Family members in family businesses suing each other is not uncommon. Just in the last few months, I’ve run across several situations in which family members sue each other for various reasons.

For example, in Newton, PA, Nina Kaplan was successfully sued by her father and is now required to pay $2.13 million because of poor business results and suspicions about embezzlement. Her business was forced to close. A sign on the door read, in part, “My own father suing me. There are no words for this.”

Did you know that cabins have the potential to cause more family disputes and litigation than family businesses? Platinum’s Bill English, a Minnesota psychologist, offers insights into the impact of sibling rivalry between the family cabin and the family business: “If you own a family business and are making plans on how to pass your business along to your kids, you’re headed in the right direction.

Based on a recent article by Nextavenue.org writer Jessica Thiefels — “Five Benefits of Having a Multigenerational Family Business” — Platinum’s Bill English provided his insights from his work with family owned businesses in a recent LinkedIn post. According to Bill, the five benefits can only exist when other factors also exist, such as balancing roles, demonstrating unconditional love and acceptance, practicing forgiveness and celebrating […]

Our succession process began without a formal plan. I eventually realized that the do-it-yourself approach had lost traction on both the business and family fronts. Was it too late to create a proactive succession plan? I often refer to myself as the “illegitimate” third generation of Ostbye & Anderson, the Minneapolis jewelry manufacturer founded by my wife’s family in 1920. My father-in law never liked […]

What does a son, daughter, cousin or in-law think about the business owned by a family member? Platinum Partner Steve Coleman answers this question and more in the February/March issue of Upsize Minnesota. As Steve wrote, “Whether or not they are involved daily in that business, a family business does affect the entire family. Yet many business owners of privately held companies do not usually […]

Platinum’s Tom Hubler has drawn from more than 35 years of his experience advising family businesses to author a new book called “The Soul of Family Business:  A practical guide to family business success and a loving family.” Packed with family best practices and practical tips from managing conflict to succession planning, “The Soul of the Family Business” is an essential guide for family business […]