By Tom Hubler, Executive Consultant This article is Part 4 of a continuing series about the delicate issues among family businesses. Part 1 discussed financial vs. emotional equity and this article deals with trust and gratitude, which are necessary for emotional equity. Part 2 described family business challenges relating to trust and gratitude. Part 3 addressed the essential need for family meetings to balance the boundary between business […]
By Randy Kroll, Partner It’s that most wonderful time of the year, a time to exercise abundant generosity in gift giving within our families, to our friends and neighbors, and especially, to community organizations that help those facing life crises or challenges. But hold off on contributing to your favorite charities until you consider this approach for making what could be the biggest and boldest […]
By Tom Hubler, Executive Consultant This article is Part 3 of a continuing series about the delicate issues among family businesses. Part 1 discussed financial vs. emotional equity and this article deals with trust and gratitude, which are necessary for emotional equity. Part 2 described family business challenges relating to trust and gratitude. Family meetings are essential Family meetings are intended to balance the boundary […]
By Steve Coleman, Partner Two months into this pandemic shutdown, I was included in a Zoom offering new perspectives on how to make our way through challenges not seen in our lifetime. Evercore Wealth Management invited clients and family business advisors across the country to participate in a webinar that turned out to be disturbing, then challenging, then encouraging in ways to address this uninvited […]
By Tom Hubler, Executive Consultant This article is Part 2 of a continuing series about the delicate issues among family businesses. Part 1 discussed financial vs. emotional equity and this article deals with trust and gratitude, which are necessary for emotional equity. Trust Builds Emotional Equity When family members do not trust each other, everything suffers. Trust does not come automatically in a family. It […]
By Tom Hubler, Executive Consultant The entrepreneurial spirit flourishes in today’s society. People want their own business – for the freedom, for higher earning potential; or because they have a great idea, because they are the next generation. And people who have their own business naturally bring along their families. Even family members who do not work in the business are still part of it […]
What are the elements of great owners (and great leaders)? According to Platinum Group’s Bill English, great leaders understand that their thoughts and ideas are not infallible and that they have room to grow – and need to grow if their business is going to get to the next level. They grow by letting others challenge the following areas: their job performance, their logic in reaching conclusions, their natural isolation and their tendency to blame others for their company’s problems.
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 […]