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…

Entering the Family Business – Working Your Way Up or Landing in Management

Hazing in the Family Business

I’ll never forget my first day in our family business when I had completed my morning shift and took a break for lunch.  The warehouse manager asked me if my father was going to take me out for the customary steak lunch for all new hires.  I went upstairs, walked into my father’s office and told him I was ready to go for my steak lunch. He looked at me with a confused stare and told me he never takes a new employee out for lunch on the first day. His confused stare was only matched by the laughter of the warehouse manager when I returned to my post after lunch. I realized I had been hazed by the warehouse manager as part of the ritual for new employees.

What job positions do family members assume when they first enter the family business?

Some of us come in at the bottom of the organization chart in a line position and work their way up, while others land into management level positions and take control more quickly. Here are some of the differences: More…