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Tag: family business

  • Award-winning Denver art gallery announces closure after 16 years in business

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    DENVER — Mirada Fine Art Gallery, which first opened in Indian Hills before relocating to downtown Denver in 2020, announced they will be closing its doors by the end of the year.

    For the past 16 years, Mirada Fine Art Gallery has been a rather popular spot in Denver’s art scene. They won many awards in Colorado including American Arts Awards for Top Galleries in the United States for 2022, 2023 and 2024.

    Richard Butler

    “Mirada is a gallery that features contemporary art from across North America,” said owner Steve Sonnen. “We feature a number of Colorado artists, but in addition to that, we have artists from Canada and Mexico and pretty much all of North America.”

    Sonnen called the decision to close “bittersweet,” noting that Mirada has always been a family-run operation. His sister, Jan Thompson, manages the gallery, and his wife handles bookkeeping. He said protecting the gallery’s atmosphere and its reputation played a major role in his decision not to sell.

    “We’ve built this very distinctive look and feel,” he said. “It’s a little bit of a part of me, and a part of my sister and my wife. If you just sold it, you lose all control over what happens with the gallery. And it would really break my heart to see it go in a totally different direction.”

    Sonnen said the plan to close has been in motion for years. When he moved Mirada downtown, he intentionally signed a five-year lease timed to end with his retirement.

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    Richard Butler

    “We always had planned to go out at this time, and so it’s nice to be able to go out on our own terms,” he said.

    The gallery will remain open through December 28, 2025. For the first time in its history, Mirada is offering rotating closeout sales featuring different artists each week.

    “In the 16 years we’ve been in business, we’ve never done a sale,” Sonnen said. “But this is sort of an unusual situation.”

    Sonnen and his wife plan to spend part of their retirement in the home they built in San Miguel de Allende, Mexico. That is the place they fell in love with after honeymooning there decades ago. Still, he said leaving Mirada behind will bring its own mix of emotions.

    “When we started the closeout sale, I don’t think it really kicked in until then,” he said. “We had so many clients call or email to say they were sad we were going out of business. It’s going to be weird not being surrounded by this artwork and these amazing clients and artists, but I’m excited about the next chapter.”

    Sonnen said Mirada’s success belongs as much to its artists and supporters as it does to his family.

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    Mirada Fine Art Gallery

    Owners Steve and Jenni Sonnen

    “My goodbye message to both our artists and our clients would be that it was all them that did this,” he said. “We really appreciate their business and them supporting us. I think people got something out of the gallery, but we definitely got a lot back from them.”

    Mirada Fine Art Gallery will continue its regular hours and events throughout the year as it prepares for its final day of operation.

    Coloradans making a difference | Denver7 featured videos

    Denver7 is committed to making a difference in our community by standing up for what’s right, listening, lending a helping hand and following through on promises. See that work in action, in the videos above.

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    Richard Butler

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  • Video: Howard Lutnick’s Family Business Is Cashing In on Data Center Deals

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    new video loaded: Howard Lutnick’s Family Business Is Cashing In on Data Center Deals

    The commerce secretary, Howard Lutnick, is involved in A.I. data center deals that overlap with work his family is doing. Our investigative reporter Eric Lipton describes what we know about these deals for massive data center projects, one of which includes a planned nuclear power plant to be named after President Trump.

    By Eric Lipton, Christina Shaman, June Kim, Zach Wood and Leila Medina

    November 20, 2025

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    Eric Lipton, Christina Shaman, June Kim, Zach Wood and Leila Medina

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  • The Case for Nepotism in Family Businesses

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    “Nepotism” is a “dirty word” in family business. It evokes images of unqualified relatives ascending to leadership roles at the expense of more qualified employees. However, in the context of family enterprises, nepotism, when approached thoughtfully and strategically, can be a powerful engine of continuity, loyalty, and long-term performance.

    Our experience advising hundreds of family businesses has shown that the question is not whether to bring family members into the business, but how to do so in a way that is transparent and maximizes the potential of family employees, all while protecting the culture, credibility and integrity of the organization.

    Family businesses are not just commercial entities, they are a collection of assets, people and history that blend business imperatives with deeply rooted emotional, relational, and reputational capital. Family members raised within this culture often embody the values and history of the enterprise. This embedded cultural alignment creates what we call “family capital” — a reservoir of trust, stewardship, and long-term thinking that non-family executives often take years to absorb. A well-prepared family member can bring a legacy mindset beyond their contributions, which is critical to the culture of a family business and can be difficult to replicate through external hires.

    Public companies often suffer from leadership churn driven by short-term performance metrics. Family businesses have distinguished themselves in the market by thinking in decades, not quarters. When family members are integrated effectively, they provide a form of continuity that’s increasingly rare in today’s business environment. Family owners who work in their business also develop a long-term commitment to the business, which is often cited as one of the key strengths of family businesses in the marketplace.

    We work with a 125-year old family business that just transitioned to its fifth CEO in its history, all of whom have been family members. External leadership can be transitional. Family leadership can signal a long-term commitment to employees, clients, vendors, and local communities, who may all find comfort in seeing a leader that they know is likely to be there for the duration of their relationship with the company.

    As is well documented in TV and in the news, nepotism has more than its fair share of risks. It can erode confidence in leadership, lead to entitlement, create family conflict, hurt morale and negatively impact the performance of a business if you have unqualified family employees making important decisions. So, how do you engage in the best forms of nepotism?

    Maintain the standard

    In order to protect the performance and culture of the business, family members should be held to the same standard as non-family employees when it comes to entry and promotion. Of course, the standard can be somewhat subjective, so the process also needs to be transparent and free from conflicts of interest. Holding family members to the same standard as other employees protects the business from unqualified leadership, and just as importantly, protects family members from being put into positions where they could suffer imposter syndrome.

    One family business we worked with implemented a multi-step process: (1) family members must work outside of the business for at least three years, (2) they must be sponsored by a non-family executive mentor upon entering the family business, (3) entry-level roles must align with their actual qualifications, and (4) all family promotion decisions had to be approved by an independent committee comprised of non-family members.

    One complicated question is how much employment requirements should be relaxed in order to attract family members into the business. In our experience, it should not be so much that family members are being put into roles they are clearly unqualified for, but it should not be so little that the family misses out on high potential family candidates. For example, a family member that meets most, but not all, of the job standards may be offered a role with the understanding that they will get the training they need to meet standard. This can open the door to family members working in the business and help them become successful while maintaining the company’s standards.

    Invest in the development of your family leaders early

    Another tool to combat the challenges of nepotism is to invest in the development of family leaders as early as possible in order to have a qualified pool to choose from. This means exposing family members to the business when they are young and encouraging those with interest in the business to pursue the education and professional experiences they will need to be successful in the family business. At home, families can instill values such as hard work and humility and connect them to the legacy of the family business. The goal is to develop a rising generation that enters the company not only as “the founder’s children,” but as credible contributors respected by their peers.

    Build great governance

    Robust governance frameworks that separate ownership from management, and affection from accountability are also critical to managing nepotism. For example, the hiring or promotion decisions of family members should be made, at least in part, by non-family members who can ensure the decisions are free of bias. Family employment policies, clear compensation structures, and evaluation systems should be transparent and enforceable. Some families create family employment committees that include both family and non-family leaders to assess candidacies objectively. Good governance clarifies the rules of entry and exit in the business to family members, which can prevent situations where family members intentionally or unintentionally take advantage of their status as family members to seek out positions they are not qualified for.

    Hold them accountable

    But even when you’ve done the work to ensure that family members are well-prepared for leadership roles in your family business, that doesn’t necessarily mean that they should be entitled to employment for life. Like any other valued employee, they should be evaluated on a regular basis and given feedback. If their performance fails to meet the standard, they should be subject to the same consequences as non-family members. Of course, firing a family employee, as with any employees, should be handled with a great deal of sensitivity. However, for the sake of the business and the family, the consequences should not prevent the business from making the right decision. To support the objectivity and transparency of the employment process, it can help to have non-family members involved in evaluating, and if necessary, exiting family members.

    Listen to the family member

    Finally, it is worth acknowledging that family members caught in the crosshairs of nepotism accusations can be deeply hurt by the notion. It can eat away at their confidence and cause them to distrust the very business that has been such an important part of their life. One family member told us that she felt punished every day she walked into the office for being a family member. It can feel like betrayal, and lead to actions that spiral into conflict and resentment.

    To avoid that, you need to make sure you are sensitive to the particular needs of family members working in their business. Providing them with mentorship or executive coaching, and a clear process that shows others that they earned their position, can go a long way toward attracting and retaining the best family members in their business while giving them great professional experiences.

    Dismissing nepotism out of hand can be just as risky to the success of a family business as embracing it. When nepotism is based on merit and transparency and managed by great governance, it becomes not a liability, but a competitive advantage.

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    Omar Romman

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  • There’s No Such Thing as ‘Best Practices’ When It Comes to Family Enterprise Governance

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    I see it all the time. When teaching MBA students and executives from family enterprises, so many of them make the same mistake. They take a check-the-box approach to building governance structures and policies, whether related to a board, family council, family office, or others. “We must incorporate all of these governance elements,” family leaders reason, without considering why. The result: governance systems that do not match the needs of the organization.  It’s a problem with multiple causes. Fortunately, it has an elegant solution from the field of innovation: adapting the concept of “jobs to be done.”  

    The danger of one-size-fits-all  

    Part of the problem here is rooted in growing knowledge about the field as a whole. As this domain has grown, so has the number of consultants, bankers, wealth managers, brokers, attorneys, psychologists, and other service-providers eager to tell families how to better govern their enterprises.  

    The result of the efforts by service providers to scale advice market-wide can mean commoditization of solutions. The result is that families believe they need a certain portfolio of governance “products,” regardless of the specific nature of the family and its enterprise. This can quickly turn into the check-the-box approach. Instead of thinking of strategic purposes, families play governance bingo with an implicit belief that families must have a specific set of policies and structures to be successful. The problem exacerbates as families see what other families are doing. It’s like seeing someone else with a family office and concluding, “Surely, we need that too!”  

    There’s no such thing as a specific set of best practices when it comes to family enterprise governance. Each enterprise is as unique as the family that leads it, and thus requires customized governance. For example, would you go to a doctor who provided the same treatment to every patient, regardless of their condition? I hope not. 

    The “jobs to be done” framework 

    To work toward finding the right governance system for their needs, families can make use of the “jobs to be done” framework. This is a concept popularized by Clayton Christensen in his book The Innovator’s Solution. The core idea is that organizations should think of customers as hiring a product to do a certain job for them, such as solving a practical problem or serving an emotional need.  

    The approach’s brilliance is in shifting thinking from the product to the end user by focusing on the job the product must perform. This results in a design that actually meets the customer’s needs, benefiting both the customer and the business. Families can similarly apply the framework to the design of their governance systems. They can move from a check-the-box, product approach to understanding who the governance systems are serving and what it is that they want them to accomplish.  

    4 steps to shift your thinking  

    Here are four easy steps to take this “jobs to be done” approach to your governance system.  

    1. Define the customer. Too many families overlook this step in the rush to adopt governance elements. Who will be the customer of a given governance system or component—owners, family employees or prospective ones, or the whole family? Rather than asking, “Do we need a board?” think about whose needs may be served by a board as a starting point.  
    2. Identify the job(s) the customer needs done. This may seem simple, but it can be more complicated than you think to overcome preconceived ideas of what certain governance structures “should” do or look like. To continue the example of a board, and assuming the customer is the family, what does the family need from a board? What would the family hire a board to do for them? Perhaps it’s for oversight, strategic insights, or credibility? The answers to this question are crucial for the next step in the process. 
    3. Design the product to fulfill those needs. With the customer identified and the job defined, design the product (family office, family council, board of directors, family protocol, or employment policy) to meet those needs. Be careful with this step, because most governance, left unattended, can revert to its commoditized form. For example, board members without direction from the customer will tend to act in the same ways they have in the past.  
    4. Assess success. Is it working? Return regularly to the customer to confirm they are happy with the structure or practice they “hired” and adjust as needed to address evolving needs.  

    What jobs do you want your governance system to do for the family and enterprise? That’s the question more families in business need to ask. The ideas here will help you do that and reap the rewards of governance components designed just for you. 

    The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.

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    Matt Allen

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  • How to Run a Family Business Without Driving One Another Crazy 

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    About a quarter of all businesses in the U.S. are family businesses—but that doesn’t mean working with family members is easy. “A lot of people aren’t built for it,” said Allison Ellsworth, chief brand officer of Poppi, the soda brand she co-founded with her husband, Stephen, and sold to PepsiCo for $1.95 billion in May. 

    “Any successful business relationship or marriage is really based on trust,” Stephen added. “If you have the ability to trust them and you’re committed 100 percent, I think that’s where the magic really happens.” 

    The Ellsworths joined Diego and Natalia Boneta, the brother-and-sister team behind the film and TV production company Three Amigos, on stage at the Inc. 5000 Conference in Phoenix last week. Three Amigos, which signed a first-look deal with Amazon Prime Video in 2022, recently produced Killing Castro, which stars Diego as Fidel Castro and premiered at the Toronto International Film Festival in September. 

    “The number-one rule that we established from the get-go was family first,” said Diego. “If anything happened to the business, if there was a big decision that we really disagreed on that was detrimental to our personal relationship, we would always pick our relationship with siblings.” 

    In conversation with Sammi Cohen, the CEO of Social Currency Media, the panelists laid out a few more ground rules they’ve learned along the way for building and scaling a successful family business. 

    1. Set Midyear Relationship Reviews 

    Allison Ellsworth said that in the early years of Poppi, they were “a little bit wild and chaotic as entrepreneurs and just kind of swung from the hip.” But as Austin-based Poppi became one of the fastest-growing beverage brands in the country, the Ellsworths realized they needed to put formal processes in place. 

    Allison says she and Stephen settled on a system of sitting down a couple of times a year to align their goals for their family and business and set a schedule for the year. “For the longest time, it was just business and kids. We kind of forgot about, oh, we’re married. We need to work on that and have those conversations,” Allison said. “Taking a step back and working on [how] personal life can align with professional life was a really big game changer for us during those growth years.” 

    2. Check in as Family First 

    When Diego and Natalia Boneta are working in different cities, they check in about once a week on the status of their projects—but they don’t neglect their relationship as siblings.  

    “We have a simple rule: If the house isn’t on fire, we first ask how each other is doing personally,” Natalia said. “Take care of the personal, and then you can take care of the business 10 times better. If one of our lives is in shambles, then we need to be able to really step in and help each other out and be good teammates to one another.” 

    But, Diego added, they keep that support behind the scenes. If he were to step in as the “protective older brother,” he said he felt that he could undermine Natalia professionally. 

    3. Let Each Person’s Strengths Shine 

    “I’ve learned three magic words: You’re the boss,” Diego Boneta said, explaining that he and his sister have complementary strengths.  

    “I cannot multitask for my life,” he added. “But damn, I’m a great perfectionist and I’ll focus on one thing … That’s where I think we win, knowing and trusting each other in that regard—and also being able to have fun.” 

    Allison and Stephen Ellsworth agreed that allowing each person to focus on the areas in which they excel was the key to a successful family business. When they launched Poppi, Allison took charge of the creative and branding, while Stephen ran the supply chain and product innovation.  

    “We realized what our superpowers were really early on,” Allison said. “I was the person who was jumping off the cliff as he was trying to catch me, while building the business plan while trusting me to next time jump higher.”  

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    Jennifer Conrad

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  • Boost Innovation in Family Business by Promoting Autonomy With Strategic Control   

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    As the pace of change in the world increases, family businesses are often faced with the need to increase innovation to adapt to changes in the market and the family. It might mean coming up with an innovative product, feature, manufacturing process or whole new operating model. It might also require a creative dividend strategy or approach to family communication to serve a fast-growing family and shareholder base. 

    Whatever the specific need might be, family enterprises may face greater challenges making it happen than non-family businesses. Research indicates that the ability to innovate can decline across generations, with later generations producing far fewer innovations. Family leaders looking to enhance innovative behaviors, especially among rising generations, can follow this simple advice: promote autonomy by wielding control strategically.  

    Autonomy and innovation 

    Several years ago, I led a study looking at how people management influenced the behavior and attitudes of teams working on product management and development. One of our main hypotheses was that micromanagement, in the form of strict control, would stifle morale across the board. 

    Surprisingly, our research showed that tight controls on how team members carried out their day-to-day activities had a mostly positive impact on their attitudes and behavior. This was only true if they were working on projects where the market and technology were well-understood–such as for teams managing existing products. However, the more important finding was that when teams were working on innovative products where the market and/or technology was more ambiguous, the impact of leader control of day-to-day activities was clearly negative. In short, excessive control stifles innovation. 

    That’s because control diminishes autonomy or a sense of independence, long recognized as an essential component of innovative, creative behavior. Individuals need space to explore and experiment, leading to novel ideas and innovative activity.   

    However, autonomy can and does decrease across family business generations, driven by increased complexity in both the family and business as well as the need for the business to support a growing number of family members. Tradition and legacy can exacerbate this with a “Don’t rock the boat,” or “This is how our family has always done things” approach. Consequently, next-generation leaders often lack the autonomy required for innovative thinking and may feel pressured to maintain the status quo.   

    Wield the right control 

    The answer is not to remove all controls or expectations for next-generation members. Instead, family business leaders can use strategic control to increase autonomy with an outcome-focused approach. Most families use a specific kind of control when dealing with the next generation–called “process control” or “behavioral control.” It’s about micromanaging behavior to drive desired outcomes. It’s based on the assumption that because of the experience of prior generations, the “what,” “how,” and “why” are already understood. Thus, there’s one right or best way to do things. Not surprisingly, that rigidity diminishes innovation.    

    Instead, aim for “outcome control,” with focus on controlling the result of a process or activity, but leaving the “what,” “how,” and “why” to the individual. Families tend to avoid this approach because it implies that there exist alternative and perhaps even superior ways to accomplish goals than what they already know. This can call into question the legend of the founder, the eminence of current generation leadership, and other long-held, sometimes unspoken beliefs about how things should be done.    

    The genius of outcome control is that it provides autonomy for next-generation members to experiment, learn on their own, and apply their unique skills and talents to problems without sacrificing expectations for performance. This increased autonomy will drive higher levels of innovative thinking, activity, and results.   

    Quick tips to get it right 

    While using outcome control might not be the natural approach for you, the benefits are worth the effort. Here are some things senior-generation leaders can do to drive innovation by shifting from behavior control to outcome control.  

    • Accept that change is inevitable.
      Change is the only constant. Even if the family knew the best way to do things at one time, things change, and you’ll have to as well. Take an adaptive, flexible approach.   
    • Leave your ego at the door.
      It’s not about what’s best for you but what’s best for the family and its enterprise. Make it about them with statements like, “I trust you,” and “I’m confident in you.” More we, less me.   
    • Recognize the diversity of capabilities in the family.
      Everyone has different talents, capabilities, and interests as related to business, family, and broader life. People and organizations are most successful when they are allowed to use/develop these and or apply these to their work in unique ways. Harness the collective and individual abilities in your family. 
    • Promote continuous improvement.
      There is always a better way, but you have to be open to finding and embracing it. The mantra should be that of The Six Million Dollar Man, “You can rebuild it “better, faster, stronger.”   

    Innovation is critical no matter what business you’re in. Family enterprise leaders can promote maximum innovation in next generations by wielding control with care. When they focus on outcomes rather than processes, they’ll enable the autonomy and creativity that goes with it. 

    The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.

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    Matt Allen

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  • 7 Strategies for Dealing with Gender Bias in Family Businesses | Entrepreneur

    7 Strategies for Dealing with Gender Bias in Family Businesses | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    For Janette Silva, having a family business has been both a blessing and a curse. As the sole daughter, her involvement with the family business was never predetermined, in contrast to her brothers, who have enjoyed the security of stable salaries and lifelong perks a family business brings.

    Gradually, Silva took on the mantle of running the company, yet the official CEO title remained out of her grasp. In addition to her professional duties, she shouldered the care of her aging parents and managed her household responsibilities. This burden wasn’t the subject of discussion but rather her family’s unspoken expectation. At her workplace, she often cringed when she heard phrases like, “You don’t know what you’re talking about; let me talk to your dad” or “Ah, I see, you got this job because you’re his daughter.”

    Although women in the broader business landscape contend with various gender biases, those in family businesses grapple with an added layer of complexity and severity that further complicates the picture — and the situation is worse than it might appear.

    Related: Running a Family Business Means You Need to Prepare Your Kids to Take Over — Here’s How to Do It Right.

    Revealing gender discrimination in family businesses

    Regrettably, stories like Silva’s are all too familiar. That should be no surprise, as gender-based expectations persistently permeate family dynamics. Nevertheless, in today’s world, it’s both unjust and unwise to limit the prospects of a capable family member on the basis of their gender.

    A research team composed of experts from my team at Loyola Marymount University’s Family Business Entrepreneurship Program, Business Consulting Resources, the University of San Francisco’s Gellert Family Business Center and Women Leaders in Family Enterprises decided to examine this issue more closely.

    We were curious about the extent to which women face uphill battles and how the experience of bias and discrimination in the family business impacts how they perceive their own sense of work performance and career progressions. We embarked on an extensive three-year study, which entailed conducting qualitative interviews and organizing focus groups in 2019 and 2020. This was followed in 2023 by an extensive survey involving more than 100 women leaders. Our respondents primarily represented multi-generational businesses (77%) consisting predominantly of CEOs or senior managers (74%) who boasted an average tenure of 16 years.

    Remarkable revelations

    Our study revealed that gender discrimination still casts a shadow, manifesting as the infamous “glass ceiling effect,” the persistent “sticky floor impact” and a lack of opportunities in leadership roles. Around 49% of our respondents reported experiencing gender bias (compared to 42% for all businesses in the U.S., according to Pew Research from 2017). Forty percent of the respondents who acknowledged bias also expressed a belief that their gender had hindered their progress within the family business.

    Given that our survey respondents were mostly top managers, it is not surprising that much of the biases came from the external business environment. They emanated from customers (51%), vendors (37%) and the broader business community (45%), highlighting the pervasiveness of the issue in our society. Astonishingly, family members themselves served as the source of discrimination in over a third of cases.

    One respondent candidly shared, “My father openly says women are no good in business,” while another recounted, “The men in the family are automatically granted the most senior positions, leaving me with limited options.” Additional comments painted a similar picture: “Had I been a boy, I would have been a managing director, but as a girl I wasn’t considered,” and “I was told that the CEO position would always be held by a male.” One woman leader poignantly reflected, “In my family business, I had to work tirelessly compared to my brothers to achieve the same recognition.”

    The consequences of gender biases proved enduring, leaving a lasting impact on those affected. Individuals who experienced bias reported that it had a detrimental effect on their work performance. They were more prone to suffering from imposter syndrome — an affliction characterized by feelings of inadequacy, self-doubt and a haunting fear of being exposed as a fraud. This syndrome had the potential to further erode their performance, making these findings both eye-opening and concerning.

    Related: The Pros and Cons of Hiring Family Members in a Small Business

    Navigating unique challenges in family businesses

    Women in family-owned businesses have traditionally fared better than those in large publicly owned companies. For instance, it was widely celebrated that, as of January 2023, women had exceeded the 10% threshold for Fortune 500 CEOs. On the other hand, it is generally accepted that at least 24% of family businesses are led by a woman CEO or president. This progress is commendable, especially when considering that family businesses often impose distinctive challenges to their female members.

    One key challenge arises from entrenched family traditions rooted in the culture and history of these businesses, which can overshadow an objective assessment of qualifications. Typically, sons ascend to leadership roles, relegating daughters to supportive positions, regardless of their abilities. Furthermore, the familial dynamics and the informal nature of decision-making within these family units — relying more on personal biases and stereotypes than formal policies and procedures — can further perpetuate gender disparities. Compounding the problem is the usual absence of external oversight (e.g., external board members) in family-owned enterprises.

    Adding to the complexity of gender discrimination in family businesses is its deeply impactful nature. Women who experience gender bias often encounter it from their own kin, including parents, siblings and close family associates. This personal dimension can heighten the emotional toll, and confronting family members risks straining vital relationships further.

    Due to their emotional commitment in the legacy of the business, many women find it exceedingly difficult to pursue other opportunities, even when discrimination persists. This predicament is exacerbated by the fact that women in family businesses often have limited external support systems to turn to, as seeking help from external sources can amplify familial conflicts. As a result, women who grapple with gender discrimination in family businesses often find themselves extremely isolated, making the experience all the more formidable.

    This type of situation could sound familiar to you — perhaps you’re the leader of a family business or have experienced it firsthand. But it is possible to break the chains of gender bias and impostor syndrome in family business.

    The following are the strategic steps you can take to not only dispel gender bias but also fortify family dynamics and improve business performance.

    Acknowledge the problem: Collectively agree on the presence of gender bias within the family business and the need for change. Ensure buy-in and commitment from top leadership.

    Revamp the family charter: Revise the family charter or institute a code of conduct that explicitly champions gender equality and nondiscrimination within the family and the business.

    Educate and raise awareness: Educate all family members and employees about the prevalence and significance of gender equality using workshops and other training programs.

    Implement a gender-equal HR policy: Rework the HR policies to ensure fairness, objectivity and transparency across all facets — hiring, evaluation, promotion and compensation.

    Forge an equal opportunity succession plan: Redefine succession planning through an egalitarian lens, focusing on capabilities rather than gender.

    Foster a supportive culture: Establish an inclusive and supportive work culture where every individual can freely voice concerns without reprisal. This culture also acts as a potent antidote to imposter syndrome.

    Tap into external expertise: Consider enlisting the aid of external consultants or experts in diversity and inclusion to provide guidance and offer an objective perspective.

    Related: How to Sustain a Family Business Across Generations

    Transforming family businesses

    Gender bias in family businesses can have a detrimental effect on both the business and the family. On the other hand, breaking free from bias and discrimination and rewriting the rules can have a positive impact on the business, leading to improved morale and a competitive advantage in the marketplace. It also fosters more harmonious family relationships, allowing both the family and the business to truly flourish.

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    David Y. Choi

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  • How to Sustain a Family Business Over Multiple Generations | Entrepreneur

    How to Sustain a Family Business Over Multiple Generations | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Preparing the next generation for leadership is one of the hardest parts of running a family business. Whether the company has been run for several generations or just one until now, knowing when to hand over the reins to the next leader is a challenge. Identifying the proper person for the task, and strengthening them for it, is something many family business owners grapple with during their careers.

    Of course, not every family-owned business has a successor to take on the leadership responsibilities of the organization. Some company founders may not have children or other relatives they can rely on to run the business, and in other cases, relatives have no interest in taking the helm of the company. Senior leaders with their leadership transition mapped out are at an advantage, but they often worry about their relative’s ability to handle the upcoming challenges they know will arise.

    That said, preparing the future generation for what’s to come is vital.

    Related: Your Family Business Won’t Survive If You Don’t Plan for the Leadership Transition

    People learn through experience, not lectures

    Think back to when you were a young adult, navigating the world outside your parent’s proverbial nest. You probably encountered several unexpected scenarios that have probably left an impression on you to this very day.

    Perhaps you bought your first car without any assistance and wound up with an expensive monthly payment at a high-interest rate because you didn’t understand the importance of building up your credit. Maybe you fumbled an early relationship or went overseas for the first time. Typically, these experiences make for memories that stay with us for decades, and all of them can act as learning experiences that we look to when we encounter scenarios that require us to act.

    While you may remember the countless talks your parents gave you, they likely didn’t resonate as a genuine experience might have. They certainly outlined the potential consequences of our actions, but unless you actively went against the advice, you likely never experienced the repercussions.

    As such, It can be tempting to swoop down and stop your child from making a decision you know will adversely impact them, but allowing them to experience the consequences makes them better future decision-makers, which will be positive for the family business.

    Related: A 400-Year-Old Family Business Remains the ‘Gold Standard’ in Its Category — Its First Women Leaders Reveal the Secret

    Give the next generation room to grow

    Lecturing the future generation on what it takes to run the business isn’t going to provide the outcome you’re looking for. Instead, up-and-coming leaders need to have their own experiences away from the company (and the eyes of their parents) to realize their capabilities fully.

    If “saving the day” is a sticking point for you, perhaps it’s time to let your children experience life outside of your constant observation. If they’re planning for college, for instance, promote universities that are out of state or overseas.

    It’s essential to allow the next generation to identify potential solutions to problems and try them out. Even if you know the solution won’t work, they’ll enjoy the excitement of bringing a new idea to the table and implementing it. They’ll have the space to grow into themselves and be better prepared to deal with adversity as a result.

    Allow your successors to develop their own identity

    A child or relative who grows up in the shadow of the family business needs time away to build their identity. The family name may be quite familiar in their local community. People will likely associate them with their parent’s name and the company, and sometimes, being the child of a family business owner makes it easier to find acceptance in prep schools and college.

    Pushing them to create their own identity by working toward a degree of their choice and joining clubs or activities that interest them is crucial. Don’t push your agenda; allow them to pursue their own identity.

    In addition, rather than hiring your relative to the family business fresh out of college, require them to work for another organization for a few years. Experience away from the family business will open their eyes to new ways of handling work-related issues that may benefit the family company in the future.

    Related: How to Successfully Prepare Your Family Business for the Next Generation

    Push character development activities

    People who always have someone there to “bail them out” are never given the opportunity to learn their capabilities. Whether you’re the founder of your family business or a second-generational leader, you’ve likely failed in some of your endeavors, and you likely remember your failures and what it took to overcome them quite vividly.

    Facing complex challenges and pushing through them is part of developing a solid sense of character. Rather than allowing them to give up and let someone else take on the task, future leaders must work through their hardships.

    Give your future leaders a chance to fail. As harsh as that may sound, they’ll learn that hard work and thoughtfulness are critical to overcoming obstacles and gaining the confidence they need to deal with future setbacks.

    Don’t hand everything over on a silver platter

    You’ve probably worked extremely hard to get where you are today, and you’ve just as likely seen significant successes, losses, and a bit of everything in between. You’ll want to ensure that your future leaders understand what you went through, even if they weren’t there to witness it in your company’s early days.

    Rather than handing your child the keys to your business outright, make them work for them. If you’re nearing retirement age and they’re unprepared to run the business, find another family member or a trusted external advisor to handle it for a while. They can mentor the next generation and move them along the succession path according to an appropriate timeline.

    It can be tempting to assume the next generation is ready to take over your company and allow you to enjoy your twilight years, but you must ensure they have time to develop skills and realize their identity. The best things in life come from hard work and determination, so give the future generational leaders of your company the space to build their character before bestowing the business upon them.

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    Shawn Cole

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  • Here’s Why Your Children Should Not Inherit Your Business | Entrepreneur

    Here’s Why Your Children Should Not Inherit Your Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    There are some astounding statistics surrounding family business succession. First, the average lifespan of a family-owned business is only 24 years, or roughly one generation. In addition, nearly 60% of family-owned businesses fail to make it to the second generation, while nearly 90% fail to make it to the third generation. Nearly half of the family-owned business failures were caused by the founder’s death, while only 16.4% of family-owned businesses failed after an orderly transition.

    As an entrepreneur, you can spend your lifetime building your business. It is a unique asset that represents a large portion of your legacy. Yet, almost instinctively, you probably treat your business the same as your other assets and ultimately expect your children to inherit it along with the rest of your estate. Doing so, as the statistics show, virtually guarantees your business will fail. While you could labor over trying to solve the riddle of how to properly hand over your business to your children in a way that defies the odds, perhaps the better answer is to not leave your business to your children at all. Statistics aside, there are a number of very good reasons why your children should not inherit your business.

    Related: Billionaires and Millionaires Who Aren’t Leaving All Money to Their Children

    1. They need to be free to discover their own life purpose

    Everyone has a purpose in life — some value that only they are capable of bringing to this world. Rather than trying to groom your children to fit into your business, you must allow them to be free to discover who they truly are and what their purpose in life is. If that leads them back to your business, then great, but don’t hold your breath. The likelihood that your children’s life purpose falls squarely in line with the business you have created is slim.

    2. The family business can lead to an unfulfilling life

    Ask a room full of parents what they want for their children, and you will overwhelmingly hear that they want their children to be happy and live fulfilling lives. Science now points to five factors in living a happy, fulfilling life: positive emotions, engagement, relationships, meaning and accomplishments (often referred to as “PERMA”). Pressuring your children to take over the family business or creating such expectations can result in resentment and other negative emotions, cause your children to become disengaged and uninterested in the family business, hinder your children from developing meaningful relationships outside the family business, not fulfill your children’s sense of meaning or purpose and make them feel like they have not earned their position. In other words, your children could land low on the PERMA scale and end up less fulfilled than had they chosen some other path.

    3. Mixing family and business is complicated

    Family dynamics are complicated. Too often in a family business, personal relationships can interfere with professional ones. Issues that have percolated at home can easily find their way into the office, which can result in unnecessary feuding. Further, your family members may have very different ideas on how to fundamentally run a business, leading to conflicts and disagreements. All of this puts a strain on the business and can ultimately lead to its failure.

    Related: Want Your Succession Plan to Succeed? Avoid These 8 Stumbling Blocks

    4. Nobody likes nepotism

    Giving your children positions of power within your business can be seen by other employees as nepotism. This can result in resentment and lead to a toxic work environment. It is better to promote from within the company based on merit, not familial relationship.

    5. Avoiding an inherent conflict of interest

    Your children are your heirs and the economic beneficiaries of your estate. However, a large portion of your wealth may be tied up in the value of your business. As beneficiaries, your heirs will likely want access to your wealth and liquidity, in which case they may be incentivized to sell the company against your wishes or maximize distributions, rather than invest in the company’s growth. This could ultimately lead to the demise of the business.

    Related: Succession Planning: How to Ensure Your Business Will Thrive Without You

    When it comes to family business succession and legacy planning, a key distinction to make is between economic benefit and managerial control. While you may want your family to ultimately benefit economically from your business and legacy, the truth is that they are often the wrong managers of your business and legacy. Rather than looking to your family to be managers, you should consider sticking to experts, professional advisors and key employees who are best qualified to run the business and ensure its continued success and growth for generations to come.

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    Daniel Scott

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  • The Entrepreneurial Story Behind ‘The Elf Games’: Creator Chad Scott and Family Talk Publishing, ‘The Poster Boy’ and Building a Family Business

    The Entrepreneurial Story Behind ‘The Elf Games’: Creator Chad Scott and Family Talk Publishing, ‘The Poster Boy’ and Building a Family Business

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    The entrepreneurial spirit is a common thread that’s pulled Chad Scott and his family closer with the release of their new book ‘The Elf Games’

    Press Release
    –


    updated: Nov 5, 2020


    CHICAGO, November 5, 2020 (Newswire.com)
    –
    ​Author and entrepreneur Chad Scott continues to build on the strong business foundation he’s created with the release of this year’s hottest holiday children’s book: The Elf Games. 

    But, to get to this point in his book-publishing career, Chad started with the release of The Poster Boy: Small Towns, Big Ideas, and the Reality of Becoming an Entrepreneur. 

    “I wrote, ‘The Poster Boy’ to give entrepreneurs a head start in business and learn how to create an organization that gives as good as it gets,” said Scott, “Entrepreneurship isn’t for the faint of heart and in this book, readers have the opportunity to learn from my stupid mistakes, ridiculous problems, and innovative solutions to come away with real-world hiring and funding advice and the motivation to start their business, today.”

    This solo venture ultimately moved him to build something with his family and, from there, they embarked on their book-writing adventure. 

    “My experience writing The Poster Boy helped me recognize the opportunity to talk about the lessons and value of hard work and determination that were instilled in me as a kid,” noted Scott. “This time around, I wanted to work on a book with my wife and kids that highlighted the importance of sports in children’s lives and bring those lessons to life with a holiday theme.”

    The Elf Games is a story that emphasizes teamwork and Chad, along with his wife and kids, exemplified this lesson as they worked together to write this book for families all over the country. 

    From The Poster Boy to The Elf Games, Chad’s ultimate goal is to build a family business with the ones he loves while covering the topics that share fundamental lessons and values that are necessary to build a strong and empathetic society moving forward. 

    Enjoy some quality family bonding over the heartwarming tale of The Elf Games this holiday season.

    About ‘The Elf Games’

    From sportsmanship to empathy and everything in between, “The Elf Games” shares valuable and inspiring lessons within this beautifully written and illustrated holiday title. In fact, Peter Foyo has said “The Elf Games” is “The most beautifully illustrated and unique Christmas story for kids in 2020!” The holidays are around the corner and “The Elf Games,” which combines education with entertainment, is the perfect story that young readers are sure to enjoy. 

    CONTACT INFORMATION:
    Tiffany Kayar
    tiffanyPR@newswirecontact.com

    Source: Chad and Mary Scott

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  • LearningRx Announces Executive Leadership Transition

    LearningRx Announces Executive Leadership Transition

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    Press Release
    –


    updated: Jan 25, 2017


    Colorado Springs, CO, January 25, 2017 (Newswire.com)
    –
    ​LearningRx, the largest one-on-one brain training organization in the world, is pleased to announce the transition of the organization’s founder and CEO Dr. Ken Gibson to the position of Chairman of the Board. Effective immediately the new leadership of LearningRx is as follows:

    ·Kim Hanson, Chief Executive Officer

    I am thrilled by this appointment and am dedicated to seeing my father’s vision fulfilled, which is to help hundreds of thousands of people think faster, learn easier and perform better

    Kim Hanson, CEO LearningRx

    ·Dean Tenpas, Chief Operating Officer

    ·Tanya Mitchell, Chief Recruitment and Research Officer

    ·Dr. Ken Gibson, Chairman of the Board

    Dr. Gibson opened the first LearningRx center in August 2002 in Colorado Springs, Colorado. By 2003, market research and requests from program graduates prompted him to begin franchising in order to serve more clients in more cities. Today, LearningRx has grown to nearly 80 centers in the U.S. and locations in 40 countries around the globe. Their one-on-one brain training programs have helped over 95,000 individuals and families learn easier, think faster, perform better, and improve IQ. Graduates range in age from 4 to 84 — from kids with diagnoses of ADHD, autism, dyslexia, and learning struggles; to career and senior adults who wanted to improve mental skills; to victims of stroke or traumatic brain injury.

    “This is an exciting day for our family-operated business. Today, I turn my focus toward guiding the new executive team as it deepens its efforts to grow our franchise base both in the United States and across the globe while increasing the depth and results driven from our research group, The Gibson Institute of Cognitive Research,” said Dr. Gibson. “This 18-month transition process is now complete and I am excited to support LearningRx and its leadership as its board chairman while enjoying more time with my grandchildren, family, and friends.”

    “We often joke in the family that I was my father’s first one-on-one cognitive brain trainer when I was a teen,” said Kim Hanson. “However that work at an early age was my initial preparation to take the reins as CEO of LearningRx. I am thrilled by this appointment and am dedicated to seeing my father’s vision fulfilled, which is to help hundreds of thousands of people think faster, learn easier and perform better with our unique brain training programs, while also supporting our team as we delve into new and exciting research and franchise markets across the United States and throughout the world.” 

    The one-on-one nature of the training relationship allows LearningRx brain trainers to focus on results by customizing each training session and encouraging their clients to work past their comfort levels. Brain trainers focus on attitude by challenging clients to recognize and pursue their potential, learning to see failure not as something to be avoided at all costs, but as a temporary stepping stone to greater success. LearningRx trainers focus on confidence by encouraging struggling children and adults to engage, embrace challenges, recognize improvements, and celebrate gains.

     “My father, Dr. Ken Gibson, is a true visionary who spent a majority of his career helping those with cognitive learning and reading struggles better themselves,” said Tanya Mitchell. “The training methods we use are built on over 35 years of research, and we have cognitive test results on tens of thousands of clients. I am energized by our company’s new chapter and I am personally dedicated to my role which is growing our base of franchises in the U.S. and abroad while also supporting the groundbreaking research at The Gibson Research Institute, where we are currently conducting many studies on LearningRx cognitive training programs with several industry thought leaders.”

    In 2016, LearningRx reached a milestone by opening centers in three more countries, while also launching collaborative research studies through The Gibson Institute of Cognitive Research, focusing on ADHD, Traumatic Brain Injury and Mild Cognitive Impairment/Early Alzheimer’s with a timeline of releasing its results to the public beginning in the spring of 2017.

    “Our team’s work is critical to improving the lives of those struggling with learning and reading,” said Dean Tenpas. “From my perspective, our programs give clients new opportunities in learning and in life; advancements and experiences that they may have never achieved because a weak cognitive skill was holding them back. I am honored to lead the operations of such an important company and am dedicated to ensuring that our extended team has the tools it needs to grow our organization each and every year in both revenue and positive impact on people’s lives.”

    About LearningRx:

    LearningRx, headquartered in Colorado Springs, Colorado, is the largest one-on-one brain training organization in the world. With close to 80 Centers in the U.S., and locations in 40 countries around the globe, LearningRx has helped more than 95,000 individuals and families sharpen their cognitive skills to help them think faster, learn easier, and perform better. The company’s on-site programs partner every client with a personal brain trainer to keep clients engaged, accountable, and on task — a key advantage over online-only brain exercises. Their pioneering methods have been used in clinical settings for 35 years and have been verified as beneficial in peer-reviewed research papers and journals. To learn more about LearningRx research results, programs, and their 9.6 out of 10 client satisfaction rating visit http://www.learningrx.com/.

    Source: LearningRx

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