Determining Family Compensation
Over the years I've witnessed a number of family business members work for a very low wage in anticipation of a financial or farmland windfall at some later point in their career. They are promised...
Articles
How to Fire a Family Member
June 18, 2012 in Management Issues in Family Business
In the family business, firing a family member may not make you more popular, but if everyone knows that a particular family member needs to go, actually letting them go may provide a significant...
War and Peace in the Family Business
May 18, 2012 in Conflict Resolution and Communication in Family Business
Years ago I facilitated a family business meeting in which two of the ownerbrothers started yelling at one another, then stood up, got in each other's face and almost threw punches. While probably...
Marketing Your Family Business Consultancy Through the CPA Portal
May 18, 2012
Over the years many studies have shown that family businesses tend to trust their accountants above all other advisors.
Three Post-Tax Season Priorities
May 18, 2012
With tax season finally over, you can see the light. So the last thing you may want to read is an article about what you should do after tax season -at least beyond your firm's aftertaxseason party...
Senior Partners Exit Strategy
March 18, 2012 in Succession and Estate Planning
At 52, youthful Jeff Topp and wife Jan prepare for a surprising second act: Instead of the hectic daily duties managing the family's grain elevator, 19,000 acres, seven crops and commercial and...
Get the Right Stuff in Family Transition
December 18, 2011 in Management Issues in Family Business
A few weeks ago, I moderated a breakout session at DTN's annual Ag Summit where two members of Lenz Farms of Wray, Colo., described their family farm's "boot camp" for beginners. With eight partners...
Advice for an Amicable Breakup
November 18, 2011 in Conflict Resolution and Communication in Family Business
If you follow any of my past articles, you'll see that I seem predisposed to keeping the family business intact. Sometimes, however, it seems too difficult to keep it together. Family history,...
The Consequences of Unresolved Conflict
October 18, 2011 in Conflict Resolution and Communication in Family Business
While working on the family farm one summer, my grandmother asked me why our family -- meaning my father and his siblings -- couldn't get along like the family who lived up the road from our ranch. I...
Scout Your Team's Talent
September 18, 2011 in Management Issues in Family Business
Many business owners say that their people are their most valuable asset. Without family members, business partners, and good employees possessing a range of talents, the business cannot grow or...
