One of a series of vignettes from “It’s Not Mommy and Daddy’s Business Anymore”, a fictional snapshot of the Drummand family and the adventures of Drummand Electric. THE STORY Robert was proud of what his family business, Drummand Electric, had accomplished over the...
Family businesses are the engines that keep the vehicle of the global economy running. In the US, there are 32.4 family businesses (9.1 are multi-generational family businesses) that employ 59% of private sector workforce and produce 54% of private sector GDP. In...
Succession planning within a family business can be an incredibly challenging process very few are truly prepared to initiate let alone complete. Unlike some work tasks, succession planning is a complicated, often emotionally charged process that takes unwavering...
Family-owned businesses are much more than just the oldest form of economic organization. They may actually be the most important to today’s economy! According to the U.S. Bureau of the Census, about 90 percent of all businesses in America – roughly 5.5 million – are...
In virtually all families, assets will be transferred from one generation to the next. Yet when those assets carry significant monetary value, as is customary within wealthy families, inter-generational conflict can often arise and develop into a serious issue....
“Boys, we have to talk about Brody,” Barbara Drummand said to her sons. Robert turned to his brother Sinclair and rolled his eyes. Their Mom always took Dad’s side when it came to employee issues. As Vice President for Drummand Electrical Supply he felt his job was...
Well, despite bumbling up the entire process, at least King Lear was receptive to the idea of retirement. The King in our story was a long way off from contemplating retirement of any sort. And to be fair to him, once you meet the second generation, you might actually...
When I was 16 years old, I didn’t learn to drive stick shift from my father. Although I knew my father could drive a manual transmission, it was one of my friends whom I asked to teach me, whom I knew wouldn’t get upset with me for grinding the gears at first or...
This week we’re going to go over some old ground, and cover some things that are brand new to this space. There’s an “A-Ha Moment” involved, as well as a new way to attack an old problem. One thing most regular readers will recognize is that we’re once again visiting...
Business families, or “families in business”, as they’re often called, come in all shapes and sizes. Advisors who work with them, like me, sometimes have trouble agreeing on the labels that we should be using to identify this segment of society. Recently, a term...
The field of psychology is only 100 years old, and the field of Positive Psychology is about 25 years old. In 1998, executives at the American Psychological Association, led by Martin Seligman, realized they had a problem. Over 60% of the research to date focused on...
Pat Soldano opened the meeting by introducing representatives from family businesses and Family Business Centers in attendance. She then provided an overview of the Congressional Family Business Caucus, highlighting its unique role as a bipartisan Caucus aimed at...
According to PMSA (Pacific Merchant Shipping Association), the five big West Coast ports have lost volume – 702,083 fewer loads and empties were handled in January and February 2023 than in the same period pre-pandemic in 2019. This equates to close to a 16%...
As businesses continue to evolve and grow, it’s essential to have a marketing strategy that aligns with the overall business goals. However, not all businesses have the resources to hire a full-time marketing team, let alone the key figure in leading business growth –...