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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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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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.
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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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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