EFBC’s Contingency Planning Crash Card Template In the event of a health emergency or sudden death, family members often scramble to locate important information and documents. This process can be overwhelming, especially when emotions are running high. To prepare for… Read more→
ROOTS: Anchoring Your Business Course A family business, as defined by the Harvard Business School, is when two or more related people own, lead or make major decisions for the business. However, the Chicago Family Business Council sees things differently. From our… Read more→
Everyone has stress and we all have our own ways of coping with it. Supporting your employees through their stress can ultimately make them more engaged and motivated to come to the office. Here are some suggestions to get your… Read more→
What worries you about having family meetings? “Being told what to do and disrupting the status quo.” “I’m afraid I’ll lose relationships with my family because of conflict.” “There are significant others that might impact the current family harmony.” “I… Read more→
Having family meetings was the right thing for the right reason. We wanted open communication between the brothers and partners in order to strengthen the family and business. But most importantly, Joe and I wanted everyone on the same page… Read more→
First, a little bit of background: The Fair Labor Standards Act sets the minimum wage, overtime, recordkeeping and youth employment standards for American workers. These standards are enforced by the Department of Labor Wage & Hour Division. While most cases… Read more→
85% of cases where businesses failed to transition were caused by controllable factors 90% of owners hope that their children will join them in the business 35% of family business owners have no plans to retire, ever Do you feel… Read more→
What is the “greater good” for the family and for the business? Is everyone in agreement? How are you communicating your family values? To answer these questions, we start with the first best practice: foster a family culture of healthy… Read more→
In the case study that we used to examine this issue, the family business had no succession or transition plan and the President had just been diagnosed with a terminal illness. The thing that stood out to me as I… Read more→
By Leora Baumgarten of NewHire The employment market continues to heat up. Gone are the days when every recruitment ad attracted hundreds of applicants. While no one is sorry to see the recession in the rearview mirror, the growing economy… Read more→