Your succession plan – Which area to address next?

The Family Firm Institute – an acknowledged leader in the family business arena is soon holding its annual conference, Transitions West. In the conference, the main topics to be addressed include: 1. Engaging the NextGen in the transition from child … Continue reading

Your sunset in the family business…my weekly perspective

As the owner of the business, what are your options if you wish to phase out of the business?  You could work to transition the business to your children.  This is the wish and hope of many parents who have … Continue reading

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Respect and freedom to fail… – my weekly perspective

Succession by its very nature requires you, the owner, entrepreneur, founder, patriarch/matriarch to LET GO! At some point, you will not be guiding the firm and your successors will be.  Succession will only be successful if you let your successors … Continue reading

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Succession and documentation – my weekly perspective

Documentation.  What do I mean by this? This is the collective knowledge all about your business: trade secrets, special supplier or customer relationships, secret recipes; all the things that are integral to why your business is successful. Your operational secrets, … Continue reading