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If I had asked people what they wanted, they would have said faster horsesHenry Ford, Ford Motor Company
How Not to Be the Next Family Business Scandal
Admit it. Don't you enjoy reading about family business scandals?
3 Habits of Highly Successful Family Businesses – #1 is Advisory Boards
Everything just gets more difficult at the end of the previous generation's run.
When is it Time to Bring a CFO into the Family Business?
The situation that really triggered our decision to bring in an outside CFO was a serious fraud incident.
Fraud in the Family Business
The NBA Sacramento Kings were bilked out of $13 million by a former executive. Why is it that so many family businesses are targets for fraud?
Going Outside: Hiring Key Non-Family Executives
A great take on integrating a key non-family executive into the family business. Especially like”A lot of times, especially in a family-owned business, there are a lot of emotions around it. Having a third party come in without that emotion or without bias is really a wonderful thing.” In our family business we failed with our first non-family key executive hire, but we later learned that the successful hires were more about chemistry and less about skill set.
How to Fire a Daughter
An interesting executive coaching situation with a father who is faced with the dilemma of firing a daughter who has strong sales skills, but poor work behavior. What would you do?
A School Where the Going Tuition Rate is $150K
“6 top Swiss boarding schools where royalty and the super-rich send their children – and pay up to $150,000-a-year in fees.” And you thought your tuition was high.
Would You Turn Down $3-4 Billion? This Family Business Just Did.
Goya Foods called off an outside equity deal worth $3-4 billion. The reasons given were they wanted to keep control and only sell a minority position. Most interesting was they wanted to retain the corporate culture they had created over the 83-year history of the business. That's what being true to your core values is all about.
Death Really Messes Up an Estate Plan
When NFL team Denver Broncos owner Pat Bowlen passed away from complications with Alzheimer's disease, he included a no-contest clause. Two of the three children inheriting his estate are taking the high risk of challenging his competence at the time of the drafting of the will. If they lose they will be disinherited due to the no-contest clause.
How's That Succession Plan Coming Along? Not Yours, Your Advisor's
How does that go, we walk the talk or talk the walk? Practice what you preach. Enough with the cliches. When was the last time you checked with your advisor about “their” succession plan? The success of your family business through the continuity of their advice and the relationship with your advisor is critical. Admit it, aren't you tired of your advisor pushing the importance of a succession plan only to find out they don't have one themselves? Now the shoe's on the other foot.
Son Late for Dinner, Fired from Family Business
Really, this happened. An Australian man was awarded almost $6,900 after he was unfairly sacked from his family's business—for being late for dinner at his parents' house. You can't make this stuff up.