The birth order of your children that are either active in the business or owners can have some bearing on the success of your succession plan. Did you ever think this way? Many traditional families often left the family business to the eldest sibling, and in some cultures, regardless of the birth order, the eldest […]
Read More
The single and important difference I have discovered with family enterprises that have successfully navigated through multiple generations is a magic glue. What is that special ingredient to maintain discipline and focus for a family enterprise? COMMON VALUES. Surprised? This magic glue is not a killer product, industry leader or proprietary product. These are the […]
Read MoreDo you have a 5 year strategy for your business? 10 year? what about a generational strategy? Simply put, your succession plan is a generational strategy to pass the knowledge, people and your wealth to the following generations (or whomever the beneficiaries of your hard work will be). You have spent much energy in strategy […]
Read MoreHave you considered whether your external advisory team is serving you and your family’s needs? Businesses often need an objective view on the performance to make what is good better or to identify the “clouds on the horizon” to be able to plan and weather the future storms. Elite athletes are able to perform at […]
Read More
Management succession should also be an integral component of most, if not all, succession plans. The business has to be able to continue to operate, with a strong management team, when you are no longer operating the business which can take planning and forethought to accomplish this team transition. In fact, your management succession plan […]
Read More
Recent Comments