As I have stated earlier, planning is essential to the degree of success that will be realized in your succession plan. However, the key to succession is that it is a journey of listening and communication. And a succession plan may be altered, with course corrections throughout the journey. Thus follow the adage: READY, FIRE, […]
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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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