Leadership and Entrepreneurism
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 [...]
Employee Reviews: A Challenge in Family-Owned Businesses
Cultivating Successful Family Business Leaders It has long been a tenet of successful businesses that regular and honest performance reviews are essential. However, in a family-owned business, employee reviews can be torture for both non-family and family employees alike. In many instances, a non-family manager finds themselves in the awkward position of having to review an owner family member who works for them. Even veteran managers with the strongest relationships to family owners will think twice before offering negative feedback about an heir apparent. Obviously, this silence can lead to diminished function, productivity and satisfaction within the company. Here are [...]