After coaching our family business clients’ Board of Directors, we encouraged them to consider adding some informal advisers to their board process. The result has been outstanding!
It’s been exciting to see the family’s eyes and ears open up to some very seasoned and experienced outside business people who’ve had tremendous success in a similar business. Here’s a great article that outlines the 7 benefits of outside advisers.
Summertime is a great time to involve children in the family business
An article from the Philippines outlines a great recipe for getting children involved in the family business during the summer months. Make sure and stay with the article long enough to get to the step-by-step approach to involving the kids.
Getting the next generation involved in the family business is important but it also needs to be done correctly. I love the author’s ideas about how to involve the kids and how to make it interesting for them.
3 myths about family businesses
A great article from Carrie Hall of Ernst & Young about the importance and impact of family businesses on the global economy. So often we hear about how family businesses are not sustainable yet this article outlines important facts about how family businesses are sustainable and are some of the strongest businesses on the global stage.
The secret sauce for family business success survival
I really appreciate the simplicity of John Davis’s recipe for family business success. The other thing that I think is unique about this article is how he openly talks about identifying one or two “wealth generators” in each family business generation. I think families to often get caught up in having everything be equal and fair.
The truth of the matter is in most families there are one or two in each generation who stand out in terms of entrepreneurial spirit and wealth creation. Families should recognize and applaud that rather than shy away from it.
Please leave a comment here if there’s anything about these articles that spark an idea or question about family business success!