Retirement

The First Three Steps in Your Family Transition Planning

Posted by on Jan 29, 2014 in Family Business, Freedom, Retirement, Transition Planning | 0 comments

Helping your family business transition to the next phase (or, to use a familiar phrase, preparing for your succession) is a long process.  Transition planning can be a process that is too intensive to contemplate, and so the easiest solution is simply to keep doing what you have been doing, and hope it all works out well in the end. We’ve all heard the definition of doing the same thing over and over and hoping for different results; and of course it applies to transition planning, as well. One of the challenges for small family businesses is that the wording used for “transition” or “succession” can be fairly complex and lofty-sounding.  Things like...

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Four Issues In The Auto Repair Industry, And How You Can Address Them

Posted by on Jul 5, 2013 in Retirement | 0 comments

Four Issues In The Auto Repair Industry, And How You Can Address Them

Being in the auto repair industry is challenging these days.  The automobile is still very much alive and well, but the auto repair industry gets a great deal of flack for those who don’t do their work well – or overcharge, or just don’t care about their customers. For those of you who do care, and who are excellent at what you do, here are a few things you can be thinking about in terms of the auto repair industry as you run your business: The fascination with the auto repair industry is dwindling Partly because of the fascination with the internet, the online world, video games, and other virtual elements, there are fewer kids growing up who are fascinated...

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Succession Success: Taking Your Family Business to the Next Stage

Posted by on May 22, 2013 in Retirement | 0 comments

One of the greatest challenges in a family business is that of succession – “who will carry the business on when I am not here”?  It’s easy to presume that someone in the family will, but there’s much more involved. Here are a few fairly stark facts about business owners and succession (courtesy of Abbot Downing’s white paper on transitions): –       One-third of business owners are over age 65. –       Half of all business owners would like to transition out within 10 years. –       Of those who do want to transition out, the group is split between those who want to sell, and those who want to pass the business on to...

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Are you and your business partners aligned? How you can make sure everyone is on the same page in your family business.

Posted by on May 20, 2013 in Retirement | 0 comments

Are you and your business partners aligned? How you can make sure everyone is on the same page in your family business.

I’d like to tell you a story, and then give you some tips from my experience about what ‘alignment’ really means.  If you own a family business, you may start to wonder if this is your story I’m telling – which means that you are not alone.  Read on, and I’ll explain more at the end. Once upon a time there was a man (let’s call him Jim).  He set up his own woodworking business, and as many small businesses do, soon had orders coming in thick and fast.  Jim was a first-class carpenter, and built tables and chairs and headboards and doors that exceeded the quality found in manufactured products.  His clients would say, “We thought we just needed...

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