Posts Tagged "succession"

Do You Need a Family Business Council?

Posted by on Jun 10, 2014 in Family Business, Transition Planning | 0 comments

Every family owned and operated business has a unique layer of challenges that are different from a “non-family based business”. Whether your business is a large-scale corporation, a region-wide chain, or has more of a “mom and pop” feel, having a Family Business Council can help your business and family. We know that family can be tough sometimes.  And running a business is hard, too.  When you combine the two, at times it can be deadly.  A Family Business Council means that you’re not running your business like a family – you’re running it like a business. You probably already have a board of directors, and they probably communicate pretty well with...

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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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