Craig E. Aronoff's Blog, page 4

Age and Appreciation

I turned 60 this summer. I feel as energized, curious and active as ever. But, I do notice a few significant differences. A source of great pleasure is spending time with family. Sitting on the floor and trading monosyllables (mostly ‘Ga!’ and ‘Da!’) with my 9-month old granddaughter is one of my greatest joys.  If … Continue reading Age and Appreciation →

JoAnne Norton Named Cal State’s Interim Family Business Chair

Congratulations to FBCG consultant JoAnne Norton who was recently named interim Rick Muth Chair in Family Business for Cal State Fullerton’s Mihaylo College of Business and Economics. She will hold the position for the 2015-16 academic year while a national search is conducted to fill the permanent position. “She brings tremendous knowledge about family business, wisdom …

Ten Qualities of Successful Family Businesses

This week’s blog is an easy-to-grasp list of 10 qualities I’ve noticed about the underpinnings of high-functioning family businesses over the last 25 years. These are not things I made up. They are philosophies and guiding principles of families I’ve been honored to serve and speak with. Estate planning is NOT continuity planning. Confuse them at … Continue reading Ten Qualities of Successful Family Businesses →

The Power of Questions

There will come a time during your family business succession journey when progress requires you to give up what you love to do and what you are very good at to make room for successors to learn, grow and flourish. This is some of the hardest work of succession. Part of the trauma in this … Continue reading The Power of Questions →

When the Dead Pick Your Business Partner

“I had always wanted to be a nurse,” explained Rachel. “After 15 years as a stay-at-home mom, I went back to school, earned my degree and then got a great job. I worked just one town over from where we live and where my husband Tom’s family business is located. Tom was at work all the … Continue reading When the Dead Pick Your Business Partner →

Banking on a Strong Corporate Governance Process

Why are banks so fond of boards with independent directors?  What is the big deal? Actually, banks are interested for the same reason as minority and non-executive owners in a successful multi-generational family business.  Independent directors with real fiduciary responsibility have an obligation to work in the interests of all owners; not just those running … Continue reading Banking on a Strong Corporate Governance Process →

Can Independent Board Members Add Real Value to My Business?

“What real value can independent board members add to my business?” This is a question often asked by our clients when we discuss corporate governance.  It is a fair question when the owners of a successful family business are contemplating the creation of a fiduciary board of directors – why should they include non-family, non-owning, … Continue reading Can Independent Board Members Add Real Value to My Business? →

Keeping Promises

On a long cross-country flight, I sat next to a woman who was involved in her family’s business and she shared her family’s fascinating story. Working with a consultant, her family had put a lot of time and effort into creating a family constitution as well as policies, procedures, and protocols. She and her husband, … Continue reading Keeping Promises →

Handling Inevitable Conflict in Family Business

Even though conflict is 100% predictable, completely unavoidable, and decidedly uncomfortable, many family owners avoid having disagreements at all costs. They don’t realize that smiling sweetly and yet again swallowing bitter bile only causes resentments to grow and unresolved issues to fester. Putting issues on the back burner causes emotion to boil over—probably at the … Continue reading Handling Inevitable Conflict in Family Business →

LGBT People and the Evolving Family

The definition of “family” and its members continues to evolve.  Bruce Jenner’s transition to Caitlyn has created quite a buzz. It is estimated that 700,000 Americans, 0.2% of the population, are transgender. On June 26, 2015, the U.S. Supreme Court ruled that the U.S. Constitution guarantees the right for same-sex couples to marry in all … Continue reading LGBT People and the Evolving Family →