Leadership: Family

All businesses need solid CEO talent, but multigenerational family businesses need another type of leadership as well. Someone (or several someones) must step up to unite the family and inspire them to work together in support of the family enterprise.

$10.00

"Something my father did that was brilliant was that he included all of us in this process. He really handed it over to the four siblings and said, 'I want you to figure this out; it's going to be yours.' "

Susan Curtin, describing how her father, Dave Power, deployed the wealth from the 2005 sale of J.D. Power & Associates to McGraw-Hill and encouraged the formation of family governance structures (May/June 2014). 
 

$10.00
Print / Download

In our quarter-century of service to multigenerational businesses, we've observed one key fact about the families who own them: No two are alike. Each family has its own unique history, values, cast of characters, way of doing business and points of contention.

$10.00
Print / Download

Family Business and Positive Psychology, by Scott E. Friedman • American Bar Association, 2013 • 197 pp., $119.95

 

Author Scott Friedman is the managing partner at the Buffalo, N.Y., law firm of Lippes Mathias Wexler Friedman LLP, and his new book is published by the American Bar Association. Despite these legal connections, Friedman devotes a lot of space in Family Business and Positive Psychology to pointing out deficiencies in traditional family business planning, which often emphasizes the creation of legal documents.

$10.00
Print / Download

A fourth-generation family business grappled with the definition of family ownership for many years. They struggled with whether to limit ownership to blood relatives and what to do with former spouses after a divorce. They wanted to appropriately restrict ownership to protect their enterprise, yet they also wanted to promote a spirit of inclusiveness.

$10.00
Print / Download

Family Business Magazine and Stetson University recently held our sixth Transitions conference. While all of these events have been enormously successful, this one in Tampa hit it out of the ballpark with 240 attendees. More than 70% of the attendees were new to the Transitions conference, and most ran businesses that were in the third generation or older. Revenues ranged from $1 million to more than $1.5 billion. However, the pertinent issues were the same for everyone regardless of size!

$10.00
Print / Download

Our family has found that an annual weekend-long gathering, which we call our Family Summit, is the best way to keep family members connected and engaged with our family business. Sounds like a simple endeavor, right? Well, it’s not. Sounds like a lot of love and fun, right? Well, not exactly. Sounds like a party? It better not be.

Our family summit—a coming together on so many levels—is the year-round focus of our H.G. Hill Family Council. I am happy to share some information on the structure of our summit.

$10.00
Print / Download

Have lifecycle events in your family, such as marriage, birth or divorce, created business ownership issues? Are some family members experiencing a need for higher income from their investment in the business? Is there a need for increased liquidity because of an estate settlement? Have there been outside takeover bids or owner lawsuits? Is a change in management or board membership imminent? Are young adults graduating and pressing for a position with the company?

$10.00
Print / Download

When the controlling owner of a multimillion-dollar family business in the financial services industry died suddenly, nobody predicted that Gabriel would want to deliver the eulogy. Gabriel—the patriarch’s eldest son and himself the CEO of a publicly traded insurance company—had left the family business after a vicious falling-out with his father. So when Gabriel insisted on writing and delivering the eulogy, the family agonized over what he would say. The middle sister, considered by other family members to be the family’s go-to leader, insisted on reading the eulogy before the funeral.

$10.00
Print / Download

 

Are you interested in creating a family legacy while encouraging entrepreneurial spirit, accountability, self-sufficiency and good governance, all within the context of your family’s core values?

$10.00
Print / Download