In other words, they attend to their mortality issues: wills, trusts, insurance, and investment products. Although there is still room for improvement, the quality difference is huge.
(PRWEB) June 10, 2004
The Family Business Institute has unveiled its new, improved web site. Family business is big business, and the most recent statistics indicate that family companies represent over 99% of all employers, create approximately three-quarters of all net new U.S. jobs, employ about 62% of the work force, and generate 64% or $5.9 trillion of annual gross domestic product. In spite of these numbers, there are precious few resources for family and closely held businesses on the world wide web.
This lack of information may be changing. Wayne Rivers, President of The Family Business Institute observes, "perhaps due to the lackluster stock market, the dot com bust, and a host of public company financial scandals, media interest and family business resources are on the rise. For example, just recently we've been interviewed and quoted by the New York Times, CNBC, and the St. Louis Business Journal. There are also a number of excellent academic programs and web sites now available for family business education."
For family business members, relatives, employees, and advisors, the new interactive Family Business Institute web site offers Research Papers, Self Assessment Tools, and a newsletter archive representing some of the latest cutting edge thinking on family business issues. It also allows participants to write reviews of the tools they use and view a streaming video of Rivers' recent CNBC appearance.
"Family businesses do a much better job today of financial services planning than when I first began consulting with them 15 years ago," says Rivers. "In other words, they attend to their mortality issues: wills, trusts, insurance, and investment products. Although there is still room for improvement, the quality difference is huge."
"What's still missing, however, in the family business marketplace is information on how to tackle the 'soft issues' like improving family business communication, creating time discipline to work ON rather than just IN the business, how to deal with the tricky emotional issues of intergenerational transition and family management succession, and how to think strategically about the future of the family enterprise. This new website provides resources for family companies and their advisors to deal with these types of issues more effectively."
The Family Business Institute helps family businesses maximize their family and organizational success through writing, speaking, and consulting. This new web site (http://www.familybusinessinstitute.com) is a powerful tool for family companies who want to keep it all in the family.
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