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 […]
Family Businesses Succession Planning
Succession planning is a necessity for any long-lasting family business. Handing over the reigns can be difficult, but with a solid strategic approach and subsequent plan, a healthy, happy and profitable succession is attainable.
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 […]
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 […]
Coming up with a good process and solid plan for succession is probably one of the most important duties of a family business leader. I get to work with many professionals in the field of family business consulting. They come to me and ask for advice on how to help their family business clients. Here’s […]