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  • Family Business Case Study: Contrasting Management Styles Family Business Case Study: Contrasting Management Styles

    Family Business Case Study: Contrasting Management Styles

Family Business Case Study: Contrasting Management Styles

Family businesses Forever 21 & Nordstrom offer a contrast in management styles.  Within this contrast is a Lesson Found for other family businesses.

Founded in 1984 by the Chang family, the fast-fashion innovator Forever 21 expanded rapidly in the early 2000s only to file for bankruptcy last month.  The cause of this change in fortunes can be traced to the Chang family’s management style. (more…)

  • Owners Don’t Have the Luxury To Simply Resign Owners Don’t Have the Luxury To Simply Resign

    Owners Don’t Have the Luxury To Simply Resign

Owners Don’t Have the Luxury To Simply Resign

Over a 48-hour period last month, CEO’s were falling like mayflies at dusk.  There are Lesson Found for owners to glean from these resignations.

The carnage began on September 24th (more…)

  • Are your goals keeping you on target? Are your goals keeping you on target?

    Are your goals keeping you on target?

Are your goals keeping you on target?

Lessons Found for businesses can truly materialize from unexpected sources.  For instance, a valuable Lesson Found on business goals can be gleaned from a podcast contrasting two approaches to teaching (more…)

  • Enhancing Conversations in the Board Room & Family Business Enhancing Conversations in the Board Room & Family Business

    Enhancing Conversations in the Board Room & Family Business

Enhancing Conversations in the Board Room & Family Business

I recently was privileged to sit in on a board meeting for a family business.  How the board came to a decision on a contentious issue is a Lesson Found for all of us.

The business’s only remaining founding member* started the debate with an impassioned plea (more…)

  • Will your plans protect your company from petering-out? Will your plans protect your company from petering-out?

    Will your plans protect your company from petering-out?

Will your plans protect your company from petering-out?

My son and I started watching Game of Thrones; him for the second time and this is my initiation.  After GOT’s disastrous season 8, my son asked if I wanted to watch that final season.  That is where this Lesson Found begins. (more…)

  • Is your successor ready for leadership? Is your successor ready for leadership?

    Is your successor ready for leadership?

Is your successor ready for leadership?

Greeks elected a new prime minister last week, Kyriakos Mitsotaki, who is also the son of a former prime minister.  His ascent as leader of Greece offers a valuable Lesson Found for family businesses.

Mr. Mitsotaki’s election is the culmination of his path into the “family business”.  (more…)

  • Building Team Cohesion & Achieving Goals One Celebration At A Time Building Team Cohesion & Achieving Goals One Celebration At A Time

    Building Team Cohesion & Achieving Goals One Celebration At A Time

Building Team Cohesion & Achieving Goals One Celebration At A Time

Fourth of July festivities always impress me.  We really do know how to celebrate our liberty and our country!  This year’s celebration got me thinking about business celebrations.  And therein lies this week’s Lesson Found.

I’ve experienced many company parties and celebrations but two stand out in my memory. (more…)

  • Is the investment of time sinking your decision making? Is the investment of time sinking your decision making?

    Is the investment of time sinking your decision making?

Is the investment of time sinking your decision making?

My 20-year old son, Jeremy, and I often discuss various business-related topics.  Recently that topic was the “sunk cost fallacy”* which I explained is the mistake of using money and time already sunk into a project as the deciding factor to continue the project.  A junior studying computer science, Jeremy immediately compared this to “coding” (aka writing computer code).  This relationship between sunk costs and coding is this week’s Lesson Found. (more…)

  • Addressing Sibling Conflict in the Business Addressing Sibling Conflict in the Business

    Addressing Sibling Conflict in the Business

Addressing Sibling Conflict in the Business

My mother and I recently traveled to visit my sister and her family.  Except for the occasional meal out, we stayed in the house, simply being together as family.  And we had a wonderful time! On the trip home, I considered the contrast and how stereotypical sibling conflicts burden some family businesses.  The source of and ways to mitigate these conflicts are this week’s Lesson Found. (more…)

  • A founder’s legacy of integrity for his daughter & their business A founder’s legacy of integrity for his daughter & their business

    A founder’s legacy of integrity for his daughter & their business

A founder’s legacy of integrity for his daughter & their business

This week’s Lesson Found comes from a friend, Debby Abel, who recently wrote a beautiful essay on her family’s business and the legacy of integrity her parents gave her. (more…)