Edward Rosenfeld, a family-business consultant, recommends families answer several questions on succession: Is there an objective process for the younger family member to develop? Is there a measurement for performance and accountability in place? Is there a business plan in place that operates parallel with the succession plan? Succession and business planning need to operate [&hellip
Family Business Archive
Creating Accountability in the Family Business
Creating and maintaining accountability is one of the biggest challenges faced by family-owned businesses. An owner can be simultaneously the CEO and the father, mother, sibling, spouse, or cousin of an employee. In the absence of awareness and structure, family dynamics can challenge, disrupt, and perhaps overly influence how business gets done. When family issues [&hellip
When Your Parents Pay Your Salary
“Differences are unavoidable between generations,” says family business consultant Ed Rosenfeld. “The senior generation generally has an interest in preserving what they’ve built and an economic incentive to protect their retirement. The younger generation feels pressure to grow the pie in a shorter time frame, or they’re not going to get the lifestyle that they [&hellip
Pitfalls in Hiring and Managing Family Members
The Family-Business Soap Opera Excerpt: Edward Rosenfeld was president of International Furniture Rentals in Hawthorne until it was sold to Warren Buffett’s Berkshire Hathaway. Today, he serves as a consultant to other family owned businesses and has seen plenty of role confusion in them. “If there are other family members in the business, their relationships [&hellip
The Lessons Of Succession Planning For A Family Business, Murdoch Style
The Lessons Of Succession Planning For A Family Business, Murdoch Style Excerpt: “When things like phone hacking and spying are part of the corporate culture it makes you wonder what the family culture is like.” Edward Rosenfeld in Forbes Magazine November 11, 2011 For full article click here or copy and paste into your browser: [&hellip
Business Exit Checklist
Business Exit Checklist Is Your Business Prepared for Your Exit? Creating a Business Exit Plan is rarely something that we think about in the day-to-day rush of our businesses. However, someday, the day will come when someone else will take the reins. Below, we have a few questions you should ask yourself if you haven’t [&hellip
Running Effective Meetings
Meetings can be tremendous time wasters. If not properly structured, not only do they consume valuable time, but if nothing comes of them; so much the worse. Managing agendas, decision-making and follow through is an important element of establishing good communication in the family business. Learn more by reading this newsletter from Foresight Advisors, our [&hellip
Entrepreneur Profile: Edward Rosenfeld
Entrepreneur Profile: IFR Furniture Rentals by Dan Lee on November 30, 2010 Thanks to Dan of Axial Markets for posting this profile on his blog. It goes to the heart of my concern for the successful transition planning for the family business. https://www.axialmarket.com/blog/2010/11/entrepreneur-profile-ifr-furniture-rentals