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Can You Be Too Optimistic for Your Own Good?

Can you be so optimistic that you are completely out of touch with reality? Can you believe so strongly in your own dreams and ambitions for yourself, your family, and your business that you just don’t “get it”? 

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Family + Business = Harmony or Fireworks?

A business owner recently told me, “I have one brother who is my best friend and one who I don’t talk with, all because of business and financial issues.” Tragic yes, but not uncommon. Having worked with business owners and their families for over 30 years, I have witnessed situation after situation in which the family business has resulted in family heartache. Fortunately, that does not have to be the end result; there are many examples of family businesses being run successfully by harmonious family members. Some landmines that you need to avoid that will enable success in business operations include: 

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Successor Development: 5 Key Indicators for Evaluating a Successor

If multiple successor candidates are available, it is important for you as the business owner to objectively approach selecting the successor leader. To evaluate the candidates, you can use what I refer to as the 5 C’s, which are five key traits your ultimate successor should have. 

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Tips for Approaching Succession Planning with Your Franchisor

A few years ago I encountered a franchisee who had successfully transferred more than $2 million of business value to his children by taking advantage of available minority discounts in conjunction with depressed goodwill and depressed real estate values — a brilliant estate planning move. The only problem was that he had not received permission from his franchisor as stipulated in the franchise agreement.

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Tips for In-Laws in the Family Business

There are many potential landmines for in-laws in a family business environment. To navigate them successfully, keep the following simple steps in mind: 

  1. Acknowledge your role as an in-law. You are “family” with a caveat. Tread carefully and treat everyone with respect.  
  2. Understand the family’s unwritten laws. Observe and strive to uphold those laws. 
  3. Maintain pure motives regarding your involvement in your spouse’s family business. 
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