Defining the Family Business

We often use the term “family business” without having a clear definition of just what a family business really is. Coming up with such a definition is more difficult than it might at first seem, but it would be helpful for any number of reasons. A...

Grooming the Successor in a Family Business

The majority of businesses in most countries are classified as family businesses. A family business is any business is which a majority of the ownership or control rests within a family. It might be that just one member works in the business while others serve as...

Transitioning Between Generations

The family business is often the basis of a family’s wealth. It generates the funds that feed and clothe two or three generations concurrently, and can also be something that is a source of pride and to which all family members have a deep emotional attachment....