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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Not all family businesses are destined to remain within the family. This is an unfortunate reality and the stats prove this fact out. Only about 50% of family businesses remain within the family after the second generation and about 15% stay with the family after the third generation. Sobering statistics. Depending on the size of […]
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Finishing a marathon is more about the preparation than the race itself. Marathon training and running the race are a great analogy to your family’s succession plan. They both require commitment regular training with high levels of communication biofeedback and feedback from a coach or others, and take time. I have not run a full […]
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Sayings, all well put from David and Goliath by Malcolm Gladwell, said in three different languages: – from shirtsleeves to shirtsleeves in 3 generations – Dalle stelle alle stalle (from stars to stables) – Quien n lo tiene, lo ance; y quien lo tiene, lo deshance(he who doesn’t have it, does it, and he has […]
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CREATING A COMPREHENSIVE EMERGENCY BUSINESS PLAN In the unpredictable world of family business,...
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In order for your succession plan to succeed, you have to enunciate a clear vision. A weakness of many plans is the lack of continuing clarity. How do you ensure that you have clarity? Write it down. Reducing your succession plan to writing is a necessary step that forces you to set out in unambiguous […]
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Do you hold digital assets? Time to get organized as these can be lost in cyberspace. A @NYTIMES article here, Cryptocurrencies lost article. Also, hiding cash under the mattress may also not be the safest way to keep your wealth safe, https://www.nytimes.com/2024/06/08/business/cash-at-home-retirement.html The value being accumulated in these cyberassets has been increasing and becoming more complicated. […]
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The journey through succession is unique and fraught with bumps. The goal is simple; ensure an orderly transition of your business, governance and wealth to the next generation(s). However, you can expect that due to personalities, communication styles and differing interests, you will encounter some challenges. This is normal. I liken the succession journey to […]
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Retirement, some define this as “a personal state where you are able to do what you want when you want“. In my view, as we are living longer today, the traditional view of retirement being endless bingo, square dancing and fishing is no longer applicable. Retirement could include a gradual phase out from active operations. […]
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Does your firm have a mission statement? Many believe that a mission statement is simply a platitude to enable the business to thinly disguise its true intent, being profit. Remember, “A goal without a plan is just a wish” – Antoine de Saint-Exupery. A mission can be much more than just a direction for a […]
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Many business people are successful having achieved their success by being great at something that other people would pay for.
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KPI = key performance indicators. These are metrics that you can use to assess the effectiveness and efficiency of your enterprise. They help you focus on the important aspects of your business and can give you benchmarks for continuing improvement.
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