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 [...]
A successful family business can provide opportunities to all who are associated with the owners or viewed as family. History has proven, the odds of family business success through multiple generations dwindles with every ownership transition. However; where many family businesses have failed, there have also been many family businesses [...]
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 [...]
Like many of you, I work alongside a mixture of blood-related family and long-term loyal employees. We are all juggling to try to take the time to “enjoy” the holidays, closing the year off on a high, building strategies for next year, and wondering if or when we will find a breath. It is [...]
The holidays can bring about a mixture of happy and sad emotions. Entrepreneurial-owned businesses are unique in that your business is a family business. You may employ those related to you by blood and employ loyal people you have grown to care about beyond just dollars and cents. With a family business environment, mismatched [...]
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 [...]
A hornets’ nest or even a beehive from afar appears to buzz with activity. It’s quite interesting to watch nature in action, which ironically is very similar to families and working in a family business. There are roles each individual plays and a set of standard operating procedures that allow [...]
Whether directly or indirectly, family dynamics impact the business' ability to be successful, profitable, and, very importantly, scalable. Whether blood-related or not, how family influences business decisions is either an asset or a liability to your culture. Family comes in those blood-related to the owner, key leaders, and even extended family. Creating boundaries early [...]
The focus for this installment of “Dear Dr. Merlot” is Family Governance. Family Governance policies are the first step to create boundaries between the family and the business. The specific question we will cover from Loyd's book Family Business Heartburn Relief: Answers to Gut-Grinding Family Business Questions is: How do the [...]
