UNEQUAL TREATMENT REGARDING MONEY: Parents may elect to favor one child over another (sometimes unconsciously), but if they do, they need to be ready to deal with the consequences of their actions. One of the best ways to ensure that children become bitter and...
Even if family members decide to one day go their own way, and no longer remain in business together, this doesn’t need to destroy their relationships. Unfortunately, in my opinion, “shotgun clauses” are often inadvertently killing many family businesses in Canada....
I come from a family with a successful track record of business achievements that span most of the last century. My grandfather, Charles, and my father, Clark both built an enviable record in construction and real estate. Today, over 1,000 people working across North...
Family business and succession advisor speaks on the importance of planning VICTORIA – Renowned family business and succession advisor David C. Bentall, Founder of Next Step Advisors, recently spoke at an event put on by the Canadian Association of Family...
In a recent team teaching workshop for professional directors, we spent some of our time discussing the challenges that would-be successors in family businesses face today. We talked about how heirs to the leadership mantel in a family business often have a hard time...
As the new year approaches, I was asked to predict what I saw ahead for the year. I stated: “I predict this will be the year that Canadians begin to recognize that family business is the economic engine of our economy.” Allow me to explain why I believe this. Firstly,...
Arguably, when it comes to family business, no topic is more important than succession planning. It is vitally important for future of both the family and the business. Yet, quite frequently, the succession planning effort begins at the wrong place. Stephen Covey...
EQUAL TREATMENT: My dad wanted to treat all four or us kids equally. In fact, this desire, was so strong, that when he acquired 440 feet of island waterfront property, he wanted us to all have 110 foot lots side by side. (He probably would have dressed us in matching...
THE CHALLENGE Jay Bornstein is the second-generation owner of his family’s fish processing plant, Bornstein Seafoods, in Bellingham, Wash. At age 62, he began to think seriously about his plan to retire at 65, and he quickly realized he needed to choose a successor,...
By Ed Hird Last week I wrote aboutLegatus and the several other ministries working with business people around Metro Vancouver. So it seemed very timely when I learned that Ed Hird had just written a column about David Bentall and his work with people who run family...