Amping up structures to prepare for the future
In the late 1980s, Charles A. Collat Sr. asked his four children if they knew what it meant to run a family business.
“Being young and naive, we said, ‘Absolutely, we know what it means to run a family business and to be effective owners,’ ” recalls Charlie Collat, 53,...Read more
Practical steps you can take to help your business survive COVID-19
Conflict and disruption are woven deeply into the fabric of most family businesses. If there isn’t an external threat occupying the family’s attention, an internal one is ever present. Because of this state of existence — one requiring constant vigilance— family businesses are, in many ways, better prepared than their...Read more
Financial strategies to deploy in tough times
Many economists believe the United States may already be in a recession, due to widespread business disruptions from the COVID-19 pandemic.
Unemployment claims spiked to 6.64 million during the week that ended March 28, the highest weekly number on record. While it was widely believed the economic expansion the country...Read more
Getting a grip on holding companies
Philip Clemens, retired chairman of the 125-year old Clemens Family Corporation pork-processing company in Hatfield, Pa., knows firsthand that a holding company structure can play a pivotal role in the life of a family enterprise.
Yet, Clemens observes, few family businesses consider this option. A holding company has a controlling...Read more
A survey of enterprising families' governance practices
Research over the past three decades suggests that family assemblies, family councils and other governance structures help a business-owning family sustain their enterprise over multiple generations. As families become aware of the value of governance activities, they wonder how other families set up their assemblies and councils, how much they...Read more