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…
The Key Issues that Can
Help Family Businesses Gain Control
of Sibling Rivalries
by Thomas Davidow and Richard Narva
Old soldiers, General Douglas MacArthur once remarked, “don’t die, they just fade away.”
Not so sibling rivalries. They have been around since the beginning of mankind–related most memorably in the biblical narratives of Cain and Abel and that of Joseph, his brothers, and the coat of many colors. And they can create nearly as much havoc in today’s family businesses as they did in the biblical tales. Some family businesses have been literally torn apart by the intensity of feelings created when one sibling feels neglected or rejected, and proceeds to walk out on the family business or go to court in search of vengeance or justice.
Family businesses can never realistically expect to completely rid themselves of problems created by sibling rivalries. The best that family businesses can hope to accomplish is to minimize the conflicts. More…