Furniture World Articles by
Sometimes thoughts of entitlement grow so entrenched that family members believe they have the right to use company resources without permission or to direct company employees even though they have no direct management responsibility in the organization.
Here’s how to start planning for the sucessful transition to the next generation to ensure your lasting legacy and the security of families that depend on you for their livelihood.
Retail furniture leaders wield authority and must submit to it as well.
Here’s how to do both in a way that accomplishes key goals.
To achieve generational success, families must implement an organized process that allows each key family member to discuss relevant business issues, and express their ideas.
Most family furniture businesses are not prepared to handle wealth transfer. In fact, the majority have made few or no provisions for turning the business over to the next generation.
This short series of articles delves into the process of creative thinking, gets into some more practical guidelines for fostering creativity in your organization, and ends with an 8-step process for monetizing your creative efforts.
Most families in the retail furniture business just don’t talk about money. Money entices us with opportunities. Money torments us with uncertainty, and leads us to decisions we normally would not make. If you’re not careful, money and possessions will become the downfall of your family and your business.
The first generation founds the business. The second generation builds it. And the third generation ruins it. This sounds harsh, but consider that a scant three in ten businesses make it to the second generation. A miniscule one in ten of these makes it through the third. David Lively looks at the steps family business can take to avoid this fate.
As a leader of the organization, regardless of the title you choose, you have a responsibility to decide on a plan and chart a course to achieve your business dreams. David Lively presents a fictional story with which many FURNITURE WORLD readers will identify.
Family business owners often struggle with fair compensation for their children who work for them. Either they pay the children too much, or they pay them below market rates. Either extreme is incorrect and can provoke conflict while undermining their self worth.