In any family business, with the next generation begins to take the reins, a fresh flow of ideas and innovation is bound to take place.
While conventional wisdom discourages small business owners from hiring members of the same family, there are actually smart and strategic reasons to do so — but there are still drawbacks to consider. Here's what you should know about hiring employees who are family members.
Each family needs to establish common values and consult wealth advisors together with heirs to prevent future misunderstandings, and thereby realize a smoother generational wealth transfer.
Diversification, when done correctly, can grant a business a certain relief when it comes to withstanding crises and global financial and professional turmoil. As tough as diversifying may be, every leader who is averting their eyes off it is exposing their team and business to risks, especially with the global market changing rapidly.
In this episode, "Mexican Mom" Gina Antimo and her husband Jaime Reverté share how they foster a welcoming, family-like environment in their restaurant through customer service and authentic food.
It can be tempting to assume the next generation is ready to take over your company and allow you to enjoy your twilight years, but you must ensure they have time to develop skills and realize their identity.
A 4th-Generation CEO Reveals How to Avoid 'Succession''s All-Too-Real Dysfunction in Your Own Business — Family-Run or Not
Julie Charlestein, CEO of Premier Dental Products Company, shares four essential tips for a successful leadership switch-up.
What Family Businesses Need To Know About The New Legal Framework Governing Their Operations In The UAE
Only around 10 to 15% of family businesses in the UAE make it to the third generation.
Families with a clear long-term strategy in place fared better than those without, and the need for a formalized family governance is more evident than ever.
Based on my experience working with and counseling the real-life Logan Roys of the world, here are five lessons the Roy family could benefit from learning.
The case for starting a family business and suggestions on how to mix the two for the best possible outcome.
There are a number of very good reasons why your children should not inherit your business.
A 400-Year-Old Family Business Remains the 'Gold Standard' in Its Category — Its First Women Leaders Reveal the Secret
Executive chair and president Craigie Zildjian became the company's first woman leader in 1990. Today, she's preparing her niece Cady to uphold the legacy.
The hit show is just the frosted tip of what Carlo's Bakery has grown to be.
Working with your spouse can be challenging, but more often than not, it's so rewarding. Here's what I've learned and experienced co-founding and running a business with my husband.