This is often the most challenging part of a succession plan, letting go of control of your company. You cannot be everything to everybody and always be at the helm of your business. With many entrepreneurs, having made all the decisions previously and being responsible for those decisions has been a burden but also becomes […]
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You have to make sure that you keep the people that are important to your business, both family and key employees motivated. Most studies conclude that employees are loyal, not only for fair pay but also because they feel: – that they are a part of something bigger than them, and – that what they […]
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The Family Firm Institute – an acknowledged leader in the family business arena is soon holding its annual conference, Transitions West. In the conference, the main topics to be addressed include: 1. Engaging the NextGen in the transition from child to owner 2. Building trust, respect and communications within the family 3. Dealing with thorny […]
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Part of a succession plan requires you to value the business. This will be necessary whether you: 1. plan to do an estate freeze, 2. sell to your family members or the next generation or 3. sell to management or outside parties. The valuation of a business can be one metric that you may […]
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A family business is any for profit enterprise with a purpose for family employment and to make a profit. The size of a family business can range from the corner grocery store to a major enterprise, employing thousands. The Kohler family [toilets and faucets], for example, continue to run their business very much as a […]
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