In this issue
When parents and their adult children work together in the family business, the family's emotional ties can interfere with their working relationship. Parents, recalling the days when their children were toddling around the house, may be slow to accept their now-grown kids' professional competence. For their part, the next-generation members may misconstrue the senior generation's managerial direction as parental nagging.
The walls came tumbling down when my husband joined my growing interior design business eight years ago. I have the pictures to prove it.
In July 1998, my husband, Jim, left his position as director of global account development with STERIS Corp. (a manufacturer of infection prevention and contamination control products) to help me position my business for franchising.
I still treasure my photos of us busting down a wall to make an office for Jim. We hired a contractor to finish the job. Surrounded by six women, he went to work selling franchises.
In light of the recent publicity given to the largesse of Bill Gates, Warren Buffett and Richard Branson, philanthropy—from the Greek for “love of mankind”—has taken on new meaning. With governments either unable or unwilling to step up to the plate, global issues such as the environment, disaster relief, poverty and health care have become the focus of charitable business leaders.
At a September 2005 family business forum meeting entitled “Building a Culture of Accountability,” several clients of the Delaware Valley Family Business Center in Pennsylvania shared the following samples of board policies.
Board of directors' objectives
From M&C Specialties Co., Southampton, Pa.