I admit that when starting Next Gear Solutions, I thought the same thing. A family is much better than a cold business environment that cares only about the company’s needs and not about the needs of the employee, right? If faced with only those two options, I would continue to choose the “family business model,” but I believe there is another more optimal choice, which is the “sports team” business model.  

When I was in my late thirties, I experienced a last day of work unlike most. Before the first 15 minutes of the morning were gone, I was punched in the mouth, my shirt was torn and the CEO had his hands around my neck.

An important component of governance and also an excellent practice is to hold family business meetings. It is easy for families to be consumed by the day-to-day challenges of running the business, which often includes meetings that deal with the granular details of the business.

“A healthy business family is not tied up in knots with tension; the individuals have trust in each other and the future and are able to make use of each other’s abilities and knowledge” 

Since the 1980’s, scholars and practitioners have made significant strides in their efforts to advance our understanding of family businesses through scientific research, consulting, professional literature, and popular books.

When I first heard about Baxter Construction in Yakima, Wash., I knew there had to be a story there to tell. The successful restoration company is run by Brice Baxter, but if his sons have anything to say about it, he’ll be passing on the reins sooner than later.

This month I’ve taken different direction from what I normally write about. As you know, I try to discuss, explain and help small businesses in this industry move in a positive, forward and profitable direction.