Should owners be entitled to work in the family enterprise? I have purposely used the word “entitled”. In my value system, a person just by being born into the right family should not necessarily be entitled to all that they would want. You have to consider what your value system is? Some family enterprises believe […]
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How do you find your successor? This is one important, and often the most important aspect of your succession plan. You have to have as a goal of the succession plan not only organizing your business into a place that it can be handed over but also, who will be at the helm of your […]
Read MoreWhat 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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