How to Successfully Transition the Family Business to the Next Generation

Did you know that there are around 5.5 million family-owned businesses in the United States? Whether the business is a vegetable farm, a beloved family diner, or a posh bar in the city, the family business holds a special place for family and community members. Are you a family business owner who would like to […]

The Benefits of Family Business Executive Succession Planning

There are 5.5 million family-owned businesses in the US. For many of these businesses, succession planning can be difficult. They are unsure of how to promote new leaders in the company without stepping on toes or causing conflict. This is why family business executive succession planning is so important. Having a formalized process in place removes conflict […]

The Challenges of Family Business Succession Planning

Many family businesses don’t actually have a succession plan. Look at preparing a family business succession plan to protect your family. If you’d like to learn about succession plans, keep reading. In this guide, you’ll learn about some common challenges people face during family business succession planning. Don’t delay your family succession plan or choose the […]

Family Business Succession Planning: What Happens When a Founder Dies?

Not enough companies have contingencies in place for when their founder dies. By then, family business succession planning is too late to save the firm. Unless a company has policies in place, it may legally need to dissolve. Even if you aren’t ready to move on, you often have little to no choice. That is […]

Family Business Succession: How to Onboard New Directors

Foundations often think of family business succession as a future problem. Many companies frequently add new directors to existing boards, which makes preparation vital. As a family business grows, so must its leadership by including independent members. However, keep in mind that it can tank a company’s survival without effective continuity planning. Our family business […]

6 Tips for Effective Business Communication in the Digital Age

In a study of 400 companies with 100,000 employees, it was found that poor communication lead to an average loss of $62.4 million per company per year. Learning how to improve business communication is essential in this digital age, as it helps businesses connect and communicate with their employees and customers. Do you want to […]

7 Things You Should Know About a Family Business Consulting Group

Running a family business is a hallmark of the American Dream. Doing this lets you work with your family members to create a shared dream together. However, running a business can bring many challenges that your family may not be prepared for. These challenges can take several forms, from family business succession to economic issues. […]

7 Tips for Running a Family-Owned Business

Running a family business with your loved ones might sound like a dream, but there are unique challenges as well. Nothing feels better than building a successful business with your family. At the same time, nothing can be more difficult and frustrating on a day-to-day basis. From family business succession to hiring non-family staff to […]

What is Family Business Succession

Family businesses are a staple of the American economy. Experts report that family businesses account for over 70 percent of the GDP in most countries, creating 50-80% of jobs. In fact, these businesses are the backbone of the U.S. economy. If you run a family business, one of your biggest concerns is undoubtedly succession planning. What […]