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Life After Your Business: What’s Your Passion?

When you own your own business, it’s often your vocation and avocation. In a word – it’s your life. When it comes time to move on from your business and retire, though, this can be a problem. Too many business owners fail to take the necessary planning steps to transition their companies to the next generation of leaders, waiting until the last second to relinquish control. It’s not because of ignorance and it’s not because of laziness. According to a recent survey, 80% of … Read More >

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Developing Leadership in the Family Business

I recently came across an article in the Harvard Business Review that hit home for me as a family business consultant. Titled Turning Potential into Success: The Missing Link in Leadership Development, the article describes what corporations are doing to grow the next crop of leadership – and where they are failing to succeed in their mission. Even though according to research from the Corporate Executive Board, 66% of companies invest in programs to identify and mentor high-potential employees for leadership positions, only 13% … Read More >

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Are You and Your Partner Money Compatible?

As the saying goes, opposites attract. How do romantic partners connect when they are blending their financial lives and looking at managing their finances together until death do us part? It can get tricky. But if you and your partner share similar values and are money compatible – making, managing, and investing money is just a little easier. Money compatibility is defined as having similar financial goals and values, and an ability to discuss and resolve financial differences. Money compatibility does not mean that … Read More >

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How to Execute a Smooth Succession

In my recent article – “Sabotaging Your Succession” – I talked about the major roadblocks that keep CEOs of family-owned businesses from overseeing a smooth transition of power, including lack of trust, a clash of visions and the inability to let go. A smooth succession requires, first and foremost, the ability to be honest with yourself about your goals and desires for both your business and your life after retirement. Once you have a clear and honest vision established, it’s time to implement a … Read More >

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Employee Engagement: The Key to Successful Succession Planning

The focus of succession planning – as the name suggests – is planning the transfer of power and responsibility from the current leader (often the company’s founder) to a new generation of leadership (often the children of the founder). For family and closely held businesses, planning for a smooth transition involves much more than prepping a new leader, getting the financials aligned, and the legal documents signed. A company is much more than products, procedures, offices, and warehouses. The lifeblood of every company is … Read More >

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