Many family businesses are owned, managed, and operated by members of the same family. While this form of business ownership can offer many benefits to the owners, it can also bring unique challenges. This is where a board of directors and/or advisors can come in handy. Let’s explore the benefits…
Succession planning is a big part of running a family business. It is important to have an effective plan in place for when the current top leader steps down, so that the company can continue to run smoothly and successfully. However, succession planning is not just about managing the business—it…
What are the biggest advantages to working for a family-owned business? Family-owned businesses are a vital part of the global economy, accounting for approximately 80% of all businesses worldwide. These businesses offer numerous advantages over other forms of business ownership, making them an attractive option for job seekers. In this…
Family businesses are a critical part of the global economy. Their impact has been an integral part of the global economy, providing a wide range of goods and services, creating jobs, and stimulating economic growth. They account for more than 80 percent of all businesses and generate over 50 percent…
What do you think of when you think of a family business? To some, the term family business may bring to mind a small hardware store, a moving service or a local restaurant. Oftentimes you’ll spot these family businesses by name alone. Names such as “Bowman Stove”, “Pete and Sons”,…
People do not like to be stagnant in their job. They want appropriate challenges to keep them engaged. They want growth opportunities to give them something to work towards and feel the reward of accomplishment. Employees with no opportunities for growth get bored and bored employees leave to find something…
Compensation packages have changed a lot in the last few decades. Salary is just one element of that change. Thinking in terms of the total compensation package is the first step to updating your approach to this subject. What is now offered as monetary and non-monetary benefits covers a broad…
Flexible work options are a big deal – a really big deal – in attracting and retaining your employees. What flexibility looks like to your company may be very different from a company in a different industry or different size. If you think there’s no way to offer flexible options,…
Despite what your coworkers – or kids – think, you can run a successful business wearing clothes that are no longer in style. You can’t, however, run a successful business with attraction and retention methods that are left over from a previous decade. Hiring and retention trends have changed, and…
