Of course family business owners want their firm to be valuable – to their family, their clients, and the community. The possibility of selling the business typically forces the owner’s hand in pinpointing its value, but it makes sense to think about this now and periodically thereafter no matter what direction your family business is headed. What specifically does the business value consist of, how is it identified, and how can value be increased? READ MORE
LEARN. SUPPORT. THRIVE.
Family-owned and operated businesses have unique needs. Since its founding
in 1955, The Curchin Group has partnered and grown with 1st, 2nd, 3rd and
even 4th generation family enterprises.
Determining fair compensation for family members in a family-owned business can be a bit more complicated than one might imagine. The issue of fair compensation not only involves multiple aspects of the business, but also the complexity of the family. Following are some key factors to consider in determining the appropriate level of compensation among family members in the family business. READ MORE
A family business is defined in terms of three systems: the company itself, the family attached to it, and the owners. Understanding how these three systems work in your family business and maintaining a “healthy balance” can play an important role in ensuring long-term sustainability of your family business.
Why do some family businesses prosper generation after generation and why do some flounder or fail? When multiple family members control business ownership and management over time, it’s natural that the business—and the family—will see success or struggle based on things they can and cannot control. Understanding “healthy” and “unhealthy” indicators common to all family businesses can play an important role in maintaining a healthy balance and ensuring long-term sustainability of your family business. READ MORE