- Home »
- Succession Planning
Succession Planning
Planning and Staging a Company for Transition:
What You Need to Know Laverne was at the country club talking with Shirley, a new member. Laverne was surprised to learn that Shirley had just sold her distribution company for $10 million. Laverne knew about her business because it was a competitor. Shirley’s company was an ordinary but steadily profitable operation. Its product line, […]
Protect Your Family Business with Smart Succession Planning
Clarifying Roles and Responsibilities for Smooth Transitions In family business, a succession plan guarantees continuity. It ensures a smooth transition of leadership so that the business can carry on. Where no succession plan exists, the risk of turbulence and conflict is high. Creating a succession plan is a fairly straightforward but necessary task. It details […]
The Importance of a Family Charter in Family-Controlled Businesses
How to Maintain Control in Family-Controlled Businesses Unique challenges tend to arise when a family controls a business. Some questions that may emerge are: Which family member will lead the business? How will profit distributions be decided? How can a family member exit the business? Questions such as these are best handled in advance and […]
Business Transition and Exit Planning: Welcome to the Jungle!
BTEP: Where Should You Start? You are a business owner. You have worked hard, possibly for decades, building your business. You are smart, and the business has been successful, but it is time to move on. Perhaps you want to retire; maybe you want to try your hand at something new. Regardless of the reason, […]
Solving Familial Business Issues: Putting the “Family” in Family Business
A Family’s Most Valuable Business Asset is Itself The component to family businesses that make them unique from other businesses is the family. Solving family business problems without understanding the family dynamic is akin to a placing a bandage on a broken leg – it simply is not sufficient. Family businesses possess a complexity that […]
Banker, Broker or Sell it Yourself: Choosing the Right Method When Selling Business
So You’re Selling a Business: Now What? For most business owners, selling a business is a once-in-a-lifetime event. These owners want to maximize their proceeds and they may be super salespeople, but likely have little experience selling a business. In fact, their exit may be the only meaningful transaction they experience. This is why it is […]
The Importance of Succession Planning for a Thriving Family Business
Succession Planning Means Looking Beyond the Second Generation Most family businesses don’t make it beyond the second generation. Even fewer reach the third generation of ownership. Why is that? As much as one generation would like to hand the business off to a next-generation family member, the following critical questions are often not adequately considered: […]
Sensitive Family Business May Bring Up Fur Balls
Choking on the Words During Sensitive Family Business Every cat owner knows the sounds. The deep retching and heaving. The cough that sounds like your cat just may turn himself inside out to eliminate a fur ball. Next may come a few backward hops, as if to distance himself from the mess he just created. […]
Effective Private Company Board Strategies Drive Goals to Completion
Private Company Board Strategies Create Advantage Strategy has been defined as the art of finding an unfair competitive advantage in the marketplace. It is implemented through defined objectives, strategies and tactics. Whether public or private, driving strategy is how boards create value. Public companies tend to have well-staffed strategy groups, of which M&A is one […]
Selling a Business: When Do I Know It’s the Right Time to Sell?
Selling a Business – Planning Is Key There are several factors that determine if an owner is selling a business at the right time. The greatest challenge for many owners is creating a strategic plan based on the owner’s individual priorities. An owner who is happiest post-sale is the owner who stuck to the plan, […]
