Site Map for Managing the Family Business
Managing the Family Business guides clients in all stages
of family business operations, from making the decision to start a business to
planning for retirement. Family Business Management can make a difference in
the way your family does business.
Dr. Northington
offers counseling services in the following areas: Preserving a Marriage,
Children Involved in the Business, Intervening in Family Disputes, and others.
are one of the best
ways to help family members gain perspective about the family business. It is
an excellent opportunity to air and resolve unique issues affecting all family
members, not just those involved in the business.
Managing the Family Business is the sum of all valuable lessons Dr.
Northington learned while managing his own family business. There is a case
study throughout the book, and opportunities to check yourself about how you
might handle similar situations.
Dr. Northington is
the author of Managing the Family Business: A Guide for Success. He also
has authored a series of articles on managing family businesses for use by
newsletter publishers.
Dr. Northington
will personally answer all questions relating to family business management
issues. He will not answer questions relating to complex analytical mental
health questions or medical questions.
Family-owned businesses are unique. Complex issues are
inherent in each. Building a profitable business while maintaining a successful
marriage can be precarious at best.
Dr. Northington's unexpected 14 year education in
managing a family-owned business and an opportunity to apply a formal education
in psychology to the challenges of working with family members. Managing the
Family Business is the sum of all valuable lessons Dr. Northington learned
while managing his own family business.
When close relatives work
together, emotions can often cloud business decisions. All too often, business
discussions continue at home and into the evening. This can cause undue stress
on the entire family unit. Without clear boundaries, separating the business
and the marriage, there can be unhealthy consequences to the marriage. More
often than anyone would like to admit, alcohol and other substances are a
problem in the workplace.
Managing a family-owned business presents unique problems and
challenges. Family-owned businesses have rules all their own. They encounter
difficulties any other enterprise faces, as well as adjust to relationship
issues related to working together day in and day out.
A Family-owned business has problems all their own.
When close relatives work together, emotions can often cloud business
decisions.
Family Business Management can make a
difference in the way your family does business. Family Business Management
guides clients in all stages of family business operations, from making the
decision to start a business to communication, cooperation and control in a
family business to planning for retirement.
Integrating family members into the business
requires some important planning. Structuring a job description and assigning
someone other than family to provide supervision is essential. How this is
organized and presented is crucial to successfully bringing family members into
the business.
More than 30% of all family owned
businesses survive into the second generation. 12% will still be viable into
the third generation, with 3% of all family businesses operating at fourth
generation level and beyond.
Small business transition of
ownership can be very complicated. The best time to start thinking about your
exit strategy is now, even if it might be a long time before you actually want
to transition out of your business. Time will allow you to consult with
professionals and put your plan in place, and you can optimize your chances of
getting the most financial and personal satisfaction from the results.
Have you dealt with your family business retirement
issues? Inadequate estate planning and failure to properly prepare and provide
for the transition to the next generation, coupled with lack of funds to pay
estate taxes, were among the three leading causes for the failure of
family-owned businesses.
Have you planned for your family business
succession? Succession planning is a growing issue for family businesses due to
demographics. Post- World War II entrepreneurs, who created the world's
greatest wealth, have reached an age when they must decide how to pass on the
wealth secured primarily in their family businesses.
25% of senior generation family business
shareholders have not completed any estate planning other than writing a will;
81% want the business to stay in the family; and 20% are not confident of the
next generation’s commitment to their business.
Integrating family members into the
business requires some important planning. Structuring a job description and
assigning someone other than family to provide supervision is essential. How
this is organized and presented is crucial to successfully bringing family
members into the business.
Structuring a job description and
assigning someone other than family to provide supervision is essential. How
this is organized and presented is crucial to successfully bringing family
members into the business.
Is employing a spouse in a family
business a good idea? Maybe. There is a danger in husbands and wives working
together. All too often, business discussions continue at home and into the
evening. Some couples manage their lives with this continuous exposure to
business, while others find that it is invasive and intrudes into family
matters. Without clear boundaries, separating the business and the marriage,
there can be unhealthy consequences to the marriage.
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