The premier resource for family business executives featuring the latest family business news and research articles from the leading universities and business publications
“How does a family business become a dynasty?”
It’s all about the “S” word.
Succession. Not to sound like Captain Obvious, but the key to family business longevity and creating a dynasty is succession planning. If it’s so obvious, why do only 12% of family firms make it into the third generation? (read more)
“the event that really triggered our decision to bring in an outside CFO was a situation involving a serious fraud incident”
Most family business accounting functions are initially run by an accounting manager, then a controller, and eventually a chief financial officer. Over time, the accounting department gradually evolves into more of a financial department. As your family business grows in size and complexity there is an increasing need to go beyond just reporting the numbers, and the need to analyze the financial results in a manner to be acted on. (read more)