Millions of people co-own closely held companies, family businesses, and business partnerships, but establishing them and keeping them together is never easy. Here, finally, is the guide they have been waiting for.... Read More
Family-Owned Business Partners
Click for a comprehensive list of articles, discussions, and interviews by BMC Associates regarding Family-Owned Business Partners or scroll through the list to find an article of interest.
Rural Telecommunications David Gage January-February 2005
Many companies in the telecommunications industry—both large and small—are family-owned. This article advises these families on how to transfer ownership from one generation to multiple-owners in the next. The key requirement is meticulous planning by the inheritors—ideally in the form of a Partnership Charter.
Advisor Today Lucretia DiSanto Jones December 2004
Insurance and financial advisors often consider whether to enter into a business partnership with another financial professional. David Gage advises that every potential partner needs to "honestly answer four critical questions" before entering a partnership that may be easy to get into but hard to get out of: Why do you want to own a business? Why do you want to have a partner? Are there better alternatives than taking on a partner? Is the person you are choosing the best partner for you?
This article relates how a highly successful family business approaches a leadership succession from the founding father to one—or the other—of the two brothers working in the firm. Psychologist Lee Hausner and psychologist/mediator David Gage offer advice on how to make the transition a successful one for the business and the family.
Entrepreneur Patricia Schiff Estess December 1, 2000
Because of the multiple roles and relationships that people must maintain in family businesses, the challenges they face are especially intense and complicated. David Gage and Bernard Kliska discuss the challenges that spouses and other family members face and the fine line they must walk in order to make it work well.
Can parents successfully work as employees in their children's businesses? Do these role reversals work? This article takes a quick peek at some of the pluses and minuses of such role swapping. David Gage claims that most parents want respect and appreciation—even more than money—when they go to work for their children.