Planning for the Future Has Family-Owned Businesses Falling Short
There are a lot of things that family-owned businesses (FOBs) do better. They’ve made more money and outperformed non-FOBs in the long run, and they’re better at balancing the past and the present. However, when it comes to planning for succession, they are falling short, and without an Ownership Conversion Plan, the future of the business is left uncertain.
A 2012 Harvard Business study found that only 41% of family-owned businesses had an effective CEO succession planning process, ...
The Intersection: Choosing Your Inside or Outside Sale Option
Picture your Designed Destination… in it, have you transitioned your business to family or key employees? Or, did you instead sell or transfer the business to an outsider? Regardless of which option you have chosen, it’s important to allow yourself enough time and necessary resources to optimize your outcome.
When you arrive at the intersection of Inside vs. Outside business sale options, keep this in mind:
Choosing an Inside Sale. If you decide to transition your business internally, ...
Building Your Ownership Conversion Plan™ Team
Entrepreneurs spend years working on their business and building it up to be a successful venture. When I talk to them about bringing in a team of trusted advisors for succession planning, many want to hide their checkbooks thinking it will be too expensive. However, planning the sale or transfer of your business is no time to cut corners.
Your Ownership Conversion is about selling your life’s work on your terms to outsiders, insiders or family members. It is a strategy comprised of ...
How Preparing for Tax Season Also Helps Your Ownership Conversion Plan™
Are you the kind of business owner who scrambles through a box of receipts once tax season hits or do you have your records organized and ready to go? The latter, obviously makes surviving tax season a whole lot easier but it also is a big part of having a solid Ownership Conversion Plan™ (OCP) for your business.
As I stress in my book, it is equally important to work on your business as it is to work in your business. Therefore, it is vital for you to spend time making sure that your ...
Lasting Relationship Advice for a Family Business
I grew up in a family business. My father began a small nursery which eventually grew into a successful and highly profitable business. However, he never had a business plan. I nagged him for years about it until he finally understood how important a succession plan would be for the business, the employees and our family. He died suddenly just a week after we met to discuss what would happen when he was ready to transfer the business. Unfortunately, none of the ideas we discussed had a chance ...