In The News
National media outlets and news organizations recognize David Bork and the Family Business Matters team as experts. Read our most recent published articles from nationally renowned publications including Fortune Magazine, Family Business Magazine, Nation’s Business Magazine and Private Wealth Management Magazine.
When a family business emphasizes values, the result can be improved morale among employees and increased financial performance for the company. A values-based leadership program that is effectively implemented can help employees learn to handle conflict, encourage employees to talk with each other (and not about each other) and ensure employees understand and adopt the mission of the business. This article appeared in Family Business Magazine – May/June 2012.
It is never easy for an employer to cut staff, but it can be necessary during an economic downturn. During such times, a family business must choose between a reduction in force and the survival of the business. The process can be difficult, but especially hard for a business that treats its employees like members of the family. This article appeared in Family Business Magazine – Spring 2009.
A written employment policy makes it clear who can work for a family business and what will be expected of them once they are hired. A policy should clearly define employment procedures, processes, and criteria that will govern how individual members of the family are allowed to enter and exit the family business. This article appeared in Nation’s Business Magazine – April 1992.
Money is both a business issue and a matter of family concern, and there is a complex psychology related to most types of financial situations. The task of a family is to nurture its members, and the task of the business is to generate profits. When families merge these two entities, confusion and hostility can be created. This article appeared in Private Wealth Management Magazine – 1997/98.
The 10 keys to success in family business include shared values, traditions, willingness to learn and grow, activities to maintain relationships, genuine caring, mutual respect, assisting and supporting one another, privacy and well-defined interpersonal boundaries. Understanding these traits allows a family business to strengthen family bonds and encourage family business success. This article appeared in Nation’s Business Magazine – April 1991.
Emotions can influence decision-making, and this can pose a challenge for family members attempting to work together in a family business. The longer a family business remains operational, the greater the chance for obstacles – which can be a hindrance to success. A majority of family businesses fail before the second generation has a chance to take over. This article appeared in Fortune Magazine – June 1980.
When it comes to family business there are three rules: convert oral pacts to written ones including buy-sell agreements, create a family employment policy so that entry is based on competence, and establish a formal mechanism for the family to interact with the business. The key to success in family business lies within the psychology of the family. This article appeared in Forum Magazine – Fall 2000.
Family businesses make up more than 90% of the world’s companies. This special report focuses on the larger companies that shape the global economy and that develop world changing products and ideas. The worst thing though about family companies is succession. According to the Family Business Institute, only 30% of family businesses survive into the second generation and 12% into the third. A mere 3% make it into the fourth and beyond.