A malaise, no an epidemic, is spreading across the nation. The contagion….money. There are plenty of young (and some not so young) people who have had a great life, all thanks to the hard work and good fortune of prior generations. Many do not appreciate how fortunate they are and take the wealth for granted. […]
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Why? Succession is the important yet often overlooked aspect of family enterprises. Wealth can be a blessing and a burden at the same time. As a consultant to family enterprises for the last quarter century, I have learned some helpful tips about what steps can be taken to ease the transition of a business from […]
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Transferring knowledge about your business takes a long time. You have to start right away. My suggested first step, documentation. Your business is complicated and has lots of moving parts: 1. Suppliers 2. Employees 3. Customers 4. Production methods 5. Intellectual property 6. Accounting and record keeping systems …and most importantly your brand. We will […]
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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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