Affluenza in some worlds is running rampant. What is affluenza? It is sadly a malady where as one person described in the baseball context, “someone woke up on third base and concluded that they were a great hitter”. Perhaps, this is a symptom of the well documented statistic of the increasing concentration of wealth in […]
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I wanted to relay a story to you of a family that did not have a succession plan. Sad, really. The business was a thriving consumer goods business, run by the founder and owner (generation 1) for about 25 years. It earned her and her family a good living. Unfortunately, she was the heart of […]
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Family employment in a family business can be rewarding and part of best practices to further the succession plan for your business. However, it also can have a darker side where sibling/cousin rivalries can emerge, entitlement issues arise and leadership issues become apparent. Often these potential issues can be headed off with one thing, communication: […]
Read MoreDo you think that discussing the family business with your younger children is appropriate? If so, how early can you approach this delicate topic of succession? One forward looking family did just that as part of their succession plan. The second generation in this family ranged in age from 10 – 20 years. None of […]
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Management succession is an integral part of bolstering your business to facilitate succession. In my view, the key components of a management succession would include: 1. hiring and keeping the key personnel 2. compensating the key personnel appropriately 3. implementing policies and procedures for the business and 4. documenting these policies and procedures. Your objective […]
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