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How the Walton Family Partnership Worked

Published August 30, 1992 Sam Walton |

No question about it, a lot of my attitude toward money stems from growing up during a prettyhardscrabble time in our country's history: the Great Depression. And this heartland area we come fromout ...

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Hiring a CEO Without Giving Away the Store

Published August 30, 1992 Alec Berkman |

When family businesses seek to recruit an outside, nonfamily CEO to run the company, theyusually have to offer a compensation package that promises to build the individual's net worth. In theeuphoria...

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Watch Your Language

Published August 30, 1992 Andrea Grace Mackiewicz for Ernst & Young |

Words can hurt just as surely as sticks and stones—whether those words are true or false,whether they are meant to wound or are simply uttered in haste. Particularly in a family business, thech...

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When Old Soldiers Don't Just Fade Away

Published August 30, 1992 Leon Danco |

It's every successor's nightmare. Dad has been calling nearly every day from Palm Springs. He'sheard through the grapevine that sales are down and inventory is piling up. He's been told suppliersare ...

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Changing Ways of Inheritance

Published August 30, 1992 John H. Langbein |

If you have frequented the camping grounds or motel strips of Middle America lately, you mayhave noticed graying couples driving station wagons and recreational vehicles festooned with bumperstickers...

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A Little Empathy Practice Goes a Long Way

Published August 30, 1992 T. Roger Peay |

Having succession problems? Feel misunderstood by your father or your son or daughter or brother-in-law? Maybe they feel the same way. If only everyone could begin to appreciate the other guy's point...

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Why Families Don't Talk About The 'C Word'

Published August 30, 1992 Peter Davis |

Not long ago I had dinner with a family that ran amanufacturing company. We discussed the future of the family business. "Everything is fine," thefather, who is in his late 40s, said about the busine...

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Just One Word, Son--Plastics

Published August 30, 1992 Peter Huntsman |

On one of my visits to the Republic of Armenia, where our company was helping to rebuild homesdestroyed in the earthquake of 1988, we went for a roadside barbecue with some officials with whom wehad ...

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Don't Overlook Your Home in Your Tax Strategy

Published August 30, 1992 Barton L. Kaufman |

For years, countless business owners reduced estate taxes for their heirs through well-knownestate-freeze strategies. By making lifetime gifts in trust to his children, a business ownereffectively re...

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Chapter 11 Can Cure All Your Business Ills... Not!

Published August 30, 1992 Baker A. Smith |

According to the American Bankruptcy Institute, a record 18,760 businesses filed for bankruptcyin the first quarter of this year — an increase of 5.3 percent over the same quarter of 1991. In m...

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The Education of a D.O.B.

Published August 30, 1992 Linda S. Breuer-Murray |

A few years ago the son of a competitor in our industry came over to meet me at a trade show.Like me, he worked in a family company and I assumed he would be familiar with the acronyms S.O.B. andD.O....

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Varied Policies on Succession

Published August 30, 1992 Jayne A. Pearl |

Large corporations vary in the legal arrangements they have withdealers and distributors as well as the extent of their interest in helping with succession planningin family owned outlets. The range ...

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Freeing the Next Generation from Founders' Insecurities

Published May 30, 1992 Edwin A. Hoover |

Much has been written about the personality characteristics of entrepreneurs that make them resistant to succession planning. For example, studies show that many business founders come from backgroun...

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Why You Need A Marketing Plan

Published May 30, 1992 Scott Ward |

  Ask senior managers of many family businesses about their firm's marketing, and they are likely to tell you about their hustling, aggressive sales force. Or they may try to convince you th...

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An Wang's Legacy to His Children

Published May 30, 1992 Charles C. Kenney |

A lot of competitive market forces conspired to bring Wang Laboratories, one of the world's largest computer companies, to the brink of financial disaster in 1989. A new book by journalist Charles C....

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The Appreciable Benefits of Gifting More Now

Published May 30, 1992 Stephen M. Chiles |

Business owners have long known that it makes sense to pass along some stock during theirlifetimes to their heirs. Most are aware that each parent is allowed to give every one of theirchildren $10,00...

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How to Set Up Your Own Income Retirement Plan

Published May 30, 1992 David J. Downey |

One of the main reasons that older business owners are reluctant to give up control of their companies is that they don't want to ever have to ask their children for financial help. If you are thin...

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Heed the Warnings of Financial Distress

Published May 30, 1992 Baker A. Smith |

More then half the clients referred to my company, which specializes in managing turn-arounds, are family businesses. Often we are called upon when the business is already ill, when it is having trou...

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Total Quality Demands a New Style of Leadership

Published May 30, 1992 Peter Davis |

We consultants used to think that the first step family businesses had to take when they grew beyond a certain size was to professionalize. The standard prescription called for establishing budgets a...

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The Family Business as Black Comedy

Published May 30, 1992 Howard Muson |

Soap operas frequently portray the family business as a battleground of power, greed, and ambition. Comedy writers lampoon the tangled family emotions that lie behind the corporate face of earnest re...

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