When you decide that it is time to go, what are your alternative courses of action? You can consider a number of creative and not so obvious means to enable you to gracefully exit the business. These include: – outright sale – sale to management – family members take over the business – strategic partnership […]
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Succession can be a daunting undertaking because it is so significant a task. It need not be a solo effort. You should think about gathering a support team around you to: a) Help plan the succession plan, including setting milestones b) Execute on the succession plan c) Assess and redirect the succession plan when and […]
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What is your philosophy about the most important aspects of your business. I have seen plenty of businesses, may successful, some not so much. However, for the successful ones, there is not only all of the basic business metrics, profitability, branding, process, barriers to entry…the more important competitive strength of a business lies in its […]
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Are we raising a generation of entitled young people? It seems to me that a number of young people (how do I define young? under 40?), do not feel that they have to work hard because they will be rewarded with their family wealth upon the passing of their parents. This is a sad and […]
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The challenge of choosing your child as your successor, is that not only is there the knowledge about the technicalities of your business to pass on. There is also the need to overcome the family communication dynamics. Be patient; be communicative and spend time with your child. It’s essential that you have ways of assessing […]
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