Family Business Coaches Others on Survival

Family Business Coaches Others on Survival

by Elena Cherney
Staff Reporter of The Wall Street Journal

This article is reprinted by permission from StartupJournal.com.

Few people know better than Philippe de Gaspe Beaubien the perils of trying to pass a family business down through the generations.

For 11 generations, his ancestors traded fur, brewed beer, baked biscuits and traded stocks in Quebec. But none of their businesses stayed in the family for more than two generations.

Mr. de Gaspe Beaubien, 72 years old, and his wife, Nan-b, 65, vowed decades ago to have better luck in building their Montreal publishing and broadcasting company, Telemedia Inc., into a multigenerational enterprise. So they sought what little expert advice was then available on running a family business. They interviewed families around the world about their own experiences. And two years ago, they passed control of Telemedia to their three children. Their two sons now run the company. More…

Keeping the Family Business Healthy: Four Keys to Success

Keeping the Family Business Healthy:
Four Keys to Success

by Karen Vinton

Family business plays a major role in our economy. It is estimated that over 90% of all businesses are family-owned or controlled. These businesses contribute almost 50% of our nation’s GNP. Yet what are the typical stereotypes that surround these businesses? We frequently think of “Mom and Pop” stores, the undeserving child who inherits the business, the family squabbles which end up in court, and family businesses as portrayed on TV and in movies (Bonanza, Dynasty, etc.).

Many of these stereotypes tend to be very negative and may lead us to make wrong decisions about our own family businesses. In fact, some consultants and business experts say the way to “save” a family business is to take the “family” out of the business! But is this practical advise?? NO!!! More…