In this issue
Although most family business owners would like to transfer their companies to their children or other relatives, many find themselves in a situation where that is not possible. Children may have no interest in the business, or may not be ready to take over. The owner may want to retire and convert some of his stake in the company to liquid assets. Or he may simply want to switch careers. For these kinds of situations, an employee stock ownership plan (ESOP) may offer the best solution.
One late morning in 1969, while his mother was away on vacation, 19-year-old Craig McCaw walked into his father's bedroom and found Elroy McCaw dead from a massive stroke.
The eccentric who owned several radio and TV stations, including the famed WINS-AM in New York, investments in 64 companies, and money in 25 bank accounts, was gone — and so was the force that kept his business empire afloat.
Dozens of women participated in the workshops for women started at the Wharton School in Philadelphia by Matilde Salganicoff and the late Barbara Hollander. Fredda Herz Brown is now Salganicoff's partner, and they run the workshops independently. The Argentina-born Salganicoff, who has a master's in clinical psychology and a doctorate in education, is a therapist as well as a consultant to family businesses. During a recent interview in her Philadelphia office, she shared some observations about what women bring to a family business and the obstacles they still face.