Posts Tagged "transition"

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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