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 True Cost of Not Having a Business Succession Plan
The new year is a time to enact change. Your resolutions are set, you’re motivated to take action, and you’re excited about the possibilities. It’s the perfect time to turn that enthusiastic attention to your business succession plan, or perhaps the lack thereof.
Without timely planning, the odds are against you.
The reality of business succession is that it takes longer than you think. Too often planning is left until “tomorrow,” which of course never comes. In ...
Luck, Unconscious Planning & Other Concepts You Need to Let Go Of…
I’m sure you can think of specific moments where luck was on your side, where serendipity has helped move your business in the right direction, but I’m sure you wouldn’t contribute all of your success to it. So, it makes sense that you wouldn’t leave the future of your business up to luck either, right? Wrong. The unfortunate reality is that an estimated 63% of business owners lack a written strategic plan for exiting their business, meaning a majority of business owners are leaving ...
Ready or Not, Your Future is Coming
I have worked with incredibly successful business owners worth tens and hundreds of millions of dollars. Early in my career as a financial advisor, it was easy to assume these business owners planned for their financial future. One client described how his son-in-law, a leading law professor at an Ivy League university, advised him that all of his ducks were in a row. Upon closer examination, it became apparent that essential planning had not been executed. He only had a basic will in place for ...