In this issue
Key findings for family business executives: Level of pay correlates with company size
As demanding as the process of divorce can be, it becomes even more complex when a family business is involved.
For the Goodfellow family, building a culture of excellence reaches far beyond the boardroom
Owners of small and medium-sized family businesses are often faced with a conundrum: They know they have something special that they have built with their blood, sweat, tears and money. But they also know that for the business to reach its true potential, family money is either not going to be sufficient or is going to expose the family to an unacceptable level of risk. In other words, they need external sources of funding in order to take the business to the next level.
Tom Krouse is the President and CEO, Donatos Pizza, Columbus, Ohio. He took the time to chat with Family Business reporter Patricia Olsen to discuss leadership lessons and to answer the mystery of why he has two guitars on his wall.
Family constitutions, sometimes called family charters, differ in details but generally specify the family’s values and vision, criteria for family member employment and ascent to leadership, and the rights and responsibilities of family members involved in the business and those who are not. Family constitutions are popular and have served many family businesses well over the years.
But some family constitutions fail to deliver the benefits the family hopes for. (See sidebar for an example of a failed constitution.)
COVID-19 vaccinations are underway, but there is still uncertainty. The pandemic has created profound economic, cultural, financial and political dislocation. Perhaps one of the biggest unknowns for 2021 is a realistic timeline for vaccinating most Americans so it is safe for people to gather in public. While many family enterprises are optimistic, they are also aware they must remain flexible in this dynamic environment.
Key points on diversity you probably need to know
In the fur trapping game, a trapline is a route along which a trapper sets a series of traps (yes, that kind of trap) in an attempt to snag whatever animals might yield the most value.
Maybe it’s his Michigan roots, but Jeff Koeze, CEO of the family-owned, Grand Rapids-based specialty foods business that bears (no trapper pun intended) the Koeze name, sees the logic, especially since his business is so seasonal: Koeze typically sees 95% of its annual sales in the fourth quarter—and 50% of sales in the first three weeks of December.