Marc Brownstein Gives Advice on How to Transition Leadership in a Family Business in Sunday’s Philadelphia Inquirer
PHILADELPHIA (October 19, 2015)-Marc Brownstein was featured in the Philadelphia Inquirer Sunday Business section, giving advice on how to transition leadership in a family business from father to son.
“I am fortunate to have a very healthy relationship with my father, who is the founder of our business,” said Brownstein. “But it didn’t happen by accident. We created a plan—not a legal agreement — that allowed us to thrive. It included a clear division of labor; an understanding that we would resolve disagreements behind closed doors, so employees weren’t exposed to family emotions; delegation of key strategic decisions to me with a promise to keep him in the loop; and an agreement on how we are compensated. We even included that I would call him “Berny” during work hours and “Dad” after hours. In my experience, it’s important to have an agreed-upon process in writing. But if you feel you need lawyers, I believe you should think carefully about joining the family business. Here’s another tip: have weekly lunches with your father, where just the two of you talk shop and build upon your relationship.”
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