Statistics tell us 7 out of 10 family businesses will not successfully transition to the next generation. The question is, what can you and your family do to make sure you beat the odds? Here are a few tangible steps you can do to take over a family business, which are based on my 20 […]
Next Generation Family Business
Long-term success requires a strong plan for the next generation of your business. How to shape the future of your family-owned business’ up and coming leaders and embrace the new with the wisdom of the old.
Every July I think about independence and how it’s such an important human desire. In my work with family businesses all over the world, it’s evident that the younger generation really values independence. Successful family businesses need to strike a balance between giving the next generation some independence and encouraging the next generation to realize […]
One of the biggest days of my life was when I resigned my position as the Vice President of our 250-employee family business. It took years to reach that decision. Hopefully reading this article will accelerate the process in your decision-making. You can lose a lot of sleep and generate a lot of stomach acid […]
In honor of National Siblings Day I thought I’d give you a simple exercise to improve sibling communication. An important part of family business succession is learning to create a strong team built upon respect and open communication. One key ingredient to building respect is to know how your performance is viewed by your teammates. […]
I’ve always said, “You find out a lot about people when things get difficult.” You find out a lot about your family when you face challenges. In fact, dealing with a crisis can be an invaluable part of a family business succession process. The family gets to see how everyone reacts under stress. Strong leadership […]