My mother and I lived in this home for 48 years. When all of my siblings escaped and made lives for themselves, I was left behind to help keep up the house.
Reflecting on 25 years of marriage to his wife, Carol, Pastor Bob Kraning shares his insights on what it takes to cultivate a great relationship with your spouse that will last a lifetime. Part 1 of 2. Body image issues and eating disorders are rooted in cultural messages — so how can we help our kids overcome them? Children and teens in foster care deserve a voice in court. To cooperate with the Holy Spirit in sharing the Gospel www outofthefamily Jesus Christ with as many people as possible by nurturing and defending the God-ordained institution of the family and promoting biblical truths worldwide.
Family businesses are often the pride and joy of the entrepreneurs who created them — especially if the business has flourished and has been passed down for multiple generations. Some of the reasons many family businesses run into conflict are over:. So with all these possible issues of contention, how can a family successfully run a family business without the family baggage? Here are some options to consider implementing:. Business succession planning is a highly complex area of law.
If you have any questions regarding your family-owned business, please contact the experienced business attorneys at Lonich Patton Ehrlich Policastri for further information. The attorneys at Lonich Patton Ehrlich Policastri have decades of experience handling complex business succession matters and we are happy to offer you a free consultation.
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All rights reserved. Some of the reasons many family businesses run into conflict are over: Company Resources: Money, money, money. Historically heralded as the root of all evil, money is often at the root of all family business troubles.
Resources are limited and folks must be compensated, leaving plenty of opportunity to squabble over nickels and dimes. Company Strategy: Strategy is a substantial part of running a successful business. Without a similar outlook with regard to strategy, the business will remain at a standstill.
Sometimes, discussions regarding strategy will cause disputes because one family member may believe that Strategy A is the best course of business, whereas another family member vehemently believes that Strategy B is far superior. Company Values: Often times, interests and values will change over time, and family members from different generations will value different aspects of the business. Family members running a family business must have the same outlook for the company and aim to reach the same goals.
Otherwise, the business will remain stagnant until these differences are resolved. Company Rivalry: Just like sibling rivalry is very real, so are rivalries within a family business — so much so that the best interests of a company can take a backseat to upstaging a competing family member.
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Here are some options to consider implementing: Appoint independent directors: Having independent directors will ensure that someone with an objective perspective is monitoring the family and offsetting any improper family influences. The family will monitor management, and this independent third party will monitor the family. Specifically include shareholder sand those who influence the decision-makers. Evaluate performances: By evaluating performances, the business can have an objective look at how employees are performing or not performing. This ensures that employees are promoted and compensated not for their familial relationships, but for their commendable performance.
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Talk to a professional: Have a professional evaluate your family business — perhaps they can help your family build a business succession plan and help resolve other issues involved in your family business. Protecting the Hand-Me-Down Business. Leave a Reply Want to the discussion? Feel free to contribute! Link to: .