CT Williford

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10 Famous Multi-Generational Entrepreneur Families

Last week I talked about the genetic aspects of entrepreneurial traits, along with the parts of entrepreneurship that every person can learn. In response to that article, many people remarked on the importance of being a great teacher and entrepreneurial example to your children, who, increasingly, …

5 Ways To Perpetuate The Family Business

In August, I’m doing a 90-minute talk entitled, “Perpetuating the Family-Controlled Business” at a Society of Financial Service Professionals meeting. This multi-disciplined organization includes insurance and financial advisors, attorneys, accountants and other professionals. With such a diverse …

Family Business: How to Spot a Problem Patriarch

Sometimes it’s the most successful leaders who sow the seeds for the downfall of a family business.<p>Carl was one of the most talented leaders of his generation. When he took over the family business, it was a struggling $10 million automotive parts distributor. Now after thirty years of being at the …

Coddled Relatives Can Kill a Family Business

Denis was a bright, handsome, 45-year-old French executive who had failed his way up the ladder—almost to the top of his family’s fourth generation perfume business.<p>As the eldest son of the family patriarch, Denis went directly from university into the family business. During his entire career, he …

5 Steps To Create A Viable Succession Plan For Your Family Business

The importance of the family business to the United States economy continues to grow, and in a striking development, family businesses are beginning to reverse the trend of mega-businesses wiping mom-and-pop stores off the map. The recession of 2008 provided the catalyst for laid-off workers to …

How to prevent ownership disputes in family businesses

According to the Institute of Family Business, there are more than three million family businesses in Britain. They provide about 9.2m jobs (40% of total private sector employment), "contribute almost a quarter of total UK GDP [about £346bn] and provide more than £81bn in tax to the UK …

How to Prep Your Family Business for the Next Generation

Baby boomers are reaching retirement age at a rate of 10,000 per day, according to the Pew Research Center. That’s prompting scores of family …