I often am asked, “How long does succession of my business take?” The answer is never straightforward and I respond like many typical professionals with, “It depends.” This is not the answer that the person wants. So then I pose two questions: 1. what does a successful succession look like to you? 2. how long […]
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Story time of long lived family businesses – the henokien member. The Henokiens were created in 1981 by Gérard Glotin. The name goes back to the biblical story of Henok, son of Cain, who lived for 365 years before he was called up to heaven, although not yet dead – according to the Bible. Henok […]
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Management. This is the backbone of any business and definitely the essence of a family business. Why? The management, whether the knowledge of the business, the “secret sauce”, resides in the sole entrepreneur or in a team of key players, is critical to a company’s long term success. Much of my past posts have focused […]
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Many businesses focus on the immediate issues and the need for daily operational decisions. Some businesses do not have nor make the time to spend on strategic planning for the business. This often can result in great short term operating results at the potential cost of long term longevity for the business. 3 best practices […]
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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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