The Politics of Trying to Work With Relatives
Delaware Business Review
by Howard H. Simon, CPA and Jill R. Lock
Simon Master & Sidlow, P.A.
Relatives working in a family business can help the company flourish if certain considerations are given.By adhering to certain rules and guidelines both the relative and the business have a better opportunity to prosper.
When hiring a relative, certain rules must be set and enforced at the onset.The rules should be stated clearly, communicated honestly and applied fairly to all relatives.
The formation of the guidelines depends upon the family’s philosophy, mission, size, industry and resources available.Those guidelines must be consistent with the family’s values. More…
Women Reach the Top at more Family Firms
by Edward Taylor
Staff Reporter of The Wall Street Journal
This article is reprinted by permission from StartupJournal.com.
As chief executive of Swedish forklift truck manufacturer Atlet AB, Marianne Nilson is one of a growing number of women who hold key positions in their family firms.
“The dynastic model of succession, where the business is passed on to the eldest son, seems to be fading,” says Jozef Lievens, a partner at Belgian law firm Ebilius Lawyers, and founder of the Belgian Family Institute, a nonprofit organization that provides training and education for family businesses. “We see a growing tendency for daughters to take over the firm — or even entire teams of siblings.”
A 1997 survey of 3,000 family firms conducted by Mass Mutual in the U.S. showed that the number of female chief executives was set to rise, with 25% of respondents saying their next CEO would be a woman. A similar trend is evident in Europe, Mr. Lievens says. More…