In a prior blog post, I outlined the three circle model. Today, I will describe this model in the context of family employment. Many a family business has become fiscally challenged as the number of family members relying on compensation from the business grew (in successive generations) and the expectation – entitlement for compensation, regardless […]
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Some points and issues for consideration that could facilitate the succession of your business. You could use list this as a regular check up tool to assess the general health of your business: 1. have you identified the company’s key performance indicators (KPI’s), http://successinsuccession.wordpress.com/2011/03/13/succession-key-performance-indicators/ 2. what are the benchmarks for your KPI’s 3. have you identified […]
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You the entrepreneur have always run most, if not all aspects of the business. However, you do seek outside help and input when you do not know a specific area of your business…such as having a tax expert help you in filing your company’s tax returns. Many entrepreneurs think they fully understand succession and how […]
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Today, I am writing about you and your family interactions, mostly as it relates to the family business. Risk taking in your family communication is not easy to do. Having difficult conversations can let you and the business thrive. Not having difficult conversations could stifle and hold back the business.
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Succession is not only about the plan and how the succession will be done. It is also important to keep an eye on your business, its risks and opportunities. We have heard of SWOT analyses. It is imperative that you share your thoughts and plans about the businesses’ future with your successor. You have likely […]
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You create your own circumstance and decisions. The banner is a poster from Robert Herjavec, one of the past shark investors on the TV show the Shark Tank. Succession is a plan that is not forced upon you until you have to act. Therefore, much like I try to do, carpe diem, seize the day […]
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Have we been outsourcing our lives? Many of life’s less interesting tasks, considered menial, are no longer done by ourselves. We hire lawn and garden care specialists, domestic help for cleaning and cooking, mechanics to fix our vehicles. What is left for us to do, push paper, input into a computer? What happened to “chore […]
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What is wealth? This is a definition unique to your family. Many families never start the conversation around wealth with their successors. It is never too late.
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Lenses (3) = family, business, ownership Did you know that in your role in the family enterprise, you can have three different roles: family, business, ownership? They each have differing and sometimes conflicting goals and objectives so to clearly understand a decision that you are making, you should understand from which of the three perspectives […]
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The enterprise is not just about making money. I hope that you and your family has a greater purpose than that. I should not judge because for some the quest for more wealth is their singular focus. Much literature has studied the traditional 3 circle model for family enterprises made up of family, ownership and […]
Read MoreWhy do we not talk openly about wealth within a family – sometimes waiting until it may be too late? – Is it an uncomfortable topic to raise and to discuss? – Do you worry about setting expectations so that your heirs become entitled in attitude and work ethic? – Do your heirs understand the […]
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Business and family relationships are like newly sprouted plants. They have to be fertilized, nurtured, with plenty of sunshine to allow them to flourish. In this fast paced X, Threads and Instagram IM world, we sometimes do not take the time to ensure that we are investing in our relationships. For the family business, this […]
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