To stay apprised of the specific needs and challenges of family businesses, we again commissioned the expert assistance of market research firm MacKenzie Corporation, a second-generation family business in Orange County, California, to conduct our 2024 Family Business Survey. Read more about three optimistic findings from this year's results.
It’s not always easy working in a family business as a family member—but working for that family business as an in-law can be a whole other challenge. BanyanGlobal’s Josh Baron and Rob Lachenauer describe the best way to work together effectively and successfully.
Although producing a high-quality product or service that consumers want or need is essential to a successful, sustainable family business model, there’s yet another component that shouldn’t be overlooked: building authentic client relationships.
In order for a business to be successful, an organization’s leadership often concentrates on the more common business side of the business, including the balance sheet, quarterly sales, and marketing strategies, as well as building a customer-centric culture.
Each generation brings different thoughts and skillsets to the proverbial table and, unfortunately, these don’t always align. Nearly every family has its fair share of issues that has caused rifts and ripples between family members. In some cases, these disputes can go on for months, or even years, over perceived hurts.
Making decisions for any business can be cumbersome, but in particular for family businesses. Because the family is woven into the business, some decisions can hold more weight. Here are four tips to help you balance the business with family business decision making.
At First Bank, we are committed to supporting the growth and sustainability of the family-owned business sector, as well as their employees, so they may continue to thrive and grow through the generations.