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Topics for Year-End Conversations

I recently broke a promise I made to my wife.  I promised I would not bring up politics at our family’s Thanksgiving Day table.  Well the conversation turned to college football and started to get heated. I quickly changed the topic and asked what everyone thought of our presidential candidate choices.  The tone of the conversation immediately calmed down.

It is amazing which conversation topics turn heated and which are seemingly too uncomfortable to bring up. But some conversations need to be had (more…)

By |December 14th, 2015|Business Communication, Family Business, Management|2 Comments
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  • The Story in Your Company’s Numbers The Story in Your Company’s Numbers

    The Story in Your Company’s Numbers

The Story in Your Company’s Numbers

A large portion of my career has been spent analyzing numbers.  I have been blessed (or, some would say, cursed) with an ability to see stories in numbers.  Once, an intern handed me an incredibly dry report which only reported the numbers from a market research study.  I told her to go back and find the story in those numbers.  The report she came back with (and with a little guidance) laid out a road map product management needed to create a successful marketing campaign.

Owners need to know their numbers and be able to find the story in those numbers. (more…)

By |November 17th, 2015|Family Business, Management|1 Comment
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  • Succession Planning Takes a Team Succession Planning Takes a Team

    Succession Planning Takes a Team

Succession Planning Takes a Team

I was surprised recently when someone mentioned they saw my role in the succession planning process as duplicative to that of attorneys.  Using client examples, I provided a clearer understanding of how my role as a management consultant and family business advisor differed from and, in fact, eased the process for attorneys.  Still, this prompted me to realize a review of the roles different professionals play in succession planning could benefit owners who have not yet begun their planning process.

To that end, below are listed a few of the key steps in the succession planning process along with the professionals most likely to assist in that step. (more…)

By |November 1st, 2015|Business Communication, Family Business, Management|0 Comments
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  • Board of Advisors: Finding the Right Mix Board of Advisors: Finding the Right Mix

    Board of Advisors: Finding the Right Mix

Board of Advisors: Finding the Right Mix

Once, when working with a family business client, I recommended they hire an experienced CFO.  Since there was no one in the family who fit this bill, the founder said to me:  “You want someone from outside the family to see the books?”  (Never mind they had already shared financials with me.)  Imagine what he said when I suggested they recruit independent, non-family members for a Board of Advisors.

In my last blog I pointed out the roles and benefits of an advisory board.  Here I offer advice on how to choose members for that board. (more…)

By |October 11th, 2015|Family Business, Management|2 Comments
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Board of Advisors: Sharing the Burden

Much has been written on the benefits of including independent voices on boards for closely-held and family businesses.  So why do I and other advisors get so much resistance when recommending a Board of Advisors to our clients?  While I may not agree, I understand resistance to adding independent, voting members to a board of directors.  But a Board of Advisors is just that: A group of trusted advisors without a vote in the formal decision making process.

This resistance can often be attributed to a lack of understanding of the Board of Advisors’ role and benefits.  To clarify these issues, (more…)

By |September 20th, 2015|Family Business, Management|1 Comment
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A Seller’s Market for Family Business

A recent Wall Street Journal article  focuses on a potential positive in what is otherwise described as “grim statistics” for family businesses.  The statistics:  Only 30% of family businesses survive into the second generation; 11% survive into the third generation and 3% beyond that.  Use of words like “grim” and “only” connote a terrible fate for the families of businesses that do not “survive”.  However, selling the business can be the best path for many families.  And, as noted in the WSJ article, now is a good time for families to consider selling. (more…)

By |August 25th, 2015|Family Business, Management|0 Comments
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