There is no smooth path to becoming a CEO, much less taking over and transforming a longstanding family business to compete in the 21st century. As I took the reins of my second-generation multimillion-dollar business from my mother and father, and partnered with my brother, I realized the importance of striking a balance between my […]
How to Make Your Family Business Last
This Thanksgiving, the perfect time to focus on family businesses. Working with the people you love is tough. I recently had a chance to speak with Mitzi Purdue. She is the daughter of Sheraton Hotels co-founder and the wife of the late entrepreneur Frank Perdue. She is also the author the of the book “How […]
How to Build a Successful Family Business
If the idea of building a business that you can pass on to future generations is appealing, this article is for you. There are many reasons to build a family business, including working with your children, other family you know and respect, as well as creating a legacy and building generational wealth. There are certain […]
What to be Aware of When Starting a Family Business
Guest Article Starting a family business is a pretty ambitious endeavor. You have to focus on beating the competition, struggling to become profitable, and scaling the business. Sometimes, it’s hard to stay in the game if your competitors have corporate-sized tools and solutions which a small family enterprise can’t really afford. What are you do […]
How to Run a Successful Small Business With Your Kids
Linda Collinson is no stranger to entrepreneurial success. In the ’80s, she developed a natural skincare line, LaCrista Natural Skincare, from her kitchen table. Her small operation grew quickly, and by the ’90s her products were being sold in Wal-Mart, Whole Foods, Giant Foods and in other stores across the country and internationally in China. […]
How to Teach Your Kids Entrepreneurship in 2013
As a young girl, I grew up in an entrepreneurial home. Over time, I was given the opportunity to do work for my Dad and Grandpa (both business owners), and in so doing gained confidence and many business and life skills and even earned enough money to pay for a month-long trip I took to […]
Are You Ready For Succession Planning In Your Family Business?
A colleague recently asked me: “Is succession planning the biggest issue facing family businesses today?” After giving the question some thought, I responded that we must be clear on what we mean by Succession Planning. If succession planning is defined as the journey to plan for leadership for the survival of the business as an […]