Finance Monthly - Global Awards 2022

Finance Monthly Global Awards 2022 USA 30 Canyou tell us about your role? I am the founder and CEO of Stress Free Family Business. I know the title sounds like an oxymoron, because working with your family is always stressful. The reason for the name is that every family aspires to a stress-free interacting among family members. I do my best to make sure that people are prepared and in the right position with good communication and transparency. I want to set them up for success individually and as a family. Inwhatways haveyou seen the landscapeof familybusiness changing in thepast year? I do not know if family business has changed so much as it has from one generation to the next. What I mean is that I am 61 and my parents’ generation typically expected you to join the family business. Every family I work with tells the children they should only join the family business if they want to, not out of obligation. They parents also tell them that they will start at the bottom, reporting to someone other than themselves, and that they have to earn their way through hard work and on merit. Parents realise they have an obligation to their employees to make sure the heirs are both ready and passionate about the building, so that factors into how they prepare their children. What concerns do you most often help your clients to address? There are a few big concerns. One is the family members, mostly children, who are believed to be the rightful heir to the business because they are the first born or have the right education is the rightful heir. Unfortunately, half the time the selected heir is not the best choice and I have to tell the family. This often leads to lifelong dreams and expectations being shattered. The second thing is getting rid of incompetent or crooked family members, which often leads to hurt feelings and sometimes permanent estrangement. Lastly is family members who are not working in the business owning stock in it or getting some monetary compensation. I encourage families to sell all of the stock, unless it is a large business of $100 million or greater, to the family members that are working in the company and give those who are not participating cash compensation from the sale of the stock. Ihavehadmany mentors inmy career. Evenat 61, I still seekmentors.

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