I was asked by a successful business owner about what is succession and what does it entail? He had heard from others plenty about the subject but to him, the reasons were quite fuzzy. For him, however, he began to spend more time contemplating succession because he had a 10 year horizon until he wanted […]
Read MoreSo, who will figure prominently in your succession plan. For fear of being repetitive on prior blog posts, there are two components: ownership and management of the family business. We will discuss both in a little detail. Ownership. This would generally be based on family and possibly key employees who have or will become shareholders […]
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Meetings about succession require all participants to be fully engaged in the process. All of them are integral to the discussion and ultimately the should bear some responsibility for the decisions that will be made. Succession discussions can be sensitive and may require some facilitation so that everyone has a voice and is heard. Do […]
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Families and communication. This last weekend, I was watching a reality show about a family business in trouble and the resulting restaurant and family makeover. The third generation restaurateur family had reached a point where they may have had to close the restaurant. Business was that bad. Most aspects of the business were dysfunctional and […]
Read MoreThis agreement can be an addendum to the shareholders’ agreement. The specific purpose of a voting agreement is to clarify the rights and obligations of voting shareholders. It ensures some clarity on which issues require input and defines what would be a major vs. minor decision. Below is an article interviewing Rafi Amit, of Wharton […]
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