While 77% of surveyed family businesses reported that they have conflicts among family members, just 13% of those businesses have a conflict resolution process in place.[1] No matter how professional the business side of a family business looks, the family side can get messy. Much is...
In today’s crowded marketplace, purpose is a great way to get noticed. It differentiates you from your competitors. It communicates your values. And it creates meaning. But when it comes to a family business, the purpose is only valuable if it’s a shared purpose. Why do...
There’s a big shift coming. Half of Canadian first-generation businesses expect that the next generation will be taking the reins over the next five years. Yet only about one-third of Canadian family businesses have a formal succession plan in place.[1] The road to that succession plan can...
Family businesses can be complicated. With many egos at play and a wide array of unspoken assumptions, it’s sometimes best to get things in writing. Enter: A formal employment policy. Some of your family members may think of your business as their fallback career path. If they...
We all love to tell stories. Stories help us make sense of the world and our place in it. We tell stories of how our parents met and started their life together. We tell stories of how we chose our course of study or started our...
Life can be stressful. The family business is where it all comes together: family pressures, ownership demands and business needs. When planning for the future, understanding the intersection between these three segments can lead to a different perspective on managing these needs, as well as...
The data shows that only 30% of family businesses survive into the second generation. Businesses fail regularly, whether because of a faulty business model, a lack of capital, or even the wrong kind of marketing. Yet when a family wants to create financial stability for its...
According to Statistics Canada, women live nearly five years longer than men do on average.[1] They also have higher rates of disability and they may have earned less than men during their working years. They will also have different questions to answer and challenges to address...
It can be a challenge to be responsible for all the decisions. That’s why a shareholder agreement can be so valuable in a private company. In a large corporation, the typical shareholder agreement forces the directors to defer certain issues to the shareholders for approval or...
Sometimes a small business built between two partners happens by accident. Maybe it started in your parents’ basement and it became your career over decades of hard work. Maybe it was a burst of inspiration over lunch one day that developed into a brand new...