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A seasoned family business

Published July 9, 2018 April Hall | Feature Article

It’s fair to say Lodge Manufacturing has kept the small town of South Pittsburg, Tenn., going since 1896, the year Joseph Lodge opened his first foundry. The company, known for its cast iron product...

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Celebration Corner: Jensen Precast's 50th anniversary

Published July 9, 2018 Barbara Spector | Departments

The Business: As a high school student in Reno, Nev., Don Jensen worked part-time pouring and selling concrete parking curbs. In 1967, he went to work for a friend of his father’s who owned a busine...

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Dueling Perspectives

Published July 9, 2018 April Hall | Departments

The sustainability of a family business often depends on diversification. Times change, markets change, technology changes — sometimes it feels as though everything changes regularly.William F. Peel...

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Ask the experts

Published July 9, 2018 | Departments

Would a 21-year-old family member who is an MBA student benefit from attending a board of directors meeting as an observer? Would the NextGen’s presence in the boardroom be disruptive?ADVISERS’ RE...

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At the Helm: John Tallichet

Published July 9, 2018 | Departments

Generation of family ownership: Second.Revenue: $110 million.Number of employees: 2,500 full- and part-time.Years with the company: 30 (fulltime).First job at this company: Working as the salad boy at...

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From the editor: Help your NextGens reach their potential

Published July 9, 2018 Barbara Spector | Departments

While business founders have the foresight and drive to take a good idea and turn it into a profitable enterprise, history abounds with stories of successors who took the original vision and grew it t...

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NextGens to Watch

Published July 9, 2018 | Feature Article

In order to sustain your family business for multiple generations, you need NextGen members who are prepared to serve as responsible stewards. This extends beyond the financial aspects of ownership an...

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The role of independent directors in a successful family business

Published July 6, 2018 F. Douglas Raymond | Advisers

A thriving family business generally owes its success to family members who have devoted themselves to the enterprise. No one else has as much invested, either financially or psychologically, in the l...

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To avoid ‘failing at retirement,’ develop a purpose when planning

Published July 6, 2018 Stephanie Brun de Pontet | Advisers

An often-overlooked element in succession planning is helping retiring leaders plan for their personal transition. When they are no longer at the helm of the enterprise, what will they do with their t...

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An unquestionably good reason to plan

Published July 6, 2018 Dave Donelson | Feature Article

The WM Fares Group of Halifax, N.S., began planning for generational transition when the three second-generation siblings began asking questions about how decisions would be made in the future.Wadih F...

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Family council documents provide purpose and structure

Published July 6, 2018 Katy Wilder Schaaf | Feature Article

Developing a family council checks a lot of boxes for a growing multigenerational family business. A family council provides a mechanism to engage and educate family members in a setting that includes...

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Sweet success with salt water taffy

Published July 6, 2018 April Hall | Feature Article

Salt water taffy and caramel popcorn are timeless treats to enjoy on a classic U.S. beach vacation. For more than 100 years, Dolle’s on the Ocean City, Md., boardwalk has been providing these tasty ...

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Family business members' insights on navigating succession process

Published May 24, 2018 Kent Rhodes | Advisers

Running a family business can be complicated. This is especially true when it comes to preparing for a smooth transition of ownership, leadership and governance to the next generation. What is the bes...

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Succession plans must incorporate liquidity planning for the family

Published May 24, 2018 Amy M. Kane | Advisers

The path from starting up a business to planning your exit is a winding one, with plenty of speed bumps and potholes. One of the biggest potholes results from the failure to include liquidity planning...

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Turning sweet prunes into smooth skin

Published May 24, 2018 April Hall | Departments

Sure, you’ve heard of making lemonade out of lemons. How about making skincare products out of plums?The Taylor family in California is doing just that. Fourth-generation sisters Jacqueline, Allison...

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Celebration Corner: U.S. Engineering Company's 125th anniversary

Published May 24, 2018 Barbara Spector | Departments

The Business: Gustav Nottberg established Nottberg Iron and Machine Works in Kansas City, Mo., in 1893, several years after immigrating to the United States from Cologne, Germany. Nottberg had opened ...

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At the Helm: Raymond Crosby

Published May 24, 2018 Patricia Olsen | Departments

Generation of family ownership: Second.Revenue: $27 million.Number of employees: 80.Years with the company: 31.First job at this company: Account executive for local businesses. I managed their advert...

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Dueling Perspectives: Helping a NextGen employee to succeed

Published May 24, 2018 Barbara Spector | Departments

The Renfrew Center, founded in 1985 by Sam Menaged as an eating disorder treatment center in Philadelphia, today encompasses 19 facilities in 13 states and has treated more than 75,000 women.Sam, 70, ...

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Prescient patriarch

Published May 24, 2018 Caro U. Rock | Departments

At our recent Transitions East 2018 conference, family business members and experts discussed essential issues: good governance, leadership development, sound management and more. My father-in-law, Mi...

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Show me the money

Published May 24, 2018 Barbara Spector | Departments

When families have grown a company over generations, the decision to sell a stake in the business is often an emotional one. Sometimes the whole family wants to exit. In other cases, some shareholders...

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