Family Business Resource Center

Insight & Commentary on Ownership & Leadership Transition, Family Wealth, and Business Succession

Medical coverage for employees is often a stressful decision for small and family-owned businesses. Providing competitive benefits to employees can help attract and retain good employees. But the cost of employer-paid medical care can make it difficult for family-owned businesses to provide this benefit to their employees. Family-owned businesses have the option of participating in Association Health Plans (AHPs), which allow small employers to band together to have the pricing power and more flexible regulations…
Hiring family members is one of the many benefits of running a family business. However, the precise timing of when your business decides to hire family-members, as well as their role in the company, is critical to running a successful business. 41-year-old Troy Gunden is an executive vice president of Herr Foods Inc., a $300 million company that produces potato chips. At a recent Speaker Series hosted by the Saint Joseph’s University’s Initiative for Family…
According to Josh Baron, Columbia Business School Professor and co-founder of Banyan Global Family Business Advisors, without a healthy dose of conflict, family businesses “can suffer from limited growth, poor decision-making, a loss of competitive advantage, and, in severe cases, the sale or split of the company.” Navigating through moments of conflict in a family business setting is no easy fate. While too much intervention can tear relationships apart, too little is also not the…
On March 27, 2019, Davis Wright Tremaine and partners the Pacific Family Business Institute and Cascadia Capital, held a lunch in Yakima, Washington as part of their Family Business Legacy Series. The lunch reviewed the results of the 2018 family business survey on corporate governance. Rich Simmonds, co-founder of the PFBI presented the survey results to a full room of Eastern Washington family business owners and managers. The lunch also included a panel discussion consisting…
Family businesses constitute an estimated 70 percent of the annual global GDP and around one-third of the S&P 500 companies in the U.S. Despite this influential presence, it appears that family businesses may be behind, compared to other modern businesses, in discussing and targeting issues of gender equality. Your family business should care about achieving gender equality for several reasons. First, without considering women family members, your business is pulling employees from a more limited…
Part III of our series on Shakespeare and Family-Owned Businesses takes us back to a familiar theme: managing succession in ownership and leadership in family-owned businesses. And we turn again to Lloyd Steier, Professor in the Department of Strategic Management and Organization at the University of Alberta School of Business and Director of the Alberta Business Family Institute, for his insights. According to Professor Steier, the third and final Shakespearean method of surviving success comes…
In the modern-day realm of family business, it is increasingly common for leadership positions to be filled by individuals who are not family. Like most leadership positions, the benefits of the job make an offer hard to turn down. Responding to the offer depends on how the non-family member perceives the dynamics of a family business. If you are a non-family member and have been offered a leadership position in a family business, you must…
For fans of Shakespeare, our blog is taking a literary bent again. Our first Shakespeare post related the lessons from King Lear. Now we turn to Hamlet. We all know that one of the biggest struggles of a family business is surviving succession. According to Lloyd Steier, Professor in the Department of Strategic Management and Organization at the University of Alberta School of Business and Director of the Alberta Business Family Institute, William Shakespeare’s writings…
A few weeks have passed since the beginning of the New Year, and we suggest that it is time to check-in on your family business’ New Year’s resolutions. One resolution that should be on every family business’ list in 2019 is succession planning. According to the Conway Center for Family Business, each year around 70 percent of family businesses fail to successfully navigate the rough waters of succession because owners are putting off having important…
One of the biggest struggles of a family business is surviving succession. According to Lloyd Steier, Professor in the Department of Strategic Management and Organization at the University of Alberta School of Business and Director of the Alberta Business Family Institute, the writings of William Shakespeare are one place to look for strategies of survival – “Shakespeare offers us eternal lessons and shows us that these issues have been around for hundreds of years.” Steier…