“I now pronounce you business partners.” When you stood up on the altar to say your “I dos,” you likely didn’t hear this sentence mumbled after your marriage was complete. “I dos” don’t come with a side dish of business collaborations. But even though it may not have been a planned part of one’s relationship, … Read more
You have likely noticed its arrival. Our days are brighter and warmer for longer. The trees, bushes and shrubs are budding. Daffodils and tulips are declaring their ready and the timing is right. Spring has arrived! Each year, I enjoy today—the first day of spring—for two reasons. First, it’s a beautiful reminder of possibilities. And, … Read more
Success in a family business is a lot about love. That begs the question (as Tina Turner asked), “What’s love got to do with it?” My answer is simple: everything! While there are many elements of a family business that differentiates it from other business models, there is one thing that is laid in their … Read more
Family businesses have been around for centuries; in fact, it’s how many businesses we know today were formed. Walmart, Chick-fil-A, and Ford Motor Company may be a few brand names that ring a bell for you. And while every business has its own unique nuances, I would suspect that if we could have been a … Read more
It’s here. There’s no running from it. Smells of cinnamon and pine are all around, and anticipation can be seen in the eyes of children who are counting down. The days are numbered before Christmas arrives. For family businesses, however, holidays can be a point of contention if you let it. (The hint here is … Read more
For most businesses, their value is based on its equity which is usually determined by the value of their assets minus their liabilities. A simple PnL report allows many business owners to quantify what their company is worth… in dollars. And this typically makes sense due to the fact that the typical sole purpose of … Read more
Family business owners started their business for a reason. Maybe they were seeking freedom and found a business as a tool to offer it. Possibly they had a skill, a product, or an offering that others needed that they felt compelled to deliver. They could have sought to break the glass ceiling and create their … Read more
Stress is a common denominator for many business owners, and family business owners begrudgingly likely carry even more. I’m sure they’d happily trade in their headaches and neck tension for more clients and sales. And while that trade out is possible, unfortunately it isn’t a simple one. Stress is inevitable. You can’t hide from it … Read more
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