How to replicate Hermès’ success
Last year, Patrick Thomas announced that Axel Dumas would succeed him as CEO of Hermès, the luxury goods company known for its trademark silk scarves and Birkin bags. Thomas has been the first non-family member to lead Hermès; Dumas, 43, is a member of the sixth generation of the Hermès family and nephew of Jean-Louis Robert Guillame Frederic Dumas-Hermès, the last family member to occupy the top corporate role. Thomas’s announcement, which was overshadowed in the press by the ongoing fight between Hermès and LVMH, marks a notably successful leadership succession process at the august luxury goods manufacturer.
Operating a business with your brothers, sisters, and/or cousins is one of the most complex arrangements facing family businesses. Indeed, sibling or cousin family businesses can inherently last a long time. As such, just as good fences make good neighbors, good buy-sell agreements make good sibling/cousin family businesses. Think of it as a pre-nuptial agreement before getting into business together.
Read more here: http://www.newsobserver.com/2013/05/25/2912978/buy-sell-agreements-can-help-family.html#storylink=cpy
Foremost, we can take comfort in the fact that although large companies have expanded their holdings in local vineyards in recent years, the majority of vineyards are still owned and farmed by independent growers. Moreover, the majority are still family-owned operations that remain vital to the local economy.
Business plan writing isn't the only discount service popping up to assist entrepreneurs. A group of Southland consultants has cooked up a new tool to help family firms identify roadblocks to a smooth succession.
Brothers Jim and Steve Blois knew something wasn't flowing in their pipeline contracting business. Blois Construction Inc.
had a healthy market niche, talented employees and a solid reputation. But the Oxnard company wasn't as profitable as the brothers knew it could be.