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The 2020 Penn Mutual family business survey identified the underperformance of family employees (and over-involvement of non-employee family members) as a “top 3” challenge. Employees begrudge working with non-productive, entitled family members; family members with no outside experience who abuse the privilege of ownership, and; family members with a weak work ethic. Yet, 88% of […]
Director retention under normal circumstances is generally planned and predictable. When the business is unexpectedly impacted by a negative scenario, retention will become an issue despite what board members tell you in advance. Directors carry varying tolerance for and exposure to risk. As uncertainty rises in the business directors will step down. Typical reasons include […]
The Case for Planned Business Transitions Retirement is a top ten most stressful life event. It is right up there with death, imprisonment, and divorce. Still, fewer than 30% of business owners have an exit plan, and almost half (48%) incur an “unplanned” retirement (meaning a health crisis) forcing them out. Given these striking statistics, […]
[Board members] hold management accountable for articulating and realizing a vision and business strategy that is in line with the values and mission set forth by the family. Mark R. Richards Family businesses thinking about a fiduciary board get concerned about “losing control”. This is a misconception unless the owner is transferring control to the […]