What stage is your family at in your family business? Have you addressed the unique set of dynamics that are at play in your business at this time? You should consider which stage you are at in the business in order to facilitate succession and continuance of the business. To run a business is complicated […]
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Building a business and running a business can be considered as two separate objectives. Running a business can be all consuming, taking all of the available time in your day. An integral part of succession planning’s goal is to build a business and pass on this business. The two objectives are not mutually exclusive. However, […]
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Remember a past blog entry, where I urged you to lead by example. One key value, for me being part of an immigrant family, is watching your pennies. To us it really matters how much a pound of bananas cost. Many studies show that for most family businesses, they have a less than 10% chance […]
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The world’s oldest continuously operating family business ended its impressive run last year. Japanese temple builder Kongo Gumi, in operation under the founders’ descendants since 578, succumbed to excess debt and an unfavorable business climate in 2006. How do you make a family business last for 14 centuries? Kongo Gumi’s case suggests that it’s a […]
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Demographic trends in North America indicate an inversion of the age pyramid with individuals 65 years and over constituting the fastest growing sector of the population (e.g., Lansberg, Perrow,and Rogolsky, 1988). With this greying of the population, the number of family business leaders confronting succession and retirement will accelerate in the coming decades (Deloitte and […]
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