Contingency Planning – If Disaster Strikes Are You Ready?

 

Learning to anticipate common family business issues can avert a future crisis

Usually we think of a founder’s health, or worse, death, when we think of contingency planning in a family business crisis. But reading the recent news there are other situations that can affect us almost as much.

FERGUSON, MISSOURI “IT’S A WAR ZONE OUT THERE”

How would your business continue to operate if there was civil unrest in your town. It doesn’t even need to be your location that is affected but a major market where your customers are.

DEMOULA’S MARKET BASKET FAMILY FEUD: COMPANY BOYCOTT

What happens when the conflict between two sides of a family escalates to the point of a work stoppage and customer boycott. In the Demoula’s case the employees and customers supported a boycott of the company when the board changed family management.

How Would Your Family Business Cope in a Crisis?

The above examples are extreme and not likely to happen in your family business. More likely your issues will involve the health of the founder, family conflict or a financial event.

The key is to identify, anticipate, and contingency plan for family business crises in advance. More…

Turning Sibling Rivalries into a Positive Force for Business Success

Turning Sibling Rivalries into a Positive Force for Business SuccessNortheastern University

Family Business Quarterly

“When sibling relationships are going well, they can be the most wonderful thing in a business. When they are not, they can mean the end of the business.”

That observation by Shari Wyner Narva, a consultant with Genus Resources Inc. of Needham, Massachusetts, wasn’t disputed by any of the sixty or so attendees at a recent session of the Northeastern University Center for Family Business on “How Relatives Relate: Siblings in Business Together.” Narva presided over a panel consisting of two sets of siblings from family businesses: Matthew and Andrew Hayes of Bernett Research Services and John and Brendan McSheffrey of MIJA/Bestek. More…