How to Transition Out of a Family Business Without Damaging Relationships or Legacy
Leaving a family business is rarely about walking away from a job. It’s about letting go of identity, authority, and responsibility, often assumed to be done all at once. For founders, long-tenured leaders, and senior family members, transitioning out of a family business can feel more difficult than starting it. The business carries history, sacrifice, […]
Succession Planning for a Multi-Generational Family Businesses
For family businesses, succession planning often feels like something that can wait. There are customers to serve, payroll to meet, and day-to-day decisions that leave little room for long-term planning. In many cases, the business is so closely tied to one person that imagining life after their leadership feels uncomfortable, or even disloyal. Yet this […]
Should Family Members Be on the Board of Directors?
It is one of the most consequential governance structure questions a family business will ever face, and one of the easiest to answer without enough thought. In many families, board participation feels like a natural extension of ownership or legacy. In others, it raises concerns about objectivity and accountability. The reality is that family members […]
How to Prepare the Next Generation for a Family Business
Building a successful business is an accomplishment.Preparing the next generation to lead it is a responsibility. Every multi-generational family business eventually faces the same reality: leadership will change. What determines success is not when that change happens, but how intentionally the family prepared for it. Too many families delay preparation until succession planning becomes urgent. […]
Decision-Making in a Family Business: Why Authority and Clarity Matter
Decision-making in a family business works best when authority, accountability, and governance create clarity and trust.
The Role of Respect in Leadership and Legacy
There’s no legacy without mutual respect. Every possible path forward will only succeed if there is true, honest respect among all the constituents: management, owners, and family members. Respect is near and dear to my heart. It helped heal wounds of communication in my family and it powers my work and relationships. In my book […]
Governance as a Key to Building Legacy
Building a legacy in a family business requires more than just passion—it demands an effective governance structure. Yet, only 40% of family-owned businesses reach the second generation. This post explores how a well-defined governance framework can help navigate generational changes, mitigate conflicts, and ensure long-term success. Learn why governance isn’t just for outsiders, but a vital component to managing the business and fostering growth across generations.
Stop the Screaming – Navigating Conflict in Family Business
Building a family business is challenging, but turning it into a lasting legacy is even harder. Family businesses face unique conflicts—Purpose, Direction, and Legacy—that must be addressed to ensure long-term success. In this post, we dive into these conflicts and offer insights on how leadership, generational engagement, and clear communication can help family businesses navigate these obstacles and create a sustainable legacy.
The Power of Legacy
The oldest continuously operating business in the world is family-owned and family-run. Nishiyama Onsen Keiunkan, a hot springs hotel in Japan, has been managed and nurtured by the Mahito family for 52 generations. In this post, we explore the unique challenges of family-run businesses and the importance of creating a legacy that can endure for generations. What does your legacy look like, and how can you ensure that your business continues to thrive for future generations?