Family Business Review (FBR) by the Numbers
FFI’s journal, Family Business Review (FBR), is a refereed journal published quarterly since 1988.
Single Family Office Finesse
Family offices have been following wealth. Historically, in Europe, private banking addressed most family issues. In the US, that concept followed the Titanic and did not cross the Atlantic that well.
How Are MENA Family Businesses Creating Their Legacies
Managing any business involves many challenges. But managing a family business brings with it a unique set of challenges, many due to the close emotional relationships involved.
Managing Family Business Succession: A six step process
For families in business nothing is more challenging than succession. Part of the problem is that succession is a multi-disciplinary task, involves multiple stakeholders, and is a once-in-a-lifetime challenge for most entrepreneurs. So, where to start when dealing with succession? Here is an attempt towards filling this gap – a six step process for practitioners to consider when developing a succession plan for a small to mid-sized firm. Clarifying the goals and priorities Both incumbent and successor have to clarify their goals and priorities with regard to succession. For the incumbent
Selling the Family Business? Set up a Family Office First!
Most businesses are cash guzzlers. They have liquidity cycles which usually define the remuneration structure — the way a family spends and lives its life.
The Power of Effective Peer Groups
Family members in a family enterprise are often isolated, having learned early on that to share stories of their business and family can end up hurting the business and all involved.
Research Applied: FBR Précis for the Practitioner
Following on the early release of the June 2017 issue of FBR, we are pleased to present the following three précis. Thanks to the original authors and the authors of the précis for this continuing feature in The Practitioner.
Family Firms and Compliance: Reconciling the Conflicting Predictions Within the Socioemotional Wealth Perspective
Corporate scandals and financial meltdowns have led to corporate governance reforms all around the world. In addition to the rules and laws that firms have to legally comply with, several self-regulatory codes or ‘soft-laws’ have been enacted in many countries.
Family Firm(s) Outcomes Model: Structuring Financial and Nonfinancial Outcomes Across the Family and Firm
We all know that many family business owners have different types of goals than do the executives of non-family enterprises, especially publicly-traded corporations. In spite of this awareness, researchers have predominantly attempted to measure family firm performance by financial measures.
The Impact of Incentive Compensation on Labor Productivity in Family and Nonfamily Firms
Family business leaders have long been exhorted to professionalize their businesses. While what this entails has yet to be precisely determined, most would concede that professionalization entails the adoption of a range of human resource systems and practices.
Long Term Incentive Programs (LTIPs) and Family-Owned Business
When a family-owned business needs to recruit a non-family CEO or COO, a well-structured Long Term Incentive Program (LTIP) is essential in attracting an outstanding candidate. However, LTIPs can make some family business owners uncomfortable.
Keep the Creativity and Innovation Plugged In!
Usually the most prized thing that we as established practitioners lose is our creativity. Once a niche is carved and sustained over decades of hard work, inevitably, at some point in time, complacency sets in.
Lesson for Family Advisors: “Not all pain is harmful”
Two brothers, Andrew and Dave, started a health-related service business in Dave’s basement.
Jumpstarting Innovation within the Family Firm: An interview with Alan Robinson
Lanie Jordan, co-chair of The Practitioner Editorial Committee interviews UMass’s Alan Robinson on corporate creativity and innovation. “In organizations with effective idea systems, roughly 80 percent of overall performance improvement comes from front line ideas.”
Sparking Powerful Conversations in the Family Business
I think advisors recognize that business owners have an added level of complexity in their lives — this holds true for wealth-holding families as well. This complexity is just a natural part of the system.
The Power of Fear on the Family Firm: Avoiding a power outage
As advisors, we see how fear grips family firms and interferes with the work we are hired to do. Decisions on issues like succession are delayed, and difficult conversations about wealth are avoided.
Short Circuiting in Succession Planning
Practitioners and family enterprise clients short circuit all the time in succession planning. That doesn’t mean that the advisor/client relationship breaks down – although sometimes sparks do fly.
Live Wires in the Family Enterprise
As family advisors, we know the drill. We are called to the scene and get down to investigating what happened. There is smoke and despair in the air. Porcelain has been shattered.
Harnessing the Power of Being Heard
Conflict is a part of life — and of family enterprises Conflict is a broad and important topic. It’s an unavoidable part of life and of human interaction.
Empty Structures Syndrome: Losing the energy that drives governance
It’s a paradox: Some family owner groups in the third, fourth, fifth generation, and beyond, have sophisticated governance structures and a history of embracing world-class family business advisory help.