GoKawiil
Tech News
A contributor writing for Entrepreneur argues that most business owners fail to formally document their exit and succession wishes, leaving families to guess at intentions during crises like death, disability, divorce or disagreement. The piece cites the statistic that half of all owners will eventually exit due to one of these 'five Ds,' often without written guidance in place.
Jon Spiteri, whose family has run hospitality businesses for over a century starting with an English guesthouse his parents opened after emigrating from Tunisia in 1957, now works with his own children at Latimer restaurant in West London. He argues against the common workplace advice that staff should separate personal struggles from work, saying managers should instead support employees through hardships.
An Entrepreneur contributor recounts a client who was told during an MBA admissions interview that her family conglomerate background made an MBA unnecessary and that the program 'isn't interested in family businesses.' Despite the discouraging exchange, the applicant was later admitted to that program and several top MBA programs. The author uses the episode to argue family businesses are wrongly stereotyped as lesser entrepreneurial pursuits.
A business owner writing for Entrepreneur shares lessons from years of hiring relatives, noting a report that found over 40% of small businesses employ family members. The author recounts a personal case where a relative's abrupt, poorly explained departure damaged both the business and family relationships long after the job ended.