Financing Succession in the Family Business

One of the least recognized difficulties in planning for succession in the family- owned business is how to finance it, i.e., what are the capital requirements to have a succession be successful. Since many businesses don’t have a succession plan anyway, they are at...

New Year’s Resolutions and the Family Business

The holidays are a time for families to celebrate the spirit of giving. It is a time to reflect upon the many blessings we enjoy in this special season and to look back at our accomplishments over the past year. It is also a time of looking forward to the New Year and...

Reflections on Thanksgiving and The Family Business

During this time of the year, especially in the family business, our thoughts are not only focused on our businesses but also our families and what they mean to us. It is a time of turkey and dressing, a time of pumpkin pie and whipped cream, a time to give thanks for...

Avoiding Conflicts in the Family Business

History is replete with family owned businesses that have endured intense family conflicts, which have resulted in the sale of companies at undervalued prices or liquidations and the creation of permanent rifts in families. Such conflicts take a toll on everyone...

Succession Planning is a Continuum and not a Project

In over 40 years of assisting family owned businesses in passing the business from one generation to the next, the statistical data has not changed much. Only 30 percent survive when passing from the first generation to the second and only 12 percent survive to the...

Does your family business need an Organizational Chart?

For many family business owners the answer is “What do we need an Org Chart for? Everyone here knows who does what. That is just for big corporations like IBM. Besides, we don’t have time for that sort of thing…it’s a wasted effort” In our experience the number of...