I read a fascinating article about family business this week. I’ve shared the link to the article below. What I appreciated about the article was that it came from a group of family business scholars. They validated what I have been finding in family businesses over the past 20 years. Conflict is not only normal, […]
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.
Most of the family leaders I meet know that SOMEDAY they will transfer ownership of the business over to the next generation. What they may not consider is the importance of WHEN that happens. Here are three important considerations family business owners should keep in mind: Did you forget what it felt like to want […]
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 […]
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 […]