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Legacy Archives - Federer Performance Management Group

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Category Archives: Legacy

Family Business Feud: Getting to the Root of the Issue

Family-owned businesses have a unique dynamic. There is a lot more emotion involved than in a public company where answering to the shareholder is the driving force behind all decisions. This emotion can be a positive thing – creating a feeling of unity in which everyone works together to reach a common and even righteous goal. Emotion, though, can complicate things as well – especially among family members in the business. Family relationship dynamics often leak into actual work issues, sometimes amplifying those issues … Read More >

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When You Should Revisit Your Company’s Values

Let’s Talk About Values Every person and every company lives and operates by a set of values – or at least purports to. Too often though, we state our values, then ignore them – and eventually forget about them. Revisiting your values on a consistent basis is extremely important – especially for businesses. Values are not static. Times change, businesses change and leadership changes. If your values aren’t reflective of these shifts in your business, things can get off track quickly. As a family … Read More >

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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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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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