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.
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.
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.
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.
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.