What do we Owe Our Children?

What do we Owe Our Children?

Money isn’t the Primary Issue.With a Commitment to one another’s Growth and Happiness, Business Families will Thrive

by Henry D. Lanes

One way of approaching compensation “the elephant in the living room” that too often doesn’t get talked about is to think of parents in a family business as wearing three hats: those of family leaders, business managers and business owners.

What’s the real bottom line for parents who head up a business family? Perhaps a story will help.

A tourist was admiring the beautiful farms of Lancaster County, Pa. Curious about the crops, the man spied an Amish farmer by the side of the road, stopped his car, got out and asked the farmer, “What are you growing here?” More…

Should Family be Employed in the Family Business?

Should Family be Employed in the Family Business?

by Craig E. Aronoff, Ph.D.
Co-Founder and Principle of the Family Business Consulting Group

A large, well-known, successful family business’s fourth generation was hard at work developing the policies and processes that would help them continue their legacy.Issues related to governance, wealth, philanthropy and leadership were the subject of task force reports.The group embraced its mission and the process with fervor.

The specific matter on the table dealt with a family employment policy.The idea was to develop a process that would maximize the probability that the family’s best and brightest would lead the business in the future.One cousin, the head of one of the company’s divisions, interjected a new thought:perhaps the business would be better off under family control but without family employees.Perhaps rather than encourage family involvement, we should discourage or even ban family members from seeking careers in the business, he posited. More…