Author Archives: berniekliska

Paying the Board

A board of directors can help your company set long range goals as well as address pressing business issues.  To get the most value from a board, they should be compensated fairly for their time and related expenses.  It is … Continue reading

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Family Business in the Age of Uncertainty

In today’s business environment, there appears to be many issues for family businesses to be concerned about.  The demands and tensions during these uncertain times highlight even more clearly the need for trust and open communication between family members.  It … Continue reading

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“Someday This Will Be Yours”

The ability to carry on a successful intergenerational transfer of ownership and leadership is one of the most important and difficult issues facing a family business. One metaphor for succession is the firefly. They flicker brightly for a period of … Continue reading

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Family Business: A Valuable Marketing Tool

Businesses that are family owned are increasingly marketing themselves as a “Family Business.” Surveys indicate that people generally have a positive view of family businesses because of the principles associated with it. They tend to focus on resilience and legacy. … Continue reading

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Professionalizing the Family Business

What is the meaning of the term professionalizing?  For some families, professionalization means transparency and accountability; for others, it means more formal structures and systems, yet for others it suggests they have a non-family CEO….  But are these always an … Continue reading

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What Defines a Family Member?

How does one determine who is a member of the family? Last May, the U.S. Census Bureau reported that in 2010 married couples represent 48% of U.S. households.  The remaining households were comprised of single parents, live-in partners (same or … Continue reading

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Why Independent Board of Directors?

Once a crisis hits a family business, there is usually a quick scramble to put the pieces back together.  Perhaps the family CEO is ill and unable to work.  Maybe the company faces a cash-flow problem or unusually high turnover.  … Continue reading

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THE ROLE OF FAMILY VALUES IN UNITING FAMILY AND BUSINESS

According to John Ward, Professor of Family Enterprises at Northwestern University”The best tool in the family business kit is, without a doubt, its values, which shape the culture of the family and their business”. What distinguishes one family business from another … Continue reading

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LETTING GO IS HARD BUT NECESSARY

For most family business senior CEOs, the prospect of relinquishing control is a troubling one. It presents many fears—the fear of mortality, the fear of not having sufficient funds and the fear that one’s adult children won’t get along. These … Continue reading

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SHOULD YOU HAVE A SHAREHOLDER (BUY-SELL) AGREEMENT ?

Going into business with a parent, child, sibling, in-law, or cousin both demands and assumes a certain level of trust. But, you need more than good faith and a firm handshake. Future disagreements and unexpected events can occur and tear apart … Continue reading

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