Why the Second Generation Can Make or Break Your Family Business
While the traditional view of family business is that first-generation (G1) business founders are the entrepreneurial dynamos whose work and energy drift away in subsequent generations, the Rockefellers’ story demonstrates that the second generation of a family business doesn’t have to live in the shadow of the first generation.
Reinventing Family Enterprise After the Pandemic
For a family enterprise, whether large or small, the global upheaval is deeply personal, as the loss may overturn a long legacy of success and hard work. But, coming to terms with it, and emerging well, is a deeply challenging endeavor. Many families are finding it difficult to recover.
The Two Pillars of Governance in Family Enterprises: A straightforward understanding of complex systems
Already struggling perhaps with a board of directors and a shareholders council, families are told by advisors or family members they need to add another council or assembly for the family. Family leaders are understandably confused and skeptical. Why become burdened with even more complexity?
Family Business in Mainland China
From village to global in little more than a generation. The first two generations of mainland China family enterprises. Dennis Jaffe, Ph.D., and Winnie Qian Peng, Ph.D.
The Journey Towards Governance for a Family Enterprise: Aligning Multiple Values and Priorities to Develop Family Capital
In addition to legal, financial and business advice, advisors are increasingly asked to help the family create policies about personal relationships, conflict and differences in an increasing pool of relatives, aligning goals and values, learning to work together as a cross-generational family team, and making fair and effective decisions that serve the long-term interests of the family.
Succeeding Against All Odds: Lessons Learned from 100-Year Business Families
Very few family businesses survive across generations to become 100-year family enterprises. I’m involved in an ongoing research project that’s gathering the collective wisdom of inter-generational families who’ve sustained shared family values and identity, along with partnership over successful business and financial ventures over three or more generations.
We the People, to Form a More Perfect Union
Who needs a family constitution? The future harmony of your family and continuity of your business may well depend on going to the trouble of writing one.
Six Dimensions of Wealth: Leaving the Fullest Value of Your Wealth to Your Heirs
This article explores six forms of wealth that families can pass on to their heirs: spiritual, financial, human, family, structural and societal capital. It defines the practices that add value to each dimension and how financial planners can help family members add to their pool of family capital.
From Child to Citizen of the Family Enterprise: The Five Act Family Drama of Next Generation Development
After achieving success creating a valuable family business, the wealth creating generation of a family often turns its attention to the next generation. They don’t want their assets spent excessively or frivolously by their children. Rather, they want their children to become responsible young adults who are ready, willing and able to take control of the family’s assets.
United We Stand - Transition to Third Generation in Family Business
The grandchildren of entrepreneurs must pull together to overcome the governance and succession issues that cause nearly ninety percent of family businesses to fail by the third generation.
