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 […]
9 Critical Reasons Why Family Businesses Fail to Successfully Transition to the Next Generation
There are many reasons that less than 40% of all family businesses in America successfully transition to the next generation. Of course, many times that is by choice. However as these 9 reasons help explain, many family businesses suffer challenges that simply can’t be overcome, even if the intent was to keep the business closely […]
Is Your Family Business Focused on Tomorrow?
Do You Have a Family Business Succession Plan in Place? If you are currently playing an integral role in the American economy, it is very likely that you are part of a family-owned business. Why that presumption? Because family businesses have long dominated the United States business landscape and that fact shows no signs of […]