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Review the 2024 Family Business Survey results and learn more about the integral insights and data gathered regarding family businesses.
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1 Conflict
Casting Your Vote: 8 Decision-Making Techniques to Minimize Conflict
Written by Doug Baumoel, Founding Partner, Continuity Family Business Consulting
Originally published on continuityfbc.com
The article, “Casting Your Vote: 8 Decision-Making Techniques to Minimize Conflict,” written by Doug Baumoel, MBA, Founding Partner, and originally published on continuityfbc.com, discusses how family members can use various voting methods for a fair decision-making process. Depending on your specific needs, the voting techniques outlined may be used independently or together.
2 Culture
Healthcare Cost and Family Business – Time for a Change
Originally published on orangekiwillc.com, June 24, 2024
The article, “Healthcare Cost and Family Business – Time for a Change,” originally published on orangekiwillc.com, discusses the pressing issue that is impacting every business and family business in America today: the skyrocketing costs of healthcare. The author encourages all businesses, especially family businesses, to work together and push for meaningful change that benefits both business owners and their employees.
3 Business Management
Business Requirements for Filing Beneficial Ownership with the Financial Crimes Enforcement Network (FinCEN)
Originally published in the St. Louis Business Journal, November 2024.
Prepare now as the January 1, 2025, deadline for reporting Beneficial Ownership Information is fast approaching.
The Financial Crimes Enforcement Network (FinCEN) has implemented a new regulation under the Corporate Transparency Act (CTA) that requires certain businesses to file Beneficial Ownership Information (BOI) by January 1, 2025. This mandate aims to enhance transparency and combat illicit activities, such as money laundering and fraud, by creating a federal database of beneficial owners. It’s important to note, compliance with this regulation is not optional.
1 Leadership
This Quiz Reveals Your True Leadership Potential!
Edited from Lifestorming by Dr. Marshall Goldsmith, Ph.D., Exec. Coach and Educator, Award-Winning Author, and Thinkers 50 Hall of Fame Member and Alan Weiss
Originally published on marshallgoldsmith.com.
Great leaders are thought to possess great character. Take the quiz and rate yourself to determine what your strengths and weaknesses are in the six key elements of character. Also, see the authors’ recommendations to consider when building character
2 Family Education
Preparing the Next Generation: Is it really necessary to work outside of the family firm?
Written by Isabel C. Botero
Originally published on generation6, August 29, 2024 The article, “Preparing the Next Generation: Is it really necessary to work outside of the family firm?”, originally published on generation6.com, the author discusses the typical advice of requiring next generation leaders to work outside of the family firm for external experience. Isabel Botero argues there is no data-substantiated evidence for this claim.
3 Transition Planning
Why Next-Gen Leadership Transitions Fail: Planning for a smooth succession in a business is a good idea. Trusting that plan? Even better.
Written by Denise Federer, Contributing columnist to the Business Observer
Originally published on Business Observer, March 16, 2023The article, “Why Next-Gen Leadership Transitions Fail,” originally published on www.businessobserverfl.com, describes how full buy-in and holistic commitment to a solid succession plan are essential for success. Denise Federer explains how trust, cooperation from all parties, and transparency will help ensure a smooth transition.
1 Transformation
Managing Change in a Rapidly Changing World
Written by Dr. Marshall Goldsmith, Ph.D., Exec. Coach and Educator, Award-Winning Author, and Thinkers 50 Hall of Fame Member
Originally published on marshallgoldsmith.comThe article, “Managing Change in a Rapidly Changing World,” written by Dr. Marshall Goldsmith, Ph.D., Exec. Coach and Educator, Award-Winning Author, Thinkers 50 Hall of Fame Member, and originally published on marshallgoldsmith.com, discusses the importance of managing change in today’s ever-evolving business climate. See the author’s interview and discussion with CEO Mark Thompson, the world’s #1 CEO coach and best-selling author of Now Build a Great Business, Success Built to Last.
2 Succession
The Impact of Key Performance Metrics on Family Business Succession
Originally published on EideBailly.com and www.familybusinessmagazine.com, January 29, 2024
The article, “The Impact of Key Performance Metrics on Family Business Succession,” provided by Eide Bailly, and originally published on EideBailly.com and www.familybusinessmagazine.com, discusses how family-owned businesses share many strengths; however, a key area that needs significant improvement is succession. The author encourages family businesses to utilize Key Performance Indicators (KPIs) to let numbers guide both their day-to-day business and transition planning.
3 Success
Research Reveals Claw-Back Bonus Schemes Can Lead to Big Losses
Written by Jill Young Miller, Research Translator, WashU Olin Business School
Originally published on www.olin.wustl.edu, June 26, 2024The article, “Research Reveals Claw-Back Bonus Schemes Can Lead to Big Losses,” written by Jill Young Miller, Research Translator, and originally published on www.olin.wustl.edu, debates the pros and cons of “loss-framed” bonuses, or those pre-paid to sales teams and then “clawed back” if targets aren’t met. The author discusses a large field experiment and the outcome.
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Center for Family-Owned Businesses Family Business Survey
First Bank is committed to bolstering data and resources for family businesses. The Family Business Survey provides integral insights and data to help expand resources for family businesses. Learn more about the survey, 2024 results, and how you can be an important part of building resources for all family businesses.
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