Tag Archives: Danielle Walsh

Setting the stage for success: Six steps for drafting a business plan

Whether you are launching a new business, five years in, or beginning to plan for the transition of ownership to the next generation, taking the time to write a proper business plan is certainly a worthwhile feat. This valued document can help align the expectations of all owners/managers, while also serving as a blueprint for how to run the business and set the pace to achieve its goals.

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Management succession: Addressing the elephant in the room

In family businesses, decisions surrounding succession have the potential to create much conflict and animosity if they are not clearly outlined and understood by all. Having a management succession plan in place in the case of death, incapacity, and retirement can very well save both the business and the family. It is worth taking the time to develop one.

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It’s all relative: The role of the family council

Family council meetings are intended to provide a communication forum to keep the broader family informed of what is going on in the business, provide the owners with a forum to promote employment and career opportunities to relatives, promote the succession guiding principles and corresponding business rules, and allow the family to connect or reconnect as a unit.

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