Reflections on Living What We’re Advising

Recently we’ve been asked to write about a very topical challenge occurring in family businesses today – how to best bring in the next generation. With the baby boomers coming of age and beginning to think about retirement, and the younger generation preparing to either enter or take over the family business, our clients are asking us for “best practices” to achieve this successfully.

Understanding the challenges facing both generations helps us tremendously in guiding family members to formulate an approach and process to successfully implement a strategy. By taking a dual generation approach to our consulting practice, we find that our clients benefit from being able to hear and understand the perspectives of both the senior and younger generations. The senior generation is able to appreciate the desires, expectations and concerns of the younger generation and vice versa. As a result, an open, candid dialogue can serve to create the foundation for a successful transition moving forward.

In challenging economic times, there may be more reluctance from the senior generation to “let go” while next generation members may have a greater sense of reluctance to “take over” the business, asking themselves, “Is this the new norm?” There exists staggering levels of uncertainty and change in the market making it more difficult than ever to manage the business and the family. It is during these difficult times that understanding the differing perspectives is more critical than ever. We encourage you read some recent articles on this very challenge.

PASSING THE TORCH: Best Practices for Bringing the Next Generation into the Family Business

How to Bring in the Next Generation

Piantedosi Baking Company wins Paul Karofsky Award

TCG would like to congratulate Piantedosi Baking Company for winning the 2010 Paul Karofsky Family Business of the Year Award.  This honor, presented by Northeastern University, is awarded to companies with more than 100 full-time employees. Prior recipients include Bernie & Phyl’s Furniture and New England Coffee Company. To learn more about the award, please visit here.

Piantedosi Baking Company, Inc. is a third generation, family owned bakery built on commitment to quality and service.

Since 1916 the Piantedosi Family has worked diligently to ensure satisfaction. Inevitably, their reputation has matured to an impeccable standard, not only through the superior quality of fresh and frozen bread products, but just as importantly, through their dedication to their customer’s wants and needs.  To learn more about Piantedosi Baking Company, click here.

So You’re in the Family Business…

Each issue, TCG will feature an article from the series “So You’re in the Family Business” which is a collection of short articles based on real happenings in real family businesses.  Individual and company names have been altered to respect privacy. The complete set of articles can be accessed here.

This month features the third article titled “A part-time commitment is not a life sentence” in  which the father is ill and mom pressures their daughter, Laura, the youngest of their three children, to join them in the family business. Laura has no interest in owning the business but cares very deeply about her parents and is torn with guilt and a sense of responsibility to help them. Suggestions are made to parents how to handle this type of situation.  To read the full article, click here.