind: How should the business evolve so it can succeed for another 136 years? How can a family with hundreds of members sustain its ownership of a $2.3 billion manufacturing company with operations in 20 countries? And...Read more