The right balance for your business

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Session recap

Business can be a full-contact sport. In a family business, those conflicts are often magnified by generational differences, sibling rivalries and even divorce, said panelists in Wednesday’s panel discussion, “The right balance for your business.”

One source of family friction discussed: aging founders who drag their feet over succession planning. Start succession planning early, panelists advised. (One even made that point by driving his father through a graveyard.) Call upon experienced lawyers and accountants. Use trusts to help protect a child’s interests in case of a future divorce.

Generational differences can create communications barriers. Parents use the telephone. Their children text. And they may have different strategic visions. Earl Graves, Jr. of Black Enterprise, moved his father’s print-based media company into the digital age. That required sweeping changes — even excusing newly hired digerati from rigid dress codes. Says the younger Graves: “My dad used to say, ‘There is nothing casual about business.’” But, as with any family matter, the solution involves striking the right balance.

Watch the full session below.

The right balance for your business

Family businesses are unique. Visit our Global Family Business Center of Excellence to see how we can help.

 
Moderator
Lloyd Shefsky speaks at EY Strategic Growth Forum

Lloyd Shefsky
Clinical Professor, Founder and Co-Director
Kellogg School of Management Center for Family Enterprises

 
Speakers

 

Bruce Blue speaks at EY Strategic Growth Forum

Bruce Blue
Chairman & CEO
Freedom Metals, Inc.

 
Jeff Brodsky speaks at EY Strategic Growth Forum

Jeff Brodsky
Principal
Ernst & Young LLP

 
Earl G. Butch Graves, Jr. speaks at EY Strategic Growth Forum

Earl G. "Butch" Graves, Jr.
President and CEO
BLACK ENTERPRISE

 
Vinita Gupta speaks at EY Strategic Growth Forum

Vinita Gupta
CEO
Lupin Limited

 
Avi Steinlauf speaks at EY Strategic Growth Forum

Avi Steinlauf
CEO
Edmunds.com