Tom Hubler (firstname.lastname@example.org) is president of Hubler for Business Families, a family business consulting firm.
When encountering a tense situation with a family business, tell the truth with love instead of fear to resolve conflicts.
Every family business must have plans that address ownership, management, the business model and family emotional equity.
Healing sibling resentments and blending two generations of children requires open communication.
Succession planning includes not only mentoring the next generation, but also a good exit strategy for the founder.
Children may not place the same value on a family business as their parents do, which can create huge conflicts at the time of succession.
Family business members need to share with each other what they need to thrive and be successful within their families and companies.
Poor communication and long-standing resentments hurt families and their businesses.
Gratitude is the glue that holds personal relationships and family businesses together.
What happens when a family business succession plan goes awry?