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What is Family Business Succession Planning?

“True success comes only when every generation continues to develop the next generation”. – John Maxwell Many family businesses look at succession planning as an event when the founder finally hands over the reins of the family business to his/her next generation. However, Succession Planning, in reality, is not a one-time event, but a continuous…
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Effective Communication in the Family Business

Among the typical problems that plague Family Businesses Poor Communication is at the core. One of the main reason and sometimes the # 1 reason why Family Business don't last beyond the Second Generation is due to lack of effective communication. Good communication lays the foundation of all trust based relationships and partnerships. Communication is…
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Keys to Writing Your Family Constitution

Keys to Writing Your Family Constitution The four important steps to creating and maintaining a Family Constitution: 1. Create a Family Mission statement: The Family Constitution should begin with a personalized Mission statement. This should be based on your family's skills, abilities, Values, and dreams. This exercise should also be useful in finding out the…
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