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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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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Business owners have a lot on their plate: they are constantly pulled in a million directions and are often busy putting out the proverbial fires that come with the territory. Unfortunately, this is one of the reasons most ignore or put aside succession planning.
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When it comes to transitioning a family-run business to the next generation of ownership, there are some specific intergenerational conflicts that must be addressed.
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We often think of pirates as barbaric, dirty, and unorganized. However, in reality, pirates knew they needed to manage crew expectations with regard to the execution and leadership of their activities–skills that are also crucial in running a family business.
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Overcoming negative trends in family business succession is only possible if attention is paid to the many moving parts inherent in running a business as a family. This article, the second in a two-part series, delves into each of these items and the considerations that must be made to ensure they work cohesively.
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Who will lead the family business once I am gone? What will happen to my retirement when the next generation takes over? How can I tell my daughter she just isn’t ready to lead?
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As consumers, we tend to attach some kind of mystique to family businesses on the belief they are friendlier, have better employees, and are more caring. As such, they must therefore produce a better product and offer better service.
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As a business owner, you spend years building your company, but what happens when it’s time to retire or just slow down? The nature of being in business requires juggling a number of priorities, while attempting to maintain a life at home.
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