Box Family Advisors Blog

John G. Wofford, Esq. and Douglas D. Box discuss LBGT family business issues at the FFI's 2010 conference in Chicago

As issues involving lesbian, gay, bisexual, transgender (LGBT) become more commonplace in family owned businesses, it is important for advisors to increase their awareness and sensitivity to the challenges this dimension can present.

Changes in society’s treatment of LGBT issues has been rapid in recent years, both within the US and the larger international community.  According to a report by the Human Rights Campaign released in July 2007, nearly 90% of the Fortune 500 companies of the US now include workplace protections based on an employee’s sexual orientation, up from 51% in 1995.  Moreover, 53% of the same 500 have added benefits for same-sex domestic partners.  And 25% of those companies now include gender identity in their non-discrimination policies, up from 15% in 2006 and 1.5% in 2003.

With this rapid change, intense and emotionally charged conflicts are not uncommon.  In a family business engagement, strong views on all sides can emerge.  Surprises, family secrets, and generational differences can pose formidable challenges for the advisor and the functionality of the family enterprise.

Earlier this month (Oct. of 2010) I was asked to help facilitate a discussion at the LGBT forum held at the Family Firm Institute’s annual conference in Chicago along with my colleague John G. Wofford, Esq.  Included in the discussion was a presentation of the 10 “best practices” for family business consultants or advisors to keep in mind when dealing with LGBT issues in a family business.  For more information or for a copy of this white paper contact me at doug@boxfamilyadvisors.com.