Managing Conflict In A Family Business
Nearly 80% of all businesses are family businesses In fact, about one-third of the Fortune 500 are family-owned or family controlled. Family businesses account for nearly one-half of all jobs and 40% of the gross national product. These are impressive statistics indeed. And while managing conflict is certainly important to everyone involved from a personal…
So much to do, so little time By Stan Simkins
The potential demand for succession planning and conflict management by family businesses is enormous. However, that demand lays virtually dormant. Could denial and ego be the cause of such neglect?With well over 23 million small businesses in the United States, of whom more than 90% are family-operated, the mission of family business institutes (“To promote…
Key Management Succession: Plan or Perish
History is replete with stories of companies whose futures were limited because their Transition Affects OthersEmployees, suppliers, customers, competitors and bankers all have a legitimate interest. A company can become so torn with strife because of family in- fighting that if the business is put up for sale as a last resort, those who may…
Tips on Choosing a Successor in a Family Business
Leadership, drive, connections, and technical expertise are some of the qualities that founders of family businesses possess. These qualities are not easily replaced and yet, these founders often fail to plan for their succession, thereby depriving the business of essential management assets. Succession planning involves more than just passing the leadership baton to assure continuity…
Checklist for Passing the Baton
Develop a business plan… with an outside advisor — so your management team knows your vision and the manner in which YOU intend to achieve it.Develop a succession plan…with your family business members — so they can participate in your decision process while also learning the process for their next generation.Determine your retirement funding needs……