The third generation rule is the commonly cited notion suggesting most family businesses don’t survive beyond the third generation. Josh Baron and Rob Lachenauer, writing for Harvard Business Review in an article posted July 19, 2021, performed extensive research and shared convincing arguments that this “rule” is a myth without statistical or historical proof.

Fair compensation in family businesses requires clear roles, annual reviews, market research and balancing benefits.

One of the most challenging actions for business owners to take is to transfer some of their responsibilities to someone else. Most owners tend to be fiercely independent, driven by a clear purpose and focused on specific goals.

Two employees are having a conversation about work, and one mentions that they heard that a co-worker of theirs is having marriage problems. A lengthy conversation, based mostly on unfounded information, ensues. One of those employees then tells the rest of the employees about all the personal struggles their co-worker is experiencing.

There is usually a period of uncertainty during the months prior to national elections that can cause many individuals, organizations and companies to delay making major decisions until after the votes are counted and more is known about the next administration.

Sometimes a business owner or manager may be confused by the change in behavior of an employee who is usually productive and pays close attention to details. They could see employees fail to work at their normal pace, make unusual mistakes, do low-quality work or spend too much time talking.

The Merriam-Webster dictionary defines trust as “an assured reliance on the character, ability, strength or truth of someone or something; dependence on something future or contingent: hope.”

Leading any business is extremely challenging. If the business is a family business, the level of difficulty is increased, and if you intend for it to be a multigenerational business, the difficulty is even greater still.

Our family members and employees have many distractions that can affect their productivity and efficiency if not managed in an appropriate manner.

Many business leaders and managers complain that they can teach new employees how to do all the tasks required for the job, but too often prospective employees lack the character and attitude necessary to fit their company culture.