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Creating a family business: Bringing the second generation on board can be challenging
John Burke, who founded Milwaukee property development firm Burke Properties in 1968, never intended to turn it into a family business.
But when three of his five children showed interest, he created opportunities for each of them to join the company at his or her own pace, and in positions that suited their skills and interests. Wendy joined as a resident manager and eventually worked her way to her current role as president of the company. John Burke II was interested in the management side of the business, so he learned and now manages that side of the business. And Patrick had previous experience in the construction industry, and advanced to run that segment of the company.
Making a company into a family business can be challenging, but it has its rewards, Burke said.
But when three of his five children showed interest, he created opportunities for each of them to join the company at his or her own pace, and in positions that suited their skills and interests. Wendy joined as a resident manager and eventually worked her way to her current role as president of the company. John Burke II was interested in the management side of the business, so he learned and now manages that side of the business. And Patrick had previous experience in the construction industry, and advanced to run that segment of the company.
Making a company into a family business can be challenging, but it has its rewards, Burke said.
Mediation can help divorced couples make business decisions
Divorce is a problem to be solved, not a battle to be won, according to Sue Hansen, a family lawyer, child advocate, mediator and collaborative practitioner at Milwaukee-based Hansen & Hildebrand S.C.
Too often, divorce is portrayed as a violent and messy tug-of-war that ruptures families through a destructive court process, Hansen said.
Barring extreme cases, the majority of divorces involve couples who do not know what to do or where to turn for help, or who try to outline their own divorce terms and make costly mistakes.
When divorce touches a family running a family-owned or closely-held business, the emotional conflict and turmoil can penetrate the business and obstruct its growth, in Hansen’s experience.
Hansen said she has witnessed revenues decline at businesses due to the conflict and emotional impact of a related divorce. She has also seen business cases in which a divorce caused a severe family split, with children or extended family members taking sides.
Too often, divorce is portrayed as a violent and messy tug-of-war that ruptures families through a destructive court process, Hansen said.
Barring extreme cases, the majority of divorces involve couples who do not know what to do or where to turn for help, or who try to outline their own divorce terms and make costly mistakes.
When divorce touches a family running a family-owned or closely-held business, the emotional conflict and turmoil can penetrate the business and obstruct its growth, in Hansen’s experience.
Hansen said she has witnessed revenues decline at businesses due to the conflict and emotional impact of a related divorce. She has also seen business cases in which a divorce caused a severe family split, with children or extended family members taking sides.
News
BizTimes adds Hess as reporter BizTimes Milwaukee recently added reporter Corrinne Hess to its staff. Hess previously worked for...
Sharing economy makes an impact
Why own something when you can rent or “share” it? Why not rent or “share” your own stuff to make some money?
From people renting out their homes to travelers via Airbnb, to ride-share services such as Uber or Lyft, or bike share services like Bublr bikes, the influence of the sharing economy is growing.
The sharing economy is a new way to do what people have always done for each other, according to April Rinne, a consultant and speaker on the sharing economy and a young global leader for the World Economic Forum. She will talk about the sharing economy at Marquette University's Real Estate Strategies Conference on Thursday, Sept. 10.
“There's nothing new about sharing,” Rinne said. “It's as old as mankind. What's new is technology. We can find almost anything from our smartphones.”
From people renting out their homes to travelers via Airbnb, to ride-share services such as Uber or Lyft, or bike share services like Bublr bikes, the influence of the sharing economy is growing.
The sharing economy is a new way to do what people have always done for each other, according to April Rinne, a consultant and speaker on the sharing economy and a young global leader for the World Economic Forum. She will talk about the sharing economy at Marquette University's Real Estate Strategies Conference on Thursday, Sept. 10.
“There's nothing new about sharing,” Rinne said. “It's as old as mankind. What's new is technology. We can find almost anything from our smartphones.”
Realtors say downtown condo market lacks inventory
"If you build it, he will come.” The ghostly voice inspired Kevin Costner’s character to build a baseball field...
Web application creates personalized learning portal
Epiphany LearningN48 W14170 Hampton Ave., Menomonee FallsInnovation: Epiphany Learning Personalized Learning Applicationwww.epiphanylearning.com Like most good ideas, the concept behind...
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Mortara Expands
Milwaukee-based Mortara Instrument Inc. recently held a groundbreaking ceremony to celebrate the start of construction of a $5 million,...
Understanding government-backed loans
Positive economic signs are fueling brisk business lending across the U.S. During the first quarter, commercial and industrial loans...
Chess on ice
The cold Wisconsin winters, dreaded by many, fly by for Bob Porsche, an active curler who spends many of his winter nights on the ice at the Milwaukee Curling Club.
“(Curling) makes time go so much faster in the winter,” said Porsche, president of Milwaukee-based General Plastics Inc.
“(Curling) makes time go so much faster in the winter,” said Porsche, president of Milwaukee-based General Plastics Inc.
Milwaukee Succeeds reaps $5 million
Five cornerstone community organizations are sewing their dollars together to support Milwaukee Succeeds’ vision of improving educational outcomes for...
