Many small family businesses operate on tight margins and rely on relatives for everything from manufacturing to sales. In these cases, family drama or conflict can quickly derail the company’s efforts and threaten the bottom line, not to mention the family dinner. If...
Michigan has over 47,000 farms, operating on 9.8 million acres across the state. 95% of those farms are family-owned. With the average age of farm ownership creeping upward to 56, the question of who will inherit those family farms is becoming a pressing issue. A...
Any small business’s success depends on its decision makers’ ability to work together for the good of the company. That can be hard for family businesses, especially where sibling rivalry pushes key employees apart. Sibling Rivalry May Have Nothing to Do with Doing...
When Mom or Pop is forced to leave a Mom-and-Pop shop because of illness, disability, or simply retirement, it can leave a hole the remaining family members must fill to keep the business going. What can you do to help your family business make the transition? How can...
If you have done the work to create and maintain an established family business, its survival is likely a key part of your identity, and your financial future. When it comes time to retire, you may expect to hand over leadership to your children, but are they as...
