Family Business

“It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.” - Mark Twain In the world of family business, it seems that some generally accepted axioms are out of date, yet still frequently quoted....

Having just celebrated Independence Day, a time when we reflect on the values of freedom and democracy, it’s worth considering how these principles apply to our workplaces. In a world where the pace of business keeps accelerating, balancing freedom and authority within a team...

Part 2 of the Series: The Family Business Planning Roadmap By Margaret Wilson, Tandem Partners & Ann Quinn, Quinn Strategy Group Any discussion of planning for a family business begins with an obvious but complicated truth: Family businesses are different from other types of organizations. Families...

As Mother’s Day approaches, we celebrate the unique relationship between mothers and daughters in business. Undoubtedly, the connection between a mother and daughter can be a strong bond. Mothers are often there to advise during difficult times, while daughters represent the ambitions of the...

Recently, news reached us of a local family-owned company’s closure after 70 years in business. While the specifics behind their decision are unknown, it served as a reminder that at some point in their life cycle, all family businesses come to a crossroads and...

For family businesses, succession is a significant process of transitioning management, leadership, and ownership from one generation to the next. It involves transferring both tangible assets and the intangibles defining the business—its values, history, culture, and accumulated learning. Despite the critical nature of succession...

Resilience is one of those buzzwords that seems to be everywhere the last few years. And for good reason. In a crisis, resilient organizations don’t just survive – they rebound quickly and come out stronger and more prepared for the next challenge. Some of...

In the realm of family business, especially those where husband-wife teams, siblings, or multiple generations are working together, the dynamics are intriguingly complex. Family businesses aren’t just about profits and market shares; they embody deep emotional bonds and legacies. Central to these dynamics is...

Did you know that by 2026, Fortune 500 companies – the iconic list of largest companies in the U.S. by revenue – are projected to maintain their status for an average of only 14 years? That duration is less than half what it was...

As winter comes to an end, it’s a great time to clear out the cobwebs and invite fresh air into your business. Just as dust and dirt are a natural byproduct of living in our homes, clutter comes with normal business operations. Over time,...

As the final season of the hit series “Succession” unfolds, fans of the Roy family’s power struggles will be glued to their sets. While the show may be an overly dramatic portrayal of a family enterprise, it serves as a reminder that the critical...

If you’re a senior leader in a family enterprise, you’re probably bombarded on a regular basis with pleas to begin succession planning: Your attorney is concerned about avoiding income and estate taxes, and disputes over control. Your CPA says you need an updated valuation...

Have you ever noticed that family conflict seems to surface more around the Holidays than at any other time of year? For many families, Thanksgiving is a time to gather together, share a meal and renew family ties. Unfortunately for others, it’s an opportunity...

Recently, Margaret Wilson appeared on Java with Jim Ries, Director of Business Development at Offit | Kurman to discuss the origin of Tandem Partners and its dedication to helping families, owners and businesses in transition....

When it comes to succession, it’s usually a senior leader who initiates and spearheads the transition process. In a previous blog (Succession Planning: Why It Matters, Matters), we explored how important it is for that leader to have a strong and focused rationale for...

One day, a son walked into his father's office. His father sat behind the desk, wearing a baseball cap with the word "Boss" on the front. Looking up at his son, the father said, “I’m glad you stopped by. I’m sorry to have to...

It's too early to tell, but a shift in perspective on succession may be playing out in organizations all across the country. Over the last few months, the magnitude of a global crisis has caused many leaders to re-examine their priorities. In some companies,...

“It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.”  - Mark Twain In the world of family business, it seems that some generally accepted axioms are out of date, yet still frequently quoted. Some...

If you’re feeling burned out in the family business, you’re not alone. It can happen when you’re feeling overwhelmed by business problems or prolonged tension in a relationship or any number of reasons. Whatever the cause, burnout doesn’t happen overnight, and it’s practically impossible...

At a recent meeting, a business family I’ve been working with expressed how frustrated they were with the lack of apparent progress toward their succession goals. As the conversation began, the group appeared to be divided, with half insisting, “it’s not all that bad,”...

If your family business has communication problems, you're not alone. There are an estimated 24 million family businesses in America, ranging from your corner gas station to corporate giants like Walmart and Hallmark. Regardless of size, however, many family businesses rank communication among the...

It has been suggested that many family business problems stem from the inherent conflict between the distinct, yet overlapping parts of the family business system. Each part of the family business system – business, family and ownership – has a distinct set of needs,...

When You Come to a Fork in the Road… Take It – Yogi Berra Each of us makes hundreds of decisions every day – from what to wear to when to eat to whether to drive to work or take the train. Many of...

Running a successful family business requires broad experience and a diversity of talents – talents that not even the most capable families can guarantee generation after generation. In addition, qualified on family executives can help a family business grow by contributing fresh ideas and...

In Greek mythology, there’s only one figure whose character matures over time: Telemachus, son of Odysseus and Penelope, immortalized in Homer’s epic poem the Odyssey. The poem mainly centers on Odysseus and his long journey home after the fall of Troy. During his absence,...