As successful business owners, you understand that carefully crafted estate and trust plans provide the tools for families to safeguard assets and protect their financial security. But these plans can also ultimately help families create their legacies. How can you have confidence that the planning strategies used in estate and trust plans, as well as the fiduciary appointments made to…
Longstanding family conflict can bring a family business to its knees. It saps energy and happiness and holds back the business from functioning optimally. The first step in resolving longstanding conflict is recognizing that the consequences of avoiding an issue are worse than the emotional discomfort of discussing it. Let us look at an example of a family that succeeded…
Family businesses are not only “the backbone of the Indian economy,” but also tend to perform better than nonfamily companies during economic crises. But what happens when the founders decide to retire and hand over the reins to a new generation? For many family businesses, that involves one of the most complex processes and generates the most challenges. The following…
Most family-owned business owners put off their succession planning because they don’t want to think about their retirement, disability or death, however, business succession planning should be a priority in every family owned business. A family owned business owner’s decision to eventually retire is not as simple as no longer going to the office. Key questions need to be answered…
Professionalizing the family business is critical for growth, continuity and perpetuity through multiple generations. What is a Family Company? A family company is one whose ownership is controlled by a single family and where two or more family members significantly influence the direction and policies of the business, through their management positions, ownership rights, or family roles. Current family owners…
THE MAJORITY OF INDIAN FAMILY OWNED BUSINESSES ARE LIKELY TO FAIL BECAUSE OF INTERNAL CHALLENGES – WITH THE KEY ISSUE BEING INEVITABLE – AND DESTRUCTIVE – FAMILY CONFLICTS. SO IF A FAMILY WANTS TO PASS A SUCCESSFUL BUSINESS ONTO THE NEXT GENERATION, IT NEEDs TO DEVELOP ITS OWN TOOLS AND SYSTEMS FOR MANAGING CONFLICTS 10 TIPS FOR MANAGING FAMILY BUSINESS…
All businesses face challenges, whether it is dealing with the changing economy, finding and hiring the right employees, or increased competition in the market. Family-owned businesses are not immune to these challenges. In fact, there is also a unique set of challenges that family-owned businesses have to face as a result of the nature of their business structure. It is…