Preparing the next generation ("Next Gen") is a critical step on the path to succession in a family business. There are many ways to create development opportunities, starting with exposure in “small bites” from a young age, in age- and stage-appropriate ways. Think: formal education programs, or spending time in the proverbial “mailroom” (or its equivalent), or accompanying a family member on a job, and more.
One steadfast and valuable method to expose the Next Gen to business has been internships, typically starting in high school or college. Summer learning opportunities develop younger family membe... read more »
The often heard board governance adage of “nose in, fingers out”1 is regularly held up as guidance for board members and a caution to them, many of whom are former C-suite executives, that it’s not their job to delve too deeply into day-to-day operations.
But should this hold in this time of a crisis—particularly one the length and depth of which is unknown? The COVID-19 crisis has triggered countless off-cycle board meetings or updates, whether fiduciary or advisory, with management working diligently to provide important information ab... read more »
Throughout this challenging time, there is one message that continues to bring a great deal of comfort: “We are in this together.” We are all facing some degree of paralyzing uncertainty and intense challenge. Though our individual situations may be quite different, some experiences these days seem universally shared:
— Our personal and business lives are even more enmeshed than normal as the boundary between work and home is obliterated
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Almost 20 years ago, CFAR Coaching Practice Leader Dr. Richard J. Levin wrote the guidelines—linked below—for the UN to help parents and children cope with the unprecedented events of 9/11. As the COVID-19 pandemic develops, this same resource may be useful in comforting and guiding you and your family during these challenging times. As always, CFAR is here for you, both personally and professionally. You may download and read the article HERE.
We at CFAR hope that you and your loved ones are staying safe and healthy amidst the COVID-19 crisis. Like you, we are watching the events unfold by the hour, attempting to balance an attunement to this moment with our commitment to our work with both clients and colleagues. We are so appreciative of the many messages we’ve received from those both close and far that convey how deeply we are all in this together.
The safety and wellbeing of our CFAR team and our wider communities are of the utmost importance for us. We have transitioned to working remotely, already experienced and still learning how to authentically stay connected by video and phone. We are doing all we can to provide continued support to our clients. I am am... read more »