I compare family businesses to professional sports teams often. I believe business is a competitive sport and there are many parallels we can learn between professional sports and professional business. Sports has shown us many great dynasties over the years with teams that have had decade-long success. Rarely does that success become repeatable over several […]
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.
If you want your family business to succeed and win in the long run, at some point it needs to embrace professionalism. A business has a life cycle like a person. It’s a toddler (learning to walk), a teenager (a bit rebellious), and a young adult (more stable). We all know people that never grew […]
Succession may be one of the most critical times in the life cycle of a family business. Thoughtful business owners realize they have a responsibility to the employees and stakeholders of the business and their family to make sure they do succession planning right. Most business founders and entrepreneurs have a high level of confidence […]
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 […]
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 […]