Family Business Succession takes a lot of Planning

By | March 20, 2018|Family Business|

Experts estimated that there are 5.5 million family businesses in the United States that contribute $8.3 trillion to the economy, employ 63 percent of the workforce and account for 57 percent of U.S. gross domestic product and 78 percent of new job creation. But Anne Smart, director of The Family Business Center of the Quinlan [...]

St. Helena’s CK Mondavi and Family introduces Fourth Generation

By | March 20, 2018|Family Business|

On Monday, C. Mondavi & Family announced that the next generation of the Mondavi family is officially increasing its involvement in the family’s business. This increased involvement focuses on the CK Mondavi and Family brand with the inclusion of this fourth generation as shareholders in the family owned company. In June 2017 it added members [...]

How to Keep the Entrepreneurial Drive in a Growing Family Business

By | March 13, 2018|Family Business|

Economist Joseph Schumpeter famously identified owner-entrepreneurs as key enablers of economic development. But, once entrepreneurial companies evolve into family firms, can they maintain that positive role in society? Family-owned businesses are often portrayed as the engine of the private sector—pointing at advantages such as faster decision making, a more integrated management style, long-term mindset or [...]

Millennials in the workforce: Do family businesses need to worry?

By | March 5, 2018|Family Business|

How to attract, select and retain talent is a challenge for both family and nonfamily businesses but even more so in family businesses because of the complexity of the intertwined relationship between the family and the business systems. Millennials have surpassed the previous generation in the workforce in the United States. Do businesses need to [...]

The Rise and Rise of Family Firms

By | February 26, 2018|Family Business|

Though late on the scene, standalone family firms have established themselves as formidable players This article was first published in Forbes India magazine, Issue: March 02, 2018; Authors: Kavil Ramachandran and Nupur Pavan Bang The year 1991 ushered in a new dawn for the Indian economy with economic reforms across sectors. The entrepreneurial spirit [...]

Future-Proofing A Family Business: The Art of Drafting Family Constitutions

By | February 20, 2018|Family Business|

Family firms usually start out as simple organizations. But as they develop and grow they face greater complexities and challenges, often leading to tensions among the owning family over how they run the firm together. A common solution is to develop a family constitution outlining the values, principles and procedures that the family agrees to [...]

Planning for Family Business Longevity in Three Steps

By | February 20, 2018|Family Business|

In family businesses, family assets are the unique and often intangible contributions that only families can bring to their firms and are essential to their identities. Long-lived family firms always need to identify and develop those unique family assets that have been sustained and enhanced by each generation of the family. However, as these firms [...]

What America’s family-owned businesses have learned from the German Mittelstand

By | February 9, 2018|Family Business|

Germany has a long culture of family-owned and privately held businesses, the so-called Mittelstand. These businesses typically have long-term growth goals and try to align commercial goals with the interests of their employees and other stakeholders, including the communities where they are located. Germans are understandably proud of their Mittelstand. The flip side of this [...]

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