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Unraveling the Pervasive Father-Son Conflict in Family Businesses: A Complex and Compelling Tale
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The Decision Dilemma: Decisiveness in Deals, Indecision in Succession
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Succession Planning: The Cornerstone of Family Business Legacy and Prosperity
In family enterprises, a sobering truth prevails: With each generational transition, the odds of a company's survival diminish.
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From Comfort Zone to Resilience: A Next-Gen Transformative Journey
In my extensive experience helping families in Asia, the concept of Adversity Quotient (AQ) has emerged as a pivotal metric for assessing an individual's capacity to adapt and thrive in the face of adversity.
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A Fail-Proof Succession Starts with Your Successors AQ
Often overshadowed by the larger, publicly traded corporations, family businesses operated quietly, keeping their successes and struggles within the family circle, but the landscape is changing rapidly.
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The Dangerous Mindset of Many Next-Generation Leaders
What will it take for the next generation to break the cycle of adopting detrimental behavioral patterns and mindsets?
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The Significance of Strategic Planning in Family-Owned Businesses
In a recent strategic planning session for a family-owned business, powerful questions emerged: 'Why are we in Business Together?' and 'Where do we want the business to be in 3 years and 5 years?'
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Wealth Will Not Last Two Generations: The Consequences of a Low AQ
It is a fact that many next-generation family members have a Low Adversity Quotient (AQ). Consequently, when next-generation successors have low AQ, there is a significant risk that the business they inherit will suffer.
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A Founder's Adversity Quotient
Armed with nothing but grit, founders experience firsthand the struggles and setbacks that come with creating something from nothing, which hones them into extraordinary entrepreneurs with unmatched AQ.
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Is Inherited Wealth Evil?
Oftentimes, children of affluent parents have not had time to establish their own identities separate from the wealth and status of the business.
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Wealth Will Not Last Two Generations Part 1
"Transferring wealth to your children can be dangerous if not done thoughtfully and responsibly." - Prof. Enrique Soriano
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Family Business Covenants Against Nepotism
Regardless of blood relations, employment should never be guaranteed
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If You Can't Avoid Nepotism, Set the Rules of Engagement
Family members in leadership positions should lead by example, demonstrating professionalism, competence, and a commitment to the success of the business
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The Real Dangers of Nepotism in Family-Run Businesses
Why has nepotism gained more attention? The number of family businesses today is growing, and so is the awareness of the negative effects of nepotism prevalent in the context of a family business
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Rules for Eliminating Nepotism in the Family Business
When employing people who are related to the founder, either by blood or marriage, it should always be based on the following non-negotiable metrics: outside experience, credentials, exceptional work in the past, and merit.
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Did You Hire Your Children Based on Talent or Birthright?
As a founder, did you consider talent or base your decision solely on birthright when you appointed family members? Was the last name of your son or daughter the sole reason? Was it purely trust? Would you have done it any other way?
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The Advantages of Family Members Working in the Family Business
All businesses face challenges and family-owned businesses are not immune to these, but by the very nature of a family business structure, there are also unique sets of opportunities that family businesses can take advantage of.
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Advantages and Disadvantages of Family Members Working in the Family Business
In my experience mentoring next-generation successors, their biggest handicap is that they were never exposed to work in the real world.
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How to Effectively Manage In-Laws Last Part
If you really believe that in-laws deserve to be future shareholders, it is absolutely necessary that clear policies and procedures must be in place for in-law employment, share ownership
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When Shares Are Carelessly Passed On To In-Laws
Having in-laws owning shares in a family business has challenges
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Rights of the Next Generation's Spouses
As a family business grows and is passed on to the children, concerns arise regarding the rights of the next-generation family members and their spouses to own and control the company.
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You Can Never Manage Your Business From The Grave
The stakes are high, the consequences of a wrong decision are devastating
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50/50 Estate Split is a Double-Edged Sword Part 2
Splitting assets and shares of the family business between your children can be tricky as it puts to the test the parent owners’ fairness to everybody
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50/50 Estate Split is a Double-Edged Sword Part 2
Splitting assets and shares of the family business between your children can be tricky
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50/50 Estate Split is a Double-Edged Sword: A Parent’s Dilemma
With the businesses going full throttle, the couple became worried that if they gave the business to son B, which seemed fair to do, they would not have any means to treat son A equally, which seemed unfair to him.
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A Tale of Two Siblings Fighting a Lost Cause
Conflicts in life are unpleasant. It destroys relationships and zaps the energy of individuals and their families, so many families try to avoid conflict at all costs, which is a big mistake.
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Poorly Crafted Family Compensation Policy is Divisive
Without understanding the concept of compensation, the children may end up disillusioned, confused, frustrated, and constantly asking why their salaries are equal.
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Giving Your Children Equal Compensation Is Wrong
Conflict is normal in family businesses, but the unresolved ones classified as excessive can ultimately create damage and instability that, when not constructively dealt with, can open a prolific source of deep-seated problems like a pandora's box.
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Is It Fair to Divide Your Wealth Equally?
The question that begs to be answered is: “Is giving equal ownership really fair, or is fairness in the context of wealth transfer never equal?”
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The Consequences of being an Absentee Father (Mother)
As an exasperated parent-founder once said, "It is easier to run a conglomerate with thousands of executives, but it is far more difficult managing an offspring." But why do 'black sheep' family members really exist?
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Baa, Baa, Black Sheep
Tagged "black sheep" family members are indeed quite a character.
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Preventing Entitlement Starts With Good Parenting
There are many ways to prevent children from becoming entitled. The most effective approach is through role modeling and communication.
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When Blood Becomes a Birthright
For the new year, it is appropriate and timely to reinforce to one and all that raising non-entitled children (and grandchildren)
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'Someday This Business Will Be Yours'
When your children grow up believing that they will own the business no matter what they do or how they act, an entitlement mindset is conditioned at an early age.
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Having Entitled Family Members Is Plain Wrong!
One thing is clear, having entitled family members is a clear and present danger.
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A Lifetime of Entitlement: The Red Bull Scion Story
Entitlement issues are rampant in family enterprises. It is a dangerous disease that can damage the family business.
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Affluence + Influence = Entitlement: The Red Bull Scion Story
Parents/Owners/Operators must be firm and should play the part of business owners rather than parents. Mixing the two hats in a business environment is a recipe for having entitled children.
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Entitlement Can Destroy a Family Enterprise
Without a doubt, the fault lies with the founders/parents/owners. They play a major part in cultivating entitled family members
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The Single Worst Mistake Business Owners Make: DOING NOTHING!
The failure of the leader to set the rules of engagement early on can inevitably spark next-generation conflict.
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Spectacular Failure! Hubris, the Silent Killer of Business Last Part
Any corporate transition must be deliberate since many enterprises typically start as informal mom-and-pop businesses.
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A Founder’s Spectacular Failure! Part 2
This second article will highlight the visible symptoms of internal wrongdoing, mismanagement, and failed leadership by a very controlling founder
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A Founder’s Spectacular Failure!
Take note: a company is only as good or bad as its leaders, so the real fault lies in those who run them.
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The Benefits of an Experienced Family Business Consultant
A consultant’s task is to amplify a very important message: that governance, succession, family harmony, and legacy go hand in hand.
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The Non-Negotiable Qualities of an Experienced Family Consultant
As the founder/manager of a 35-year-old construction business who went through an open-heart surgery, Rey became fearful of what might have happened if he did not survive the ordeal.
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The Dangers of Hiring an Inexperienced Family Consultant
Succession is daunting and challenging and will require emotional acceptance from the leader that the time has come to lead this very critical and significant milestone in the life of the enterprise.
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Is Your Family Qualified to have a Family Constitution?
Flawed family constitutions are usually made of completed agreements and signed documents that are never enforced, enhanced, and implemented, making them just some useless piece of paper.
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The Deadly Cost of Weak Governance: Business Failure and Family Conflict
Why do petty conflicts often morph into sibling rivalries? The blame falls squarely on the leader either for choosing the “Do Nothing” option or carelessly selecting an unqualified, inexperienced family consultant.
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Whose Fault is it When Siblings Fight in the Business?
Almost 60% of our intervention as an ASEAN family business advisor happens to be sibling rivalry, especially among offspring that work together whose tensions are “rooted in conflict over business styles and strategies rather than family emotions.”
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Why Do Siblings Fight for Control and Money?
United families that are successful and less prone to conflict have these three things: (1) a unifying goal, (2) open and formal communication, (3) leaders that are smart enough to think about the next generation.
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Giving the Next Generation Leader Wings Part 2
Every founder’s dream is to watch their children grow up to become responsible adults, eventually join the business, and work as a team to ensure the business becomes successful, but, 7 of 10 family-owned businesses do not make it to the third generation.
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Giving the Next Generation Leader Wings
Roby, a second-generation family member, was rotated by his father among the various departments of their business.
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‘The trouble is, you think you have time.’
There may not be any ‘later’ for us to do the thing we decided to put off, so to amplify my advice to all family business leaders, start the journey now.
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Avoid Transforming Petty Conflict To Hatred and Hostility
“Every family business is unique and complex in its own way, so boilerplate solutions don’t always work. Still, there are common rules of engagement for handling employees who are related by blood or marriage.”
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Successful Succession: A Founder's Test of Greatness
Management expert Peter Drucker once said, "The final test of greatness in a founder is how well he chooses a successor and whether he can step aside and let his successor run the company."
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Stop Building A Business. Start Building Your Legacy
In any governance and succession journey, every founder must realize that the greater good philosophy must and will always prevail.
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Parent’s Letter To Their Distraught Son: Integrity and Commitment
The most successful family businesses that have lasted for many generations are effective in drawing boundaries between two distinct areas – the family side and the business side.
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Parents’ Letter to their Distraught Son Part 2
Regarding the lack of open communication that's unfortunately common between parents and their children, we believe that both parties should do more to address this.
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Parents' Letter to a Distraught Son
As parents, we are aware that it can be difficult to manage relationships in a family business context given the different roles we play and the confusion it at times creates without clear boundaries between these roles.
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The Twin Evils Unique in Family Businesses
By its very nature, the family and business systems are so conjoined that when left on their own to feed, they can lead to frayed nerves, emotional conflict, and inevitably schism.
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What drives people to declare war against their own flesh and blood? Part 2
"Inheritance conflict doesn’t come out of nowhere; it is a continuation of long-term relationship problems that resurface upon the illness or death of a loved one.” – Estate Planning expert P. Mark Accettura.
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What drives people to declare war against their own flesh and blood?
Any legal drama will eventually morph into a public scandal where the courts and legal advisors will end up as the only clear winners.
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Fight, Flight, or Mediate?
The final test of a committed and sincere family is how they can agree to disagree in a climate of trust, objectivity and relentless communication.
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The Generational Impact of a Family in Conflict
Sadly, when adult siblings take their issues into the legal forum, with inherent delays, high costs, and frustrations, irreparable damage to the family may be caused and it would be very difficult to restore trust.
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Every Family Constitution Is Unique
Without any doubt, crafting a family constitution is one major step toward every founder’s dream and aspiration to ensure that his blood, sweat, and tears can perpetuate the business for generations to come.
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The Inconvenient Truth Part 2
Jack recounted the day he suddenly clutched his chest after feeling tightness that radiated to the base of his neck, jaw, and left arm, recalling how if not for the quick action of his staff, he would have died.
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The Inconvenient Truth
I was asked how I differentiate a healthy family enterprise from an unhealthy one. My straightforward answer was how each embraces change as it unequivocally translates governance and succession, shared purpose and alignment of vision and values.
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The Family Suffers When There is No Will to Change Part 2
Mixing family and business issues is like speeding downhill on a rain-soaked, dangerous zig-zag road using a car with defective brake pads. Having family issues in the business is always full of emotions and contains subjective decision-making.
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The Family Suffers When There is No Will to Change
Reinforcing a founder's unfounded fears such as fear of the unknown, of losing power, of failure of the next generation, and of doing nothing when he decides to step back is their paranoia of what they incessantly hear from their friends.
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Breaking a Promise To Your children
I still want to take the lead, but I also want to empower my children to make major decisions. Is it possible to do both — to step back but still be involved without overriding their decision? What if they commit major mistakes?
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The Lack of Meaning and Purpose is a death sentence for family firms
Is it purely because of blood and money? Collectively, are family members looking at the horizon or seeing themselves out of the business to enjoy daddy's money
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A Powerful Sense of Purpose Can Withstand Generational Challenges
I can conclusively say that the lack of communication, the absence of a shared purpose, and the false belief that family unity is paramount are the major reasons family-owned businesses do not last two or three generations.
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