Making decisions in a company in which the entrepreneurial spirit is embraced usually is straightforward. The company’s leader will decide a strategy/direction and move the company towards the goals set. This decision making becomes more challenging and complex as the company grows or begins to involve other family members. Why? Family dynamics and communication styles […]
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We will take a small detour today from comments directly around succession. I counsel all that I speak with, who are contemplating retirement and ultimately the passing of their business, their assets, their life insurance and their liabilities. Most of our lives are complicated, so much so that often, you are the only one that […]
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You create your own circumstance and decisions. The banner is a poster from Robert Herjavec, one of the 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 and do […]
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Succession, is not a goal; it is a journey. The road to succession of a family business may be long but there are others there to 1. help, 2. support, 3. guide, 4. reflect. The natural person with whom you can discuss succession with would be your consigliere. More about your consigliere here: Identifying a […]
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Succession can be all about the end goal which should be an orderly transition of governance and wealth of the family enterprise. However, the terms of how a successful succession plan can be effected is better understanding between the generations. This can be accomplished by spending time and listening to the views; not necessarily accepting […]
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Wealth is not to be taken for granted and it is our job to educate our family members about the responsibility of wealth. We have been very fortunate to have lived through some of the most prosperous growth periods in history. This has afforded us the luxury of offering to our children a lifestyle without […]
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CREATING A COMPREHENSIVE EMERGENCY BUSINESS PLAN In the unpredictable world of family business,...
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A great coach assesses the team and is granted the decisions on who is to play, when and with which other team mates . Balancing a team is all about:
WILL – SKILL – TEAM.
As the leader of your enterprise, what is your focus? Are you single mindedly working on achieving the long term strategy of your enterprise? During this journey, do you occasionally pause to: – measure the enterprise’s progress to date on the strategy – consider how you define success – course correct the strategy as needed […]
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Succession is all about passing on all of your harvest resulting from your hard work to the next generation or to your chosen heirs, whether or not they plan to continue on the business as its future leader. Some questions you may ask yourself: – Will your children be interested in the business and the […]
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A few questions to pose for the family enterprise. These questions arise whether in good or challenging times, and often are exacerbated in the more difficult times: – is there room for feelings in the family business? – why does conflict arise? Generally, there are a number of sensitive areas that have to be considered […]
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You may ask yourself, what does an accountant know about branding? and the answer is not much – that is not how my left brain works… As in many areas, I thirst for knowledge and remain a student with a continuing quest for knowledge. The internet, Reddit and yes, books can be great sources of […]
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