Family businesses face unique challenges when transitioning from one generation to the next. The struggle to protect family and business interests requires a thoughtful strategy, and succession is even more difficult if there is no clear candidate to lead the business.
Out of the mouths of babes—or at least 9-year-olds—can flow some pretty sage advice for CEOs and business chiefs. At least when it comes from Alina Morse, the founder of a startup company called Zollipops, which has received national acclaim for its innovative product—cavity-fighting lollipops. Here are 8 basic but timeless insights based on the Zollipops experience.
Keeping a family business going from generation to generation can be tricky, especially when you don't know whether the next generation will want to take over or not.
According to the National Restaurant Association, there are 970,000 restaurants in America. Further research indicates that the three-year failure rate for restaurants hovers around 60 percent. So just what is it that makes some restaurants fold, while others turn into gold? For two successful Washington D.C.-based restaurants, the answer to their success starts with family.
Internecine battles in closely held firms need not lead to deadly civil wars.