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Finding the right balance at Vertex

Published November 11, 2018 April Hall | Feature Article

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When a non-family member leads the family business

Published November 11, 2018 April Hall | Feature Article

In 2008, when the search firm helping IDEAL Industries find a non-family CEO suggested Jim James, third-generation leader Dave Juday balked. James was then working an hour and a half away from IDEAL...

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The role of culture in recruitment of non-family executives

Published November 11, 2018 Barbara Spector | Feature Article

In late August, Dave Glenn, a family shareholder in Elkay Manufacturing Company — an Oak Brook, Ill.-based manufacturer of commercial and residential sinks and other products — hosted a few relati...

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Designing incentive compensation for key non-family executives

Published November 11, 2018 Theodore Sharp | Feature Article

Many family businesses will reach a point where non-family executives are needed to manage the company and take it to the next level. There are myriad challenges to overcome in attracting outside tale...

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Family Leaders to Watch

Published November 11, 2018 | Feature Article

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 t...

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Succession: A no-drama approach

Published November 11, 2018 Janice DiPietro | Advisers

Every family business has a unique narrative with fascinating characters. There’s the founder, whose vision and values originally defined the company. The founder’s legacy directly affects the mem...

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Three ways family governance improves business performance

Published November 11, 2018 Charlie Carr | Advisers

The controlling owner in a first-generation family business may not fully appreciate the need for family governance. This person built a business, controls the finances and has typically spent more ti...

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Non-family CEOs need trust, support

Published November 11, 2018 Barbara Spector | Departments

How many times have you heard a business leader say something like this: “I want to retire and our NextGens aren’t interested in taking over the business, so we have to sell it”? Or you might ha...

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Dueling Perspectives: Christopher Martin and Cam Murphy

Published November 11, 2018 Barbara Spector | Departments

Friends Christopher Martin, 29, and Cam Murphy, 30, both succeeded entrepreneurial parents as leaders of growing businesses.Martin is president of American Health Associates. The company, based in Dav...

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At the Helm: Neal Schuman

Published November 11, 2018 Patricia Olsen | Departments

Generation of family ownership: I am the third generation. My grandfather started the business with my father and uncle.Company revenues: Just under $700 million.Number of employees: 1,300.First job a...

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Celebration Corner: Ottawa Pianos' 50th anniversary

Published November 11, 2018 Barbara Spector | Departments

The Business: Diego (“Dick”) Papalia immigrated to Ottawa, Ontario, from Italy in 1952. He started out doing odd jobs and then left the area to study music in New York City. After he returned to O...

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A family that's always bogged down

Published November 11, 2018 April Hall | Departments

Cranberries are a staple of the holiday season — jellied in a can, strung with popcorn, juiced into a sparkling punch.For the Haines family, the fruit is their bread and butter. The family’s 128-y...

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Family communication as a risk-management strategy

Published November 4, 2018 |

By Barbara SpectorIn multigenerational family businesses, family members’ differing interests and values may create conflict around issues such as dividends, business strategy or family employment p...

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Choose the Right Trustee

Published October 19, 2018 Mitzi Perdue |

Choosing the right trustee for your estate will play a significant role in the happiness and well-being of those who come after you. However, in most of the cases I know of, the matriarch or patriarch...

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Family Business Magazine sets new slate of Editorial Advisory Board members

Published October 10, 2018 |

Family Business Magazine has refreshed and augmented its Editorial Advisory Board.The 11 board members have served family companies in a wide variety of roles — as business leaders, board directors ...

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A Smarter Gift: Why giving your child a mortgage may be better than giving them a house.

Published October 3, 2018 Whittier Trust |

As housing prices continue to climb in many of the nation’s hot real estate markets, many young families [[{"fid":"9824","view_mode":"default","fields":{"format":"default","field_file_imag...

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A company driven by growth

Published September 24, 2018 April Hall | Feature Article

The Larry H. Miller Group of Companies was founded with a single Toyota dealership Larry and his wife, Gail, bought in 1979. Today, the group consists of 80 companies with about 10,000 employees, gene...

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How family offices serve families' needs

Published September 24, 2018 Maureen Milford | Feature Article

Five years after her entrepreneur husband died in 2000, Michele Rollins decided her children needed to be brought in on the family’s financial arrangements.The late John W. Rollins Sr. had built an ...

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Succession progression

Published September 24, 2018 Bill Yoh | Feature Article

Many of us are aware that more than half of U.S. GDP comes from family-controlled businesses. Yeah, we family business owners are kind of a big deal. We also provide millions of jobs, help give meanin...

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A NextGen entrepreneur's new brand

Published September 24, 2018 Patricia Olsen | Feature Article

NextGens who join their family business often make a number of changes to modernize the company, such as upgrading the technology and increasing the company’s presence on social media. It’s only n...

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