Owning a business in this highly competitive market is complex. Add in the relational dynamics of partnering with a sibling, parent, cousin, spouse, child, or friend, and the complexities multiply. Studies show 70 percent of businesses with family involved fail or are sold in the second generation, and just 10 percent of companies survive [...]
Summer months often mean vacations with family. Family may be business partners, employees, or those who influence business decisions as a life partner, husband, or wife. The difference between a productive dialogue and a blowout conflict often boils down to choice and awareness on both sides. Timing, environment, preparation, and other dynamics influence an [...]
It can be easy to get lost in a family business. Not knowing who you are and what you want to from what the family, key leaders, and anyone who has an opinion or stake in your or the business's future. Constant conflict or shutting down to what you want [...]
Multi-unit franchising provides the opportunity to build something, be your own boss, and generate opportunities for others. As you design your business strategy, recruit your team, create your culture and string one success after another, it becomes easy to reflect on those who help build your business as family. Families are diverse; they come [...]
Kendall Rawls is filling in for Dr. Merlot to answer questions he has received from family business owners across the country. Before we get started, you may be wondering who is this Dr. Merlot Dude? The Doc is the straight-talking alter ego of Loyd Rawls, who is the founder of The [...]
When it comes to the season of family, otherwise known as “The Holidays” it is common to experience fear and anxiety. We all want it to be like the best holiday movies, but the reality isn't a hallmark movie. There is a secret to creating a happy holiday, or season [...]
Hornet nests and beehives buzz with efficiency and productivity. How they operate is similar to many families and family businesses. First, each bee plays a specific role, which is either a drone or worker bee. Then, you have the Queen bee, who sets the tone of the hive and determines the role of each [...]
When your family are employees, understanding how much to pay them is complex. There are no secrets within a business. Believe it or not, your employees will find out if a family member is being overpaid and resent them (and you). Family in the business have formidable challenges just doing their job and earning [...]
Behaviors and attitudes extend beyond the business. How you treat people correlates to their positive or negative involvement with you, your business, and your brand. Following are simple questions to identify the impressions you are creating: Have you created a culture where everyone is encouraged, respected, and provided growth opportunities? Do family dynamics enter [...]
Determining how to pay your children, nieces/nephews, cousins, siblings, uncles, parents, etc can be a complex endeavor, but it also can be simple and straightforward. Dan Schneider; a succession planner with The Rawls Group is filling in for Dr. Merlot to answer questions he has received from family business owners [...]
