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You Can't Always Pay What You Want

Published February 1, 1990 David Graulich |

A family enterprise is one that, by definition, engages in some degree of nepotism. Most of the time, nonfamily employees accept this as a fact of life. But can nepotism ever cross the line of accept...

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Three Types of Founders--And Their Dark Sides

Published February 1, 1990 Peter Davis |

Though all founders of family businesses are entrepreneurs, not all entrepreneurs become founders. Founders are typically intuitive and emotional people. They obviously have the drive and ambition to...

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A Smart Mentor Says, 'Take My Job. Please.'

Published February 1, 1990 Edwin T. Crego Jr. |

To paraphrase an old adage, "Greater loyalty hath no executive than to give up his job to the boss's son." If you're the CEO or key manager of a family-owned business, and you're not related, you k...

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The Savvy Way to Shop for a Business Loan

Published February 1, 1990 Stan Luxenberg |

When Leonard Wolf approached a bank to finance his seasonal candy-cane business, he was startled when the loan was approved almost immediately. His son Stevan, a stockholder in the candy factory loca...

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Calling the Family to Order

Published February 1, 1990 Benjamin Benson |

It happens all too often: Entrepreneurs start new businesses and succeed beyond their wildest dreams. But rather than adding to the quality of family life, the business threatens to destroy it. Some ...

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Who's In, Who's Out? The Case for Clear Rules

Published February 1, 1990 Gerald Le Van |

Too often, family businesses practice what I call birdcage management. Outside blood is rarely brought in to help the company grow or to tackle tough business problems.The same family members, with t...

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The Sweet Smell of Succession

Published February 1, 1990 Jack Nessel |

ESTéE LAUDER INC. was literally a mom-and-pop company when Leonard Lauder joined it in 1958, after graduating from the Wharton School and serving three years as a Navy officer. The company fou...

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New Policies for the 'Uninsurable'

Published February 1, 1990 Sam Radin |

When it comes to estate-tax planning, the health of a family business need not be tied to the health of the business owner. Often, the preferred way to fund those estate taxes, which start at 18 perc...

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Whose Company is this Anyway?

Published February 1, 1990 Kevin McManus |

"Don't get any fancy ideas about trying to make this a family company again." That's the sort of thing that an outside director really should not say to a proud descendant of the founder of a family ...

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Why Can't Family Life Be More Like a Business Lunch?

Published February 1, 1990 Kenneth Kaye |

One of my clients recently commented that almost a year had passed since she last saw her brother or father anywhere other than at the office. "We get along well at the company," she said, "but I thi...

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Power and Priorities

Published February 1, 1990 Carin Rubenstein |

HIGHLIGHTS   Although women comprise more than half of the American work force, they are under-represented in management of family businesses. Those who are involved often complain of sex d...

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Advice from a Smart Cookie

Published February 1, 1990 Chris Barnett |

The family owners want to stay in the business, but for a number of different reasons it makes sense to sell out. Maybe the founder wants to get his hands on his equity and start enjoying life a litt...

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Facing the Music in a Divorce

Published February 1, 1990 Janet Bamford |

With its trendy line of teen fashions, Esprit de Corp, the San Francisco-based company that Doug and Susie Tompkins founded 22 years ago, had been growing rapidly when their marriage hit the rocks. ...

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Why Willing A Trust Beats Trusting A Will

Published February 1, 1990 Michael G. Goldstein |

When Conrad Nicholson Hilton died at age 91 in 1978, his will ordained that his 28 percent stake in Hilton Hotels Corp., then worth about $125 million, should go to charity, not to his children. But ...

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They Know What They Like

Published January 30, 1989 Sandra Conn |

The art collections of large, public corporations aren't the only ones that stand out. Throughout America, family businesses of all sizes are amassing impressive collections of paintings, sculpture, ...

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The Family Track

Published January 30, 1989 Sandra Pesmen |

Fifty-seven-year-old Tom Carey sometimes stands at the window of his expansive, antique-filled office, looks down over the carefully manicured Hawthorne Race Course in Stickney, Illinois, festooned w...

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The Family Foundation Makes A Comeback

Published January 1, 1989 Roger M. Williams |

The Rockefeller, Mellon, and Mott families do it. So does former junk-bond dealer Michael Milken. And so does Stanley Lopata of St. Louis. Day to day, fathers and sons, daughters and cousins oversee ...

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The Emerging Muscle of Family Control

Published January 1, 1989 Peter Davis |

News of deep financial troubles at Wang Labs last summer touched off a wave of speculation over why the company, built by entrepreneur An Wang in the Sixties, lost its way in the Eighties. After the ...

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On Working in the Family Business

Published January 1, 1989 Carin Rubenstein |

HIGHLIGHTS Compared with the American work force generally, members of family businesses are a great deal more satisfied with the quality of their work lives. Almost all of our respondents are sa...

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A Checklist for Nonfamily Managers

Published January 1, 1989 Edwin T. Crego Jr. |

In the current era of frenzied acquisitions, merger mania, downsizing, and belt-tightening, today's disillusioned employees in large corporations are changing careers and companies four or five times...

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