Edit ModuleShow Tags

Family Legacies

Multiple generation businesses

Jeffery Johnston

(page 1 of 2)

Think it’s easy to keep a family business alive and well?

Think again, says Dean Ira Solomon of Tulane’s A.B. Freeman School of Business. Only 40 percent of family-owned businesses in this country make it into the second generation, he says. And it gets more difficult as time goes by; just 13 percent make it into a third generation and a miniscule 3 percent are still family-owned by the fourth generation or beyond.

This year we recognize five New Orleans family businesses that have figured out how to circumvent the challenges that inevitably arise when relatives have to mesh their working styles to achieve a common goal. Whether it’s creating custom jewelry or preparing delicious meals, these folks have learned to keep home and office separate – not always the easiest thing to do when your coworker is also your father or your spouse.

Family businesses can increase the chance they will survive by keeping in mind a few key points, Solomon says. One important step is to plan for succession. Do not just assume that junior will make the best CEO when dad retires, he says; instead, get professional counseling to help decide which family members best match positions as they become available. It is also critical to seek outside expertise in matters of taxes, estate planning and other areas outside of the primary business, the dean says.

To help these businesses, the Freeman School has a Family Business Center, where companies can take advantage of educational programs and the opportunity for one-on-one consultation. “We don’t provide technical or legal advice,” Solomon says. But the center can help family members identify the problems they face and find the help they need to keep their family businesses in the fortunate few that thrive, generation after generation.

You Might Also Like

JLNO Loves Insurance

A Closer Look

Leagues Building a Better New Orleans

JLNO Loves: Fan Fanfare

Prepping For Your Tailgate

Sip’ n Shop

148 Members Begin Provisional Year with Well Wishes and Wine

Where Are They Now?

From League Project to Community Pillar

Add your comment:
Edit ModuleShow Tags

Latest Posts

Wediquette Wednesday: Is it OK to remove people who didn’t attend your engagement party from the wedding guest list?

Summertime Drinking is Easy in the Big Easy

That Time You…Got the Corner Pocket

When Skee-Ball is a strategy for relationships

Real Wedding: Billeaud - Gates

Chrissy Billeaud and Nick Gates said "I Do" in front of friends and family April 16, 2016 in Jackson Square. The ceremony was followed by a picturesque reception at Tableau in the French Quarter.

On the Road

Sports, beer and the South
Edit ModuleShow Tags
Edit ModuleShow Tags
Edit ModuleShow Tags