Barbara Spector

Editor-in-Chief & Associate Publisher of Family Business Magazine

[Barbara Spector @FamilyBizEditor]

Congratulations to our Family Business CEOs to Watch!
https://t.co/xnxhtyKRR9

[Barbara Spector @FamilyBizEditor]

It's essential to invest in your family -- to ensure your partnership endures no matter what happens to the business. #TransitionsSpring2020

[Barbara Spector @FamilyBizEditor]

Advice on developing a definition of "family member" -- do it while your family is small. In later-generation large families, there will be more complexities in discussing whether to include stepchildren, unmarried significant others, etc. #TransitionsSpring2020

[Barbara Spector @FamilyBizEditor]

Capital appreciation of the biz is what makes shareholders wealthy, but dividend income is what makes them FEEL wealthy, says Travis Harms. @MercerCapital #TransitionsSpring2020

[Barbara Spector @FamilyBizEditor]

There is a tension between shareholders' desire for dividends and the need to invest in the future growth of the business, notes Travis Harms of @MercerCapital #TransitionsSpring2020

[Barbara Spector @FamilyBizEditor]

The pace of business is fast, but the pace of the family is slow. #TransitionsSpring2020

[Barbara Spector @FamilyBizEditor]

Insight from family systems theory: Real change will be met with resistance. Be prepared for it. #TransitionsSpring2020

[Barbara Spector @FamilyBizEditor]

Ways to get started with family governance: Do a family survey, or invite the whole family to tour a company facility. Be inclusive. #TransitionsSpring2020

[Barbara Spector @FamilyBizEditor]

Nothing unifies a family more than the desire to take care of the next generation. A way to get your family behind governance is to make it about the kids. #TransitionsSpring2020

[Barbara Spector @FamilyBizEditor]

Start small -- maybe with one idea to implement in your family -- and build from there. #TransitionsSpring2020

[Barbara Spector @FamilyBizEditor]

Your processes must evolve to meet the needs of the current family and ownership group. What worked for past generations may no longer be relevant. #TransitionsSpring2020

[Barbara Spector @FamilyBizEditor]

A measure of how well you worked together to create your family constitution is how long it lasts. #TransitionsSpring2020

[Barbara Spector @FamilyBizEditor]

A good place to start in the creation of a family constitution is fear: What are you scared of, and what are you scared of for your kids? Example: Your daughters being prevented from joining the business. #TransitionsSpring2020

[Barbara Spector @FamilyBizEditor]

Electronic DATA breaches, I meant

[Barbara Spector @FamilyBizEditor]

Does your family constitution include a section on crisis management: substance abuse in the family, workplace violence, product liability, electronic dara breaches, natural disasters, etc.? #TransitionsSpring2020

[Barbara Spector @FamilyBizEditor]

A famiky constitution says, "This is who we are, and this is how we do business as a family." #TransitionsSpring2020

[Barbara Spector @FamilyBizEditor]

Family constitutions should be flexible, in anticipation of growth and change in the family and the business. #TransitionsSpring2020

[Barbara Spector @FamilyBizEditor]

Family constitutions bring up dynamics that can take time to work through.#TransitionsSpring2020

[Barbara Spector @FamilyBizEditor]

The bisiness culture must come from the top. In a family business, "the top" should be the family -- even without family in management. #TransitionsSpring2020

[Barbara Spector @FamilyBizEditor]

If you don't have family working in the business, you need a way of communicating to employees to make them feel as if they're working in a family business (e.g., a letter at holiday time). #TransitionsSpring2020