While good communications does not eliminate conflict, it can help reduce the risk of conflict.read more
f your business hires entry-level employees, this environment may present a great opportunity for your children to learn about the family business from the ground up. Only then can they appreciate the challenges, breakthroughs and corporate goals and objectives of the business that they could one day own.
In many families where one company has put food on the table, kids through college, and pools in the backyard, there would be pressure for younger generations to follow in those footsteps. In my case, while my father and his sister worked for the business (with my aunt now serving as CEO), there was never any pressure or even encouragement for me, my brother, or my aunt’s daughter to come on board.
Even though most of the companies we studied changed top management and growth stages together, other companies showed one transitional change at a time. A stagnant company can get that way when the older generation gives way to the younger without any company transition. The Quinn Company was one of these.
Many people are surprised to discover that while family-owned businesses make up 95 percent of all businesses in the United States, less than 40 percent have survived the transition to the second generation and a paltry 15 percent to the third.
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.