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.
Holidays, Family Gatherings and Family Business Protocol
There are many dimensions of family business protocol. While protocol varies from one family business to another, some of the necessary basic elements include: defining the purpose of the family business, clearly stating who owns the business, determining who is responsible for what, and committing to mediation or binding arbitration when disagreements cannot be resolved.
“How Do They Keep on Doing It?“
Family business success stories can be very motivational and inspirational. In some cases, effective business communication can make a substantial difference in the ultimate success of a family business. Clear and constructive communication and listening to what others have to say can have an overwhelmingly positive impact on any family business.
One Family’s Story of Outside Directors on Their Board of Directors
Oftentimes a family business board of directors should include members outside of the family. When outside members are present on the board of directors, it can elevate the decision-making process and force the operation of a family business to lean more towards a professional level which can have a profound effect.
Money, Children and Financial Responsibility
Learning the importance of financial management in business is an vital lesson. It's essential that children learn the relationship between effort and reward, talk about money, and see that money is a tool that provides leverage in business and life . There are many directions that parents can take in conversations with children about financial management.
Looking For the “Gap“ on Your Family Bench
Managing a family business means always taking the long view. As a business leader, it's important to focus on building the business for the future. In family business, it's imperative to build a bench and fill the gaps in the business. Looking towards the future and predicting where the family business will be in 10 years is essential.
Consensus Decision Making in Family Business
When a family agrees to using consensus as their decision-making model, they are committed to devoting time to discussing issues until there is full agreement to move forward in implementing the decision. Effective family business leadership requires the family to be dedicated to working together, which can be accomplished by embracing the consensus model.
