An exploration of family conflict on the firm

In the article Conflicts in Family Firms: The Good and the Bad, authors D’Lisa McKee, Timothy M. Madden, Franz W. Kellermanns and Kimberly A. Eddleston make the point that while managing the multitude of family relationships makes conflict particularly pervasive in family firms, not all types of conflict are inherently detrimental. Published in The SAGE Handbook of Family Business, 2014, the authors’ fundamental argument is that it’s simply not accurate to say that mitigating any and all types of conflict is in the best interest of a firm. Since...

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The Role of the Advisor in Succession

Noting that until now, despite the wealth of literature on succession, we have had a limited and narrow understanding of how successors develop and establish their leadership skills within the complex web of a family firm, and that leadership development and the construction of a leadership profile is a complex process, authors Salvato and Corbetta have taken a close look at how advisors affect the process through which successors develop their own leadership profile.                  ...

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How and Why Family Values Matter in Family Businesses

It is unusual to come across articles focused solely on values in family businesses, and as a result, the ones that are published usually make an effort to contribute to increasing awareness and discussion about the important role of values in family enterprise. Values are indeed essential in a family business, and more crucial than one would think given the little information known or written about them. The article Values in Family Business by Ritch L. Sorenson, published in the SAGE Handbook of Family Business, 2014, provides an overview...

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Shedding Light on Inherent Generational Attitudes and Beliefs

An insightful essay that sheds necessary light on generational attitudes and differences, the article Unleashing the Potential of the MillennialGeneration in the Family Enterprise  by organizational consultant and clinical psychologist Dennis T. Jaffe is absolutely worth a read for family enterprise advisors and members of all generations of a family enterprise. The main thrust of the article is that education, awareness and communication would go a long way to dispelling the stereotypes, resentments and conflict that often occurs between...

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Philanthropic motivations and the role of the advisor

A joint U.S. trust study by The Philanthropic Initiative and the Bank of America has shown several discrepancies between the ways in which high net-worth (HNW) individuals and their professional advisors view philanthropic goals, motivations and conversations. Using a sample of 312 advisors and 119 HNW individuals, some of the key findings of the study which could be especially relevant to family enterprise advisors are as follows: •  there are several disconnects between HNW individuals and advisors centering on the initiation and substance...

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