Thursday, March 26, 2015

Entitlement and Succession: The Key is Communication

With Phil Clemens, Chairman
Clemens Family Corporation

Communications in family businesses are often tough.  We generally go to extremes – we tell way too much or we say nothing.  This is especially true when it comes to two critical subjects – Succession and Entitlements. 

With Succession a lot is assumed by the Nxt Generation – and most times it is wrong.  The same is true with Entitlements.  In most cases, the younger generation assumes they are entitled to many things, one of which is to be the next leader of the business.  The older generation assumes that their children clearly have received the messages that they aren’t entitled to anything and that certainly includes who will lead the family business in the future.

Communications are critical to have a smooth running family business.  My experience is that the older generation think they are communicating; the younger generation knows they aren’t and neither will tell the other.  Thus assumptions go on and on and on.

In this session Phil will provide ideas on how to communicate more effectively between generations and build healthier family businesses for the future. 

Phil has spent his entire working career with the family business. He began working in the legacy
business, Hatfield Quality Meats, on a part time basis while going to school. He began his full-time career in 1967 while attending Peirce College. His career has allowed him to work in all areas of the business. He began on the clean-up crew and worked his way to be the CEO of the Company. He began both the Data Processing and Human Resource Departments. He spent 20 years of his career in Human Resources and 7 years as CEO and President of the legacy business. The Corporation has annual sales of $750 million, employs about 2,200 people, and markets products all over the US with a concentration in the northeast part of the US.
Active in his community and other organizations, Phil serves on many non-profit boards and boards of several family owned businesses

Phil is a national and international speaker on family business issue and has a passion to teach leadership skills to next generations.

Join The Network of Family Businesses for this exciting Webinar on Thursday, April 16, 2015 at 11:00 AM Eastern Time, with Phil Clemens.

For additional information email:

Monday, March 2, 2015

Why Does Your Family Business Exist?

I recently asked a family member working in their Family Business, 
              “Why does your Family Business exist?”

The response was a long period of silence, followed by, “I never really thought about it, it was always just here!”

If you were to stand at the door of you Business and ask each Family member (and Non-Family employee) that goes in and out of the Business, how will they answer that question?

Why is this question so important?

As a Business Family – Why does your Family Business exist?

In a Business Family, the measuring stick or metric of success must be determined and considered by all in the Family and in the Business, in order to understand underlying motivations and decision-making. Increasing satisfaction in attaining the results of the metrics will increase morale, commitment, and overall satisfaction in the business and in the family.

Why are we in Business together?
                                    A Checklist

            1. Our goal is to just pay our bills.
            2. Our goal is to provide employment for all family members that need a job.
            3. Our goal is to harvest the business and cash out.
            4. Our goal is to build a family legacy that has an Entrepreneurial mindset.
            5. Our goal is to build a family legacy and pass the business to the next generation.
            6. All in our family have identified & connected with the goals&  objectives of the family.
            7. All in our family have identified & connected with the goals & objectives of the business.
            8. All in our family have internalized the vision of our family.
            9. All in our family have internalized the mission of our family.

            10. All in our family have internalized the values of our family.

Sunday, March 1, 2015

Is it Possible to Keep Everyone Happy and Productive in a Family-Owned Business?

With Paul S. Reback

Recognizing the vital role Family-Owned Businesses play in America's Financial health, a mistake that even the most successful family enterprises make is that they get stuck doing things the same way even when circumstances necessitate change. Another problem is that the company’s hierarchy typically reflects the family’s pecking order at work in the same way it does at home. For instance, whoever is seen as the head of the household also wants to tell everyone else what to do at the office. Ditto when it comes to how the bully brother, the passive aggressive sister, or the perennially insecure middle child interacts in the workplace.

While every story is different, the fighting and feuding that often results tends to revolve around one of two things: money and personalities. Regardless of the scenario, these conflicts, if left unresolved, can blossom into full-blown warfare in the business setting.

There are five areas that are among some of the most common problems affecting family businesses today. The better you understand them, the better you will be able to use them to your advantage.

Paul S. Reback, President of Capital Estate Advisors, Inc. is a Registered Investment
Advisor with over 30 years’ experience successfully serving clients in the financial services industry. He received his designation as a Certified Financial Planner from Adelphi University. He has been a guest lecturer at the American Institute of Certified Public Accountants and teaches continuing professional education courses for CPAs. Paul has appeared on various radio and television talk shows, including Bloomberg Television, speaking on finance, investment and estate and retirement planning. He has also given many public talks and seminars with attorneys, stress management experts and numerous other client advisors. He is a dynamic and entertaining speaker adept at making complex financial choices easily understandable.  He enjoys helping people make sure they meet their goals and that they will never outlive their money. 

Join The Network of Family Businesses for this in-depth Webinar on Thursday, March 26, 2015 at 11:00 AM Eastern Time, with Paul S. Reback.

                                                      For additional information email: