News & Events

Information graphics, aka “infographics,” are used to visually present statistical information in a compelling and easy-to-understand manner.  For family businesses, infographics are useful primarily for the overall impact they may have – especially if they encourage the pursuit of further knowledge or action.  There are family business-specific sources that bring these statistics to life, and …

Succession planning is likely the most common topic presented by family business advisors and other experts, but for good reason.  It is something every family business should do, yet less than 70% of them make it to the second generation, in part due to lack of a plan.  Succession planning may seem overwhelming and too …

We’ve all read about business fraud, perhaps even in our local region.  A trusted employee is discovered to have diverted company funds to themselves for years – the results being a loss of tens or hundreds of thousands of dollars, the former employee facing at least public humiliation for the crime, if not jail time, …

Family Feud the game is fun to watch.  Family feud in the family business is like watching a train wreck.  It’s hard to put a good spin on the word “feud.”  It implies more than just a disagreement, but rather a longstanding and deeply-rooted standoff.  It would be unrealistic to expect all family members to …

According to the Family Business Institute, 88% of current family business owners believe the same family or families will control their business in five years; however, succession statistics undermine this belief.  The statistics are concerning:  It is estimated that only 30% of family businesses will survive into the second generation.   What’s to blame for …

Engaging an advisor for a family business requires some unique considerations as family ownership often presents complexities and hurdles not generally found in other business types. Many of the issues specific to family businesses include succession planning, governance, and corporate actions. In addition, personal and business finances, as well as social relationships, are often intertwined. …

Determining fair compensation for family members in a family-owned business can be a bit more complicated than one might imagine. The issue of fair compensation not only involves multiple aspects of the business, but also the complexity of the family. From a business perspective, finding the appropriate level of compensation is relatively easy.  There may be …

In simple terms, innovation describes the process of improving something that already exists. Family owned companies, like any other business, need constant innovation to compete within their markets for future growth and success.   Two common hurdles that often stifle innovation in family owned businesses are resistance to change from the current controlling generation and …