Coach put me in – my weekly perspective
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.
Category: Family Business Succession Planning Guides and comments
When to begin succession….an epiphany – my weekly perspective
Wow, what an uplifting outcome. I just came out of a meeting this week with a family who are in the process of successfully transitioning from G1 to G2 (generation 1 to generation 2). This successful endeavour has been a 3 year journey culminating in: – a plan of reorganization to allow the following generation’s […]
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What essential family agreements to ratify? – my weekly blog
Some key agreements to consider as an essential part of your succession plan. These are not all inclusive and we will further elaborate on them in later posts. 1. Shareholders’ agreement, including buy sell and addressing the 3D’s (death, divorce, disability) 2. Family employment and compensation agreement 3. Voting agreement 4. Dividend policy 5. Insurance, […]
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Family employment, best practices – my weekly perspective
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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A checklist to assess the health of your business…. – my weekly perspective
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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Who is in charge of the succession plan? – my weekly perspective
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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It’s about taking risks – maybe not a do it yourself project, my weekly perspective
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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What are the major 2-3 risks facing the business in the next 5 years – my weekly perspective
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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Pressure, decision making and succession – my weekly perspective
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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The value of doing – my weekly perspective
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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Talking about wealth – an approach to succession, my weekly perspective
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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What is your lens in the family enterprise – my weekly perspective
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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