Many have written this about this proverb, “From shirt sleeves to shirt sleeves in three generations”. I will repeat it as it tells a great story about a family who does not address succession with sufficient time and effort. First generation starts off with virtually nothing but amass wealth. They usually do it without making […]
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Who will operate your business, when you are no longer directly involved in the day to day operations? Have you considered passing on some of your knowledge to your key family members and/or employees? One important person in your organization is your Chief Human Resources Office (CHRO). This person can help to cement the foundation […]
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In general terms, the business succession process takes time, and more importantly, planning, and should include the following steps: Determine whether business succession can take place within the family or if outside parties will be needed to make this succession successful, Develop your businesses’ succession plan, Chart the course for the implementation of the plan, […]
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What and why? I am not a lawyer and would first recommend that you seek legal advice to ensure that this document is properly drafted and sets in place the powers and restrictions that meets your wishes. A power of attorney is a document providing powers generally that you hold relating to financial decisions and […]
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Succession is all about planning for future events. Hoping for the best: a successful, orderly and timely transition of your business. Planning for the worst: what if the unforeseen happens? It is not always possible to anticipate every event. However, as the leader, it is your role and duty to plan for major life events. […]
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