The long term success and failure of a Family Firm and its members are directly related to how financially knowledgable its members are. In this article, I look at what families should take into consideration when it comes to money and responsibility across generations. David Harland – Executive Chairman If you took a moment to think about it, how financially literate are the members of your family? Another way to think about it is this: are your family members prepared to be good stewards of your family’s current and future wealth? Financial literacy is the ability to understand financial con ..read more

Excellent Family Governance has played a key part in successful family firms for generations. It is those families who control one or more Businesses “Families in Business” that typically seeks out this best practice. Family governance is a framework for the family to plan and lead together as a team, separate to, although in the context of managing the family financial capital. David Harland – Family Business Facilitator-Consultant As families and businesses financial capital grow, development of family governance structures becomes critical to effectively managing the family wealth and legac ..read more

The success of any business depends on productive, healthy relationships within that business. For family businesses, this can be more of a challenge than it is for most other businesses. The relationship dynamics can develop over generations and problems can persist for many years without being resolved. The following are some of the steps you can take to improve relationships within a family business: 1. Take the Long View It helps to view relationships within a family business as dynamic and evolving. Challenges can then be viewed as a form of growing pain that need to be managed, rather th ..read more

While the unique dynamics of a family business provide many benefits, they also create a few challenges. One of the most significant is the difficulty that comes with talking about the future. Conversations about dispute resolution and succession planning can be hard for any business. Add in the complexity of family politics and relationships, and they become almost impossible. Not having a clear plan for the future affects all areas of the business. In our experience, one of the best ways to address this is to develop a family constitution. What is a family constitution? A family constitution ..read more

The holidays are a time for family – that may be a cliché, but it’s a cliché for a reason. For many of us, this time of year is dominated by family gatherings and moments to connect with our loved ones. For family businesses, the holidays provide a unique opportunity to focus on the family, outside of the context of the business. More than just a chance to catch up, coming together as a family is an opportunity to reflect on your shared history and values. It’s also an important vehicle for ensuring these integral parts of the family identity are passed on to future generations. The importance ..read more

Operating a family business has many challenges, from deciding on legacy issues to managing the complex interdependence of the family unit with the commercial world; David Harland, FINH. We have thoroughly enjoyed Tom McCullough & Keith Whitaker’s view on the challenges that families of significant wealth face in their book and accompanying podcast “The Wealth of Wisdom”. In it they offer essential guidance and tools to answer the “Top 50 Questions Wealthy Families Ask”. It inspired my team to compile and address the Top 3 Questions Family Businesses Ask, gathered from our twenty years wor ..read more

Leadership is an elusive skill – one that many businesses spend a lot of time and energy trying to develop. It is also a critical function that can determine a business’s ability to survive and thrive. This is particularly true for family businesses, the dynamics of which create a unique mix of challenges and opportunities. In a 2003 interview, family business guru and co-founder of The Family Business Consulting Group, John Ward, described leadership in family businesses as: ”It’s multi-faceted and it’s often all mixed up. It can take strange forms as structures are often invented to help th ..read more

In an article for Quartz at Work EY’s Carrie Hall writes, “At a time when gender parity remains elusive at all levels of business management, family firms are especially compelling options for women who aspire to lead…”. What is Happening in Family Businesses? Women Leaders Are Being Promoted (Globally) Referring to the EY global family survey, Carrie Hall continues, “the world’s largest, longest-lasting family businesses are advancing women, including non-family members, further and faster than their non-family counterparts”. This is a bold statement, given that women make up at least 40% of ..read more

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