Family Factor
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 [...]
Is Family Governance Necessary for High-Net-Worth Families?
Is Family Governance Necessary for High Net Worth Families? 4 factors that wealth managers and estate advisors should consider for their clients Estimated read time: 4 mins Family governance, in its simplest form, is a structured process for making decisions together as a family. It provides a forum for families to discuss strategic issues like succession planning, financial choices, risks, and more. Governance can be formal, with organized meetings and documents like a family constitution, or informal with casual meetings or a phone call. However, formal family governance is not necessary for every family. We’ve outlined four factors to [...]
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 [...]
The Good News: Family Business, Resilience, and the Pandemic
When External Factors Increase Internal Pressures All businesses, both family- and non-family-owned, are being impacted by the coronavirus pandemic. How they respond provides important insight into what makes family businesses different. Family businesses are unique, with many advantages that stand them in good stead during times of crisis. While there are unique strengths for family-owned firms working in a world changed by COVID-19, family businesses also need to be aware of unique risks they face. While some families will clearly suffer personal and financial losses due to the pandemic, the good news is that for many family businesses the challenges [...]
Why You Might Need A Family Council
When to Consider a Family Council for Your Family Enterprise Families hoping to achieve a lasting legacy and to have the greatest impact through multiple generations can benefit from a family council designed for their unique family’s needs. When properly developed, family councils can help families stay connected, aligned, and informed. They help families crystallize a vision and work toward realizing it, together. By establishing agreements and processes to aid in group decision making, family councils protect families from conflict, guide them through disputes over what’s fair, and help them navigate transitions. Well-designed family councils can also direct [...]
PODCAST: Blair Trippe – How Can You Best Manage Conflict in Your Family?
WEALTH OF WISDOM PODCAST - EPISODE 11 Conflict is a normal part of family life. But it can be difficult to talk about and to manage, especially when significant wealth or a family business is involved. Blair Trippe is a counselor who has years of experience working with families in conflict. In this podcast Blair defines the different types of conflict, shares strategies for dealing with different forms of conflict, and talks about measuring the “family factor” needed to help families weather the usual slings and arrows that fortune sends their way. Man: Welcome [...]