Dealing with Cousins, Aunts, Uncles and Leadership Diffusion in the Third Generation and Beyond

Posting by Geoffrey D. Brown, CPA

The impetus for creating a family business may be as simple as a parent wanting to provide his or her child with a business that will be there to provide work and financial security for life.  Those family businesses that even make it to the second generation, as we often discuss here at the Greater Washington DC Family Business Alliance, are relatively few.   Further complicating this growth is the fact that families are not […]

Building a Better Board: A Guide for Your Family Business

Posting by Joel C. Susco, CPA

An effective board is essential for the success of your family business, forming the cornerstone of the governance structures that can help guide and direct your company.  A properly formed and functioning board also has implications for the valuation of your business, directly affecting potential exit and succession plans.

Deloitte recently released “Perspectives on Family-Owned Businesses,” a survey of the governance and succession planning practices of family-owned entities across the globe.  This study provides a […]

Balancing the Mix of Family and Non-Family Leadership

Posting by Geoffrey D. Brown, CPA

By definition, of course a family business has family members in it:  sometimes entirely, sometimes running the business, and sometimes mixed throughout all levels.  But nowhere it is required that only family members work in the business, and that includes as the primary firm leaders (e.g., management team).  While the desire of many first generation family business owners is to eventually pass overall leadership to the next generation, there are good reasons to consider […]