Family Business Articles
Read the latest family business articles from David Bork and the entire Family Business Matters team addressing Family Business Constitutions, Corporate Governance in Family Business, properly constructed Family Business Advisory Boards and more.
Creating the “Elegant Agreement“
The most beneficial type of family business agreement is one that is grounded in integrity. It's important to take the high road in regard to family business, which means it's more important to do what is right in order to avoid the break-up of a family. Preserving relationships is essential for the future success of a family business.
What is the “Glue“ That Holds Your Family Together?
Family business dynamics play an integral role in the potential for ultimate success in business. Qualities that impact the potential for success and continuity of a family business include: shared values, shared power, traditions, willingness to learn and grow, the maintenance of relationships, genuine caring, mutual respect, assisting and supporting one another, privacy and boundaries.
Is Family Business Fundamentally Un-Natural?
Conflicts in family business can be unavoidable. This is why it's important to realize that siblings must learn to collaborate if they are going to be successful in business. It is okay for everyone to have an opinion, but it's not okay for everyone to think that their opinion should always prevail.
George Vanderbilt’s Vision
When a successful family business sets the stage for future heirs, the possibility of family business opportunities can be numerous. A successful vision for the future often includes using new and improved methods, being willing to take risks, committing to innovation, focusing on community service and being committed to uncompromising quality.
Willingness, The Beginning of Healing
Family business case studies can be excellent source of guidance. Many case studies reveal that the success of a family business often comes down to the willingness of the individual players to find a workable solution to issues and problems. An unwillingness to work together is often the reason for the demise of a family owned empire.
What it Takes for a Successful Family Business to Be Viable
In order for a successful family business to be viable, the owners of the business must be in agreement and alignment on important matters. Additionally, business owners must see eye to eye on the vision and action plan for the business. A family constitution and shareholder agreement are also vital for a successful family business to function well.