Welcome to NexGen Nexus' newest column, keeping you up-to-date on all things art market-related. I would argue that the last year wrought more changes to this sector than the entire last decade! On the auction front, there was the extraordinary dead-stop to sales at the start of the pandemic last Spring, followed by the quick adoption of […]
Originally Published Steve Legler Family Business Guide 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 […]
Originally published Steve Legler Family Legacy Guide 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 that’s been garnering some […]
If you have recently had any type of capital gain event…. If you appreciate tax efficiency… If you believe real estate values generally increase over time…. If you are interested in how all of this can dovetail with socially responsible investment… It may be worth your time to look seriously at Opportunity Zones, especially now […]
(by Richard M. Segal. This article originally appeared in Corp! Magazine, 3/19/2018) T.S. Eliot was a famed twentieth-century British poet known for insightful quotes. My personal favorite is: “This is the way the world ends, not with a bang, but a whimper.” Everything ends, and perhaps its corollary is that “change is inevitable.” So it goes […]
The main challenges of all family businesses are alike; still each family business is unique; so, families shall smash the myth of being disgraced. The hustle and bustle to build this emotional business, with all its tangible and intangible dynamics, and its particular evident order, characterized by agility, flexibility and resilience, should be considered as […]
by Meghan Juday (originally appeared on Familybusinessstrategygroup.com . Along with the family vision statement, shared values are one of the most important things a family can document. Identifying shared values allow a family to focus on what they have in common as it pertains to the family business. What shared family values are – and what […]
In the last post, we talked about where the money in your savings and checking accounts are parked. We also touched on credit cards that have a positive impact. But we’re just at the tip of the iceberg! Over the past few years, a dizzying number of ESG or impact-oriented investment products have emerged on […]
Ah…complexity. Like any business, those that are family-run have their own unique challenges. In particular, planning ahead for who will take the reins when the time comes to do so. Do you have your children vying to run your business? Maybe you have an “Empire” or “Dallas” type situation happening? Or perhaps you have a child who begrudgingly accepts running the business as in “Arrested Development”? Or maybe […]
One of our most common catch phrases these days is, “It’s not personal.” We all understand the words, and the obvious definition is that “it is not about you.” And that begs a question – who is it about then?
I recently heard Shankar Vedantam, NPR’s social science correspondent, talk about the effects of birth order on how children develop. No surprise, the segment got me thinking about how birth order plays out among siblings in family businesses.
Many families who own family businesses have conflict embedded in their culture.
Although family businesses are originally founded, built, and nurtured with courage, passion, love, persistence, full dedication and commitment, still, by time, different forms of fear permeate its layers. By time, fear becomes multi-dimensional and develops into different forms of resistance. The latter could hit all stakeholders, namely, individuals, groups and entities; so as to emerge across the […]
Despite and maybe even because of COVID, Opportunity Zones are front and center in the investment world. The wealthy have the ability to make long-lasting impact on our nation’s marginalized communities and to do so with unique financial benefits. If done right, investing in Opportunity Zones will be a win for all. Some Opportunity Zone […]
The offer of a first job is a major milestone for many young people. The moment they accept it is exciting, for it confirms their belief in their potential, an affirmation of their skills and talents, the beginning of financial independence and the opportunity to define themselves apart from their parents. For young adults who […]
Have you ever stopped to think about why you are working so hard, an existential enquiry?
Happy Washington's Birthday. As chief mentor of next-gen leaders, I’ve been reflecting on the extraordinary accomplishments and leadership of George Washington, hands-down one of the greatest military and political leaders in human history. In 1775, the American Revolutionary War against imperial Great Britain began. Washington was made Commander-in-Chief of the newly formed Continental Army. After […]
Estate planning is both a practical and emotional process. Often with children and inheritance the idea of when and how to give our money away can make us feel uneasy. It evokes various feelings and highlights our relationship with money, with our children and ourselves. Nonetheless, in today’s world, the complexities of estate planning require […]
FAMILY BUSINESS WOMEN: Work boundaries. Family boundaries. Family business boundaries? Help! (by Susanne Bransgrove)
If I were to ask everyone in my cycling group which behaviours were ok in the workplace and which ones weren’t, I would get a lot of different responses. Chances are, though, there would also be a lot of overlap. However, if I asked an auditorium full of family business members the same question, their responses would be much […]
DIGITAL TRANSFORMATION: Ambidexterity: the best way to strategize your family business (by Renata Barcelos)
Family business are constantly ‘accused’ of being slow on strategic decisions and oriented to personal interests. Well, of course, there are some examples like that, but they are not enough to allow us to generalize this perception. Following an evolutionary perspective, companies who have grown and sustained themselves for decades have to be especially good on […]
RESPONSIBLE INVESTING: Let your checking account by your Guide. A Call to Action. (By Logan Yonavjak)
In my last post, I described responsible investing broadly. I shared an orientation and some key definitions, a lay of the land, so to speak. We learned that there is no single approach to Responsible Investing, or a single term to describe it. Broadly, it’s an investment discipline that considers environmental, social and corporate governance to generate long-term competitive financial […]
Scholars, researchers and consultants agree on the uniqueness of the family business and its predominance in the world market. Despite this recognition, a wide void emerges as a legal and financial well-defined differentiated entity. Although, countless endeavors have been taken the road to draw up the right definition for the family business; some prevail family over business, or vice versa. […]
We were tied but poised to go on a 20-2 run of pure domination to start the second half. Then COVID killed the power. The game clock kept ticking but game play froze… If the Opportunity Zone (“OZ”) investment game were like a basketball game, that’s how things felt in early 2020. When COVID hit, player confidence and purpose gave way to fear and apprehension: It can’t stay dark forever can it? Have the rules changed? Today, savvy players are still moving slowly around the dimly-lit floor getting in position for […]
"Dr. Lami this has gotten way out of hand!" said Joel, the 3rd brother amongst the four brothers sitting in my office. “I cannot say anything to Max without him bringing up the past into our conversations and shoving it in my face. I am the CEO now and he keeps reminding me of things that I said or did […]
Since 1971, Martin Luther King Jr. Day has been celebrated in the United States to commemorate the life, work, and tragic untimely death of the Reverend Dr. Martin Luther King Jr. The holiday provides us with an opportunity to reflect on Dr. King’s myriad contributions to American and global society in the pursuits of racial, […]
Hi, my name is Renata Barcelos and used to be a family successor of a medium size company from Brazil. But this is not the why I am here, writing for you. I am sharing my ideas in here because myself, as some of you, had a very difficult time in the family business. Difficult […]
It is a term coined by Dave Ramsey, and he even wrote a whole book on it which I thoroughly recommend! In his book, Ramsey explains that success in businesses is hinged on both entrepreneurship and leadership. I love the term! And I’m jumping on the bandwagon, as I believe it aptly describes the critical […]
With family business women holding so many different roles within their family and the business, I am excited to have been asked to provide a column to shine a light on this important topic. Whilst the role of women and the importance for support and mentoring is not new in the corporate and government sectors, […]
Despite our turbulent, ever-changing world, which has turned upside down since the global pandemic started earlier in 2020, I remain optimistic and pragmatic. I have been reflecting a bit lately... “Full Sail Ahead” was the theme of one of the eight annual Forbes Global CEO Conferences to which I was privileged to be invited and that I […]
I’ve built my career in responsible investing, a term that broadly means doing well by also doing good. I got excited about capital markets early on when I realized philanthropic and government funding are not sufficient to solve a lot of our biggest social and environmental challenges. That was over a decade ago. Now, I’m […]
We all get along. We all listen to Dad or Mom. We don’t need HR at our family business. Wrong! HR is a necessity and Keri Ohlrich, PhD of Abbracci Group offers us advice on the first step of understanding what you actually need in terms of HR. If you’re like many family business owners, you might say, “I have low expectations of […]
Tradition is one of the most beautiful ideologies we have created and experience as living and loving humans. There is no cookie cutter outline for what your tradition should look like, who you should share it with or how it should grow over time.
Some say the Family Business is dying, but evidence suggests it is still going strong. It’s just that today’s family businesses may need a different approach if they are to survive. Ed Waters, Jr. of the Frederick News-Post talked with some successful family businesses about what the advantages are and some of the best ways […]
There is no relationship in life longer than that of siblings. And, like today’s families, sibships come in all shapes and sizes.
(the whole of this article appeared in MyBusiness, written by Adam Zuchetti) Cobram Motorcycles & Mowers was launched by Ron Wilson in 1987 in Cobram, Victoria. And while his family — comprising wife Vikki, son Reid, daughter Shelley and son-in-law Braden — work alongside him, they all admitted that Ron ruled with an iron fist and was extremely reluctant […]
(by David Birnbaum for Just-Style.com) In 1606 the British Government granted a charter to the Virginia Company of London – thus creating the world's first publicly listed multinational corporation, while at the same time beginning a 400-year debate between family firm and professionally-run corporations. This was the age of enlightenment, and the joint-stock company became […]
(By Alaina Tweddale written for Chase.com) (This is part of The Handover, an original Chase series that aims to help business owners think strategically about succession planning. It is presented by Business Banking.) When Lisa Mazzoni graduated from college in 1997, she didn't plan to return home to take the reins of her family's 100-acre vineyard, Zialena Winery, […]
(written for and by Consultancy.uk) Being part of a family business does not come without its challenges, however, family businesses also provide a wealth of benefits for individuals and the wider economy. Despite this, working with family members is not for everyone, therefore, it’s important to have an efficient exit strategy in place for when […]
(Article by JAMES WADDELL AND CLAIRE MILLER for BQLive) Creating any successful business is a very personal achievement. The closeness of the relationship, and shared vision and values, can often be a family business’ core strength. However, that intensity can also make clear-eyed strategic decision-making particularly difficult. Emotionally, the participants in a family business often really […]
(by Gene Rebeck writing for Twin Cities Business) Every family business is different, yet they all share many of the same challenges. And most of those challenges fall under one category: the future. With headquarters in North Mankato, Coughlan Cos. has passed through many futures since its founding in 1885. It began as a quarry […]
by Daffnee Cohen (originally appeared at DaffneeCohen.com) Stop Being So Passionate! 5 Tips to Make the Most of Your Enthusiasm Preface: I don’t want you to actually stop being passionate. The title is meant to grab your attention. I ENCOURAGE you to be insanely passionate about everything and everyone you can. Truth: I have […]
(by Ankita Varma writing for The Straits Times) Brothers Silas and Shamus Hwang could have coasted on the success of their family's eyewear business, but instead, they decided to take a risk - revamping the company and launching a new brand. Their minimalist eyewear label O+, which entered the market just three years ago, is […]
(Written by David Harland for Smart Company) Many of the world’s most successful businesses are run by multigenerational families. Walmart, BMW and Samsung are three prominent examples. But while over 70% of Australian businesses are family run, only 30% survive the transition from first to second generation and just 12% making it to the third generation. What […]
(by Davis Wright Tremaine LLP Family Business Resource Center) The trademark laws of the United States provide businesses with significant advantages in protecting their brands, even without perfecting those rights with the state or federal governments. This is because the United States trademark law confers trademark rights based on use in commerce, meaning in many […]
(By MEAGAN MACEACHERN for Bonnyville Nouvelle Canada) “A lot of people get into funeral service for different reasons. Some, it’s because they’ve had a loss in their family and they see it as something they want to do. I think initially people get into it to help others, they just have that nature of wanting to help […]