Conflict Management
Beyond The Box Thinking for Family Business Compensation
Beyond The Box Thinking for Family Business Compensation Byline: Doug Baumoel Estimated read time: ~9 min When it comes to compensating family employees, a common best practice is to pay family members a salary that’s in line with what non-family members would earn for the same job, adjusted for size and location of the company. A compensation consultant will often suggest such a pay range and, while many family members may receive the higher end of that range, some will actually receive the lower end in an effort to guard against the appearance of nepotism. While a ‘best practice’ [...]
Airing Grievances: 10 Tips for Better Communication with Family Members
Airing Grievances: 10 Tips for Better Communication with Family Members Byline: Doug Baumoel Estimated read time: ~9 min The purpose of effective communication is to transmit information from one person or group to another and to convey a specific message that elicits a desired reaction or result. Communications among family members have an additional purpose: To deepen our understanding of each other, find accommodation for differences that remain, build resiliency and bring family closer together. Family relationships are uniquely permanent, so communication must serve not only the content of the communication but the relationship itself. Problems arise, however, when [...]
Turkey Talk: Discussing Family Business Issues at Holiday Get-Togethers
Turkey Talk: Discussing Family Business Issues at Holiday Get-Togethers How to handle family business conflicts, decisions, and discussions around the holiday dinner table Byline: Blair Trippe Estimated read time: ~2-3 minutes We’ve all seen the pictures—a happy family gathered around the dining table as dad carves the perfectly cooked turkey while the children play and share their toys in an impeccable home. These television and movie scenes depict families enjoying the holidays filled with laughter and joy. But for many of us, especially for some working in a family business, these images are as elusive as that winning lottery ticket. [...]
What’s Considered ‘Fair’ in Family Business?
What’s Considered ‘Fair’ in Family Business? 4 things to consider when seeking outcomes that are acceptable to all stakeholders Byline: Rikk Larsen Read time: 4 minutes The question of what is fair has perplexed many family business owners, and their search for fairness often results in conflict. Why? Because when it comes to the search for fairness—there is no single answer. The term ‘fairness’ can have different meanings. In business, fairness is based on merit—the more you produce, the more you should earn; when it comes to ownership, fairness is proportional—the more you own, the more benefit of control and [...]
Managing Disputes and Avoiding Conflict in a Family Enterprise
Managing Disputes and Avoiding Conflict in a Family Enterprise Using COVID-19 vaccination disagreements to highlight dispute resolution approaches Byline: Rikk Larsen Read time: 3-4 minutes As COVID-19 vaccinations continue to roll out across the country, most companies are beginning to develop protocols for returning to work in person. While for many this is great news, this can be particularly challenging for family businesses with family members and non-family employees who have conflicting perspectives on the concept of vaccines. This blog will highlight methods family businesses can use to manage disputes regarding the vaccine and what to do if there’s an [...]
Webinar Recording: Understanding and Managing Conflict in Family Enterprises
In this video, Continuity Founding Partner Doug Baumoel shares 5 foundational concepts to help viewers better understand and manage the unique type of conflict that happens when families work and own together. This recent event was hosted by the Smith Family Business Initiative at Cornell University. Watch this video and you’ll learn: The reasons that underline all conflict Triggers that activate conflict How to manage and avoid it Other Resources Conflict Management Services Mediation Services This video content is hosted by the Smith Family Business Initiative at Cornell University. Clicking will open a new tab in your [...]
Marital Mediation: What is it and How Can Couples Benefit?
Marital Mediation: What is it and How Can Couples Benefit How marital mediation differs from marital therapy, four ways marital mediation can benefit couples, and how advisors can help married clients in conflict Byline: Blair Trippe & Doug Baumoel Estimated read time: ~5 minutes It should come as no surprise that after spending almost a year in quarantine and isolation, the COVID-19 pandemic has put a lot of marriages to the test. For couples wanting to improve their relationship and want some outside assistance, there are two fundamental options available, marital therapy and marital mediation. Each option serves a different [...]
Wealth Disparity and Marriage: 3 Reasons Prenups Set Couples Up for Success
Wealth Disparity and Marriage: 3 Reasons Prenups Set Couples Up for Success Why a prenuptial agreement can strengthen a marriage and how advisors can effectively approach the discussion with clients in a positive way By Blair Trippe Estimated read time: 5 mins Planning a wedding and getting married is an exciting milestone in life—one that, for many, was abruptly put on hold due to the COVID-19 pandemic. With vaccinations on the rise, more and more couples are getting back to planning their nuptial celebrations. While that includes fun decisions like choosing a cake and picking color schemes, it also [...]
8 Steps to Manage Sibling Wealth Disparity
Wealth disparity among siblings can wreak havoc in families—especially when a family business is involved. Unfortunately, it’s all too common for the family enterprise to magnify wealth disparity and worsen issues of entitlement, exclusion and fairness. To nurture and maintain lasting relationships, it is critical to understand and manage sibling wealth disparity. Understanding the Path to Sibling Wealth Disparity As dependents, siblings grow up with similar economic status. Their relationships are forged as equals. As they mature, siblings may take very different paths, with diverse opportunities and challenges that impact their individual wealth [...]
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