Family Business Matters

Family Business Matters global columnists cover a range of NxtGen topics from their unique perspectives.  

FAMILY EXCEPTIONALISM: Why Exceptionalism Matters? (by Jason Ma)

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 […]

Overcoming dysfunction, hardship in a family business

(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 […]

Coping with Stress at Work

Even in family businesses, many people are challenged by stress at work. In this week, NxtGen Nexus is stress-relief themed to see if we can help. First, here’s a look at the American Psychological Association’s advice on dealing with stress in the workplace: Everyone who has ever held a job has, at some point, felt the pressure […]

What’s best for business – Family firms vs public companies

(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 […]

Are your kids ready to run your business?

(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, […]

A guide for family business to managing an exit strategy

(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 […]

Scaling up a family business

(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 […]

Why Fresh Eyes Are Key for Family Businesses

(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 […]

Brothers With Vision

(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 […]

Four reasons why family businesses fail

(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 […]

Protecting Your Family Business Name and Brand Internationally

(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 […]

A unique family business

(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 […]

TV comedy series sheds light on family business disputes

(As originally appeared in Business Matters) Although veiled in some light-hearted comedy, the British Channel 4 series "Back" sheds light on the common issues facing family businesses and Duncan James from law firm Shakespeare Martineau provides some advice on the legal aspects of succession planning. The Channel 4 comedy series starts when foster brother Andrew arrives on […]

Keeping Family Business in the Family

(As originally appeared on Hawaii News Now) Only about one-third of family businesses successfully transition to the second generation. So how can family businesses increase the odds of success? There is a five-step process that can really help. Step 1 is, establish goals and objectives. Create a succession plan. Make sure each generation is in […]

Using outside directors in your family business

(by Mark K. Harder as originally appeared at GRBJ.com) Publicly traded companies have boards of directors primarily comprised of outsiders. But how many owners of family or other closely held businesses think about, much less have, outside directors for their businesses? The presence of outside directors in a family-held business serves several purposes, with the […]

Grandfather inspires family business

(by Jennifer Huffman, Business Editor for the Napa Valley Register) Ken Mattson said that the pest control business is in his blood. “My grandfather Corky Mizer started Corky’s Pest Control in the Bay Area 51 years ago,” Mattson explained. It’s now one of the biggest pest control companies in Southern California. At one point this […]

Family owned furniture store helps create comfortable, practical, & beautiful spaces

 W.S. Broom & Co. Furniture has been serving the furniture needs of Illinois homeowners for over 125 YEARS, if you can believe that. How do they do it? Here's what they have to say: (as told to Heather Roberts for IllinoisHomePage.net) We are a 4th generation family owned furniture, flooring, & mattress store in historic downtown Effingham. We […]

Report: Family Businesses vs. Non-Family Businesses

In January of 2018, Deloitte launched a Report called "Global Perspective for Private Companies." The purpose of this international survey was to understand some of the key differences in priorities between family businesses and non-family businesses. Nearly 2000 private company leaders were contacted in order to compile the report. Some of the most important findings […]

Family businesses: Why do they survive?

(By Ricardo Ramirez, Wealth Planning, for BBVA Swiss Private Banking) Family businesses can become a source of conflict between the different members making it up  However, why are there businesses that have been very successful in generational change and others that have not? Discover with BBVA in Switzerland how a family protocol can contribute to […]

‘It’s been a blessing’: Community rallies around Maine Muslim family after their halal business was targeted

(By Abigail Curtis, BDN Staff, for the Bangor Daily News) When Kathryn Piper and Hussam “Sam” Al-Rawi, a Troy couple who own a new halal meat business, woke up one morning in April to see that someone apparently had fired a shotgun at their brand new sign, they were frightened. The sign was located just feet from the […]

Seacrest Insurance: It’s A Family Affair

(by Kitty Martell for CelebrateHiltonHead.com) The Seacoast Insurance Family In a lot of ways, the owners of Seacoast Insurance have been preparing for today for over 35 years. When his in-laws expanded their Ohio insurance business in 1981 to their much-loved vacation spot, Hilton Head Island, Ray Craver and his brothers-in-law, began helping grow their […]

Family business ‘disaster checklist’

(By Birketts LLP as originally appeared at Lexology.com) Running a family business can be exciting, frustrating, extremely busy and very rewarding both financially and emotionally. A lot of time will be taken up with immediate commercial and business decisions. However, it is vital for the long-term success of the business and family relationships to consider […]

Successor’s dilemma: To or not to take over an unethical family business?

(BY RAJIV AGARWAL from ForbesIndia.com as originally presented by SP Jain Institute of Management & Research, Mumbai.) I was addressing a group of entrepreneurs and their children when one of them asked me an interesting question. The potential successor of a business was not willing to take over the family business and this was bothering the founder-father. The father […]

Family-Owned Businesses Create 78% of New U.S. Jobs and Employ 60% of the Workforce

(NEWS PROVIDED BY SCORE)  WASHINGTON, March 14, 2018 /PRNewswire-USNewswire/ -- SCORE, the nation's largest network of volunteer, expert business mentors, has published a new infographic illustrating the major impact that family-owned businesses have on U.S. job creation and economic growth. Family businesses – defined as businesses operated by two or more family members, with majority ownership held within the […]

A Pioneer in Indian Family Office Culture Is Still Going Strong

(By Komal Nathani & Aashika Jain writing for Entrepreneur India) At a time when families are tearing apart because of disputes related to money, this Indian family has set up an example of a united family by adopting family office culture. Steered by Amit Patni and his daughter Ayushi Patni, RAAY Global Investments is a single family office that not just manages the […]

Meet the British export entrepreneur who has taken the family business from Grimsby to global

(by Stephen Jones writing for the U.K.'s Management Today) There is a saying about family businesses; the first generation builds it, the second generation grows it and the third generation blows it. But with Sean Ramsden, CEO of wholesale exporter Ramsden International (and third generation family businessman), this is certainly not the case. The company started […]

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