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Departing in Style: How to Successfully Exit Family Business Leadership
Learn what an owners council is, its key benefits, how it operates, reasons to form one, and how it differs from a family council.
How an Owners Council Can Benefit a Family Business
Learn what an owners council is, its key benefits, how it operates, reasons to form one, and how it differs from a family council.
Marital Mediation May Just Save the Marriage━and the Family Enterprise
Marital Mediation May Just Save the Marriage━and the Family Enterprise A guide to what marital mediation is, isn’t, and how it can be effective Download Audio By Doug Baumoel, Samantha Denning, and Arline Kardasis Estimated read time: 6 to 7 minutes One of the biggest threats to a family enterprise, especially in its first and second generations, is divorce. With the value of a business concentrated among a few stakeholders, the liquidity demanded in a separation of marital assets can cripple a company and compromise succession. With so much at stake for a family enterprise, unhappily married couples [...]
Considering a role in your family business? An MBA may be helpful.
Considering a role in your family business? An MBA may be helpful. Discover the transformative influence an MBA can have on your future, regardless of whether or not your path leads to your family business. By Doug Baumoel and Masaki Sasaki Estimated read time: 5 mins So your family owns a good-sized company and you’re thinking that maybe that’s where your future lies. You started out in the warehouse shuffling boxes back and forth during high school, maybe had a stint in manufacturing or marketing, and you have grown up knowing the company and its industry well. Now, a [...]
Overcoming Family Business Conflict and Achieving Succession Success
Overcoming Family Business Conflict and Achieving Succession Success How one family resolved their differences and empowered a new CEO The Challenge Stakeholders in a family-owned construction business were in conflict over management succession, which created crippling conflict between family members. The founder, owner, and president of this company, Peter, wanted his daughter, Christine, to eventually succeed him as CEO. Peter’s brother, Jack, who was second-in-command at the company, rejected the plan to prepare his niece to become CEO and walked off the job, feeling angry and unappreciated for the value he had brought to the business. While Jack didn’t [...]
The Progenitor’s Dilemma: Avoiding Entitlement When Transferring Wealth
The Progenitor’s Dilemma: Avoiding Entitlement When Transferring Wealth A practical framework that empowers heirs while minimizing negative consequences byline Doug Baumoel, Blair Trippe and Katie Spencer Est. Read time: ~8 to 9 minutes Wealth can, at times, feel more like a curse than a blessing. Wealth magnifies the impact of bad choices and presents dilemmas to those progenitors who must determine how to distribute their assets over their lifetimes and beyond. Perhaps the biggest fear among benefactors is transferring wealth in a way that engenders entitlement. Progenitors do not want affluence to crush the next-generation’s initiative, sense of purpose [...]
Beyond The Box Thinking for Family Business Compensation
Beyond The Box Thinking for Family Business Compensation Download Audio By: 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 [...]
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 [...]
A Succession Planning Guide for Family-Owned Businesses
A Succession Planning Guide for Family-Owned Businesses Download Audio By: Doug Baumoel Estimated read time: ~13 minutes Transitioning a company to the next generation of leaders is a complex process that can easily falter if there’s not a strong succession plan in place. When we talk about succession, we’re focused on BOTH management and ownership; these two are tightly intertwined and must be considered together. If either management or ownership succession fails, uncertainty and misplaced expectation can have major repercussions that can lead families into conflict. Additionally, encouraging family members to join the business as an employee without considering [...]
How Family-Owned Businesses Benefit from a Board of Directors
How Family-Owned Businesses Benefit from a Board of Directors When a family-owned manufacturing business built an independent board and its impact on the company By: Doug Baumoel Estimated read time: ~5 minutes Download Audio A family-owned manufacturing firm had just finished a six-month family business consulting engagement and now had a basic management and ownership succession plan in place. In addition, a family bank was set up to manage a vacation property, help avoid family conflict over money, and be used as a capital resource for entrepreneurial family members not in the family business. Satisfied with the work [...]











