Tag: success in succession
What is the most important conversation you have had in your life? – my weekly perspective
…an existentialist ponderance today in my blog. Have you ever asked yourself this question? This was THE QUESTION posed previously at TedX, which I attended. Starting a meaningful conversation Stop and reflect on this matter for a moment. Some questions: – who are you? No really, who are you? – how did you get here? […]
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It is never too late to effect the succession of your business – my weekly perspective
This cartoon is intended to be hyperbole about business and family succession. Maybe you should think about what you are doing right now for the succession of your family enterprise. Are they ready to inherit the family enterprise? Including Are your heirs financially literate? Do they understand the business? Are they yet involved in the […]
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Enjoy the journey – my weekly perspective
Succession of a business can take a long time, sometimes 5-20 years, possibly a lifetime. I am in the midst of succession planning discussions with one family that is now into its 3rd year, having made significant headway on communications and setting ground rules. Another family has been working on succession for 7 years and […]
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Coach put me in – my weekly perspective
A great coach assesses the team and is granted the decisions on who is to play, when and with which other team mates . Balancing a team is all about:
WILL – SKILL – TEAM.
When to begin succession….an epiphany – my weekly perspective
Wow, what an uplifting outcome. I just came out of a meeting this week with a family who are in the process of successfully transitioning from G1 to G2 (generation 1 to generation 2). This successful endeavour has been a 3 year journey culminating in: – a plan of reorganization to allow the following generation’s […]
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What essential family agreements to ratify? – my weekly blog
Some key agreements to consider as an essential part of your succession plan. These are not all inclusive and we will further elaborate on them in later posts. 1. Shareholders’ agreement, including buy sell and addressing the 3D’s (death, divorce, disability) 2. Family employment and compensation agreement 3. Voting agreement 4. Dividend policy 5. Insurance, […]
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Family employment, best practices – my weekly perspective
In a prior blog post, I outlined the three circle model. Today, I will describe this model in the context of family employment. Many a family business has become fiscally challenged as the number of family members relying on compensation from the business grew (in successive generations) and the expectation – entitlement for compensation, regardless […]
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A checklist to assess the health of your business…. – my weekly perspective
Some points and issues for consideration that could facilitate the succession of your business. You could use list this as a regular check up tool to assess the general health of your business: 1. have you identified the company’s key performance indicators (KPI’s), http://successinsuccession.wordpress.com/2011/03/13/succession-key-performance-indicators/ 2. what are the benchmarks for your KPI’s 3. have you identified […]
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Who is in charge of the succession plan? – my weekly perspective
You the entrepreneur have always run most, if not all aspects of the business. However, you do seek outside help and input when you do not know a specific area of your business…such as having a tax expert help you in filing your company’s tax returns. Many entrepreneurs think they fully understand succession and how […]
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It’s about taking risks – maybe not a do it yourself project, my weekly perspective
Today, I am writing about you and your family interactions, mostly as it relates to the family business. Risk taking in your family communication is not easy to do. Having difficult conversations can let you and the business thrive. Not having difficult conversations could stifle and hold back the business.
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What are the major 2-3 risks facing the business in the next 5 years – my weekly perspective
Succession is not only about the plan and how the succession will be done. It is also important to keep an eye on your business, its risks and opportunities. We have heard of SWOT analyses. It is imperative that you share your thoughts and plans about the businesses’ future with your successor. You have likely […]
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Where to look for a successor – what if a family member is not interested? – my weekly perspective
Not all family businesses are destined to remain within the family. This is an unfortunate reality and the stats prove this fact out. Only about 50% of family businesses remain within the family after the second generation and about 15% stay with the family after the third generation. Sobering statistics. Depending on the size of […]
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