family business internship

Internship Interrupted: Preserving the Value of a Summer Internship in Today’s Pandemic Reality

Preparing the next generation (Next Gen) is a critical step on the path to succession in a family business. There are many ways to create development opportunities, starting with exposure in “small bites” from a young age, in age- and stage-appropriate ways. Think: formal education programs, or spending time in the proverbial “mailroom” (or its equivalent), or accompanying a family member on a job, and more.

One steadfast and valuable method to expose the Next Gen to business has been internships, typically starting in high school or college. Summer learning opportunities develop younger family members’ individual capabilities, create important connection or “glue” to the business and other team or family members, and critically, build a bridge for enterprise continuity[1].

The National Association of Colleges and Employers collected data from companies with internship programs and published their results in mid-April of this year. Sixteen percent of respondents revoked summer internship offers, 23% planned to rescind them, and 39% planned to move internships online[2]. Other companies are delaying internships’ start[3]. More…

When is it Time to Bring a CFO Into the Family Business?

“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. More…