You’re Never Too Big For a Successful Culture Change

You’re Never Too Big For a Successful Culture ChangeNortheastern University

Family Business Quarterly

Northeastern University center for Family Business

The Northeastern University College of Business Administration CEO Forum and the Center for Family Business were honored to have Carol Lavin Bernick as the featured speaker at a recent joint meeting. She and her husband, Howard, run Alberto-Culver Company, the $2.9 billion public company that Carols parents founded in 1955 and turned over to the new generation of management in 1994.

In her presentation titled “When Your Culture Needs a Makeover” Carol described the process of changing their corporate culture and its positive impact on the business. While many family business authors and researchers speak of the importance of sustaining culture in the face of transition, Carols experience was very different. More…

Meeting the Challenges of Succession in the Family Firm

Meeting the Challenges of Succession
in the Family Firm

by Thomas Davidow and Richard Narva

Succession from one generation to another does not happen by accident in a family-ownedbusiness.If you are interested in succession or the continuity of your business, you mustunderstand that planning for that continuity is the critical factor.We believe the failure toadequately address the topic of succession is the primary reason that only 30% of familybusinesses continue into the second generation and that only 10% more continue into the third.

Succession exists as an underlying issue in all family firms, playing a tremendously importantrole in the life of the family, as well as the life of the business.Yet owners and operators offamily enterprises rarely address succession, apparently because of its powerful psychologicalimplications, which can sometimes be overwhelming. More…