An advice columnist for Toronto Star gives advice on family business succession, advocating for adult children to accept their parents’ rightful efforts at fairness in dividing their assets.read more
Two components are critical to the longevity of a business: Succession of the business from one generation to the next, and succession of the key management.
Wealth contains the seeds of its own destruction. Malcolm Gladwell writes that a family can accumulate a certain amount of wealth – up to a point. Beyond that point, the ambition of the next generation diminishes, often rapidly, much like a tipping point.
Having the right people, in the right place, at the right time, and with the right training, is one of the biggest challenges facing any business, including family-owned businesses.
While good communications does not eliminate conflict, it can help reduce the risk of conflict.
This book will help HR managers and founders/owners develop a formal process within the company and also provide insights from family firms on how to manage sensitive topics ranging from family member compensation; family member appraisal, etc., and serves as a guide to HR managers struggling to get a "seat at the table" in family firms.