Documenting the values of a family is an important step in helping to build family legacy. I use the word 'documenting' because most families do not take the time to write down what is fundamentally important to the family. Our family faced the same inclination to avoid the hard work of putting into words the values that were the bases of our decisions.…Continue
Added by Grant D Goodvin on August 18, 2016 at 4:13pm — No Comments
One of the challenges facing the senior generation (generally the parents) for families in business is how to be fair to younger generations (generally the children and their spouses) in distribution of the estate. Families in business typically own various assets, ranging from highly liquid personal accounts to real estate and family business stock. The equal division of personal accounts can generally be accomplished without dissension in the family. However, even an equal distribution…Continue
Added by Grant D Goodvin on June 16, 2014 at 2:40pm — No Comments
Family organizations exist with noise. Unfortunately, there is an inbred thought pattern that the noise can be controlled by strict adherence to exclusive business strategy. What is not examined is the comparison of noise between families in business/wealth transition to non-family organizations. My perspective from experience within family businesses is the noise derives from relationships which includes transactions. Non-family noise tends towards exclusive transaction encounters that…Continue
Added by Grant D Goodvin on December 3, 2010 at 2:00pm — No Comments
Do you know anyone who has told others he/she is greedy? Generally, the adjective greedy is reserved for those who are subsequently convicted of a felony or for front page stories concerning corporate America and government.
In the areas of power and wealth, all of us prefer to be known as generous rather than greedy. Many people will classify themselves as generous, but no one volunteers that he/she is greedy except for Gordon Gekko of Wall Street cinema fame. Therein resides…Continue
Added by Grant D Goodvin on October 27, 2010 at 1:59pm — No Comments
The usual answer is 'earned'. However, another answer is 'given'. How do those two answers illustrate the issue of trust in families in business or wealth transition? "Building Trust" by Robert Solomon and Fernando Flores seeks to disabuse us of how trust is involved in families and organizations.
The answer 'earned' speaks more to our determination of whether someone is trustworthy. Trust and trustworthiness are not the same but are more accurately described as two sides of…Continue
Added by Grant D Goodvin on August 4, 2010 at 4:30pm — No Comments
Most articles about business today include the baseline cultural problems of greed, anger and deception. These characteristics infiltrate non-family businesses as much as family businesses. It is my perspective that non-family businesses can learn from the implementation of business strategy within family businesses. Families in business have two arenas to measure effectiveness of business strategies - the business and the family.
Non-family organizations generally measure…Continue
Added by Grant D Goodvin on June 30, 2010 at 2:25pm — No Comments
(***Note: I have this same comment under the "Discussion Forums" but thought it would be a good introduction to my philosophy of family business for my first blog entry)
Family businesses have enormous challenges. However, in my opinion, the media and business culture paint a picture of a one-way street of instruction and strategy from non-family business strategy to family business. Looking at baseline cultural issues of greed, favoritism and deception, non-family…Continue
Added by Grant D Goodvin on June 21, 2010 at 9:25pm — No Comments