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Tag Archives: Family Business Succession Plan

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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Family Business Succession Planning: Boost the Odds of Long-Term Success

The statistics about family businesses—a mainstay of the global economy—are quite sobering. It’s well documented that just 30% of all family businesses last into the second generation, and only 12% make it to the third generation. Why? It’s often the result of poor talent management. An article in the April 2015 Harvard Business Review, “Leadership Lessons from Great Family Businesses,” provided some food for thought from a study conducted by Egon Zehender and Family Business Network International of the 50 leading family firms around … Read More >

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Failure to Launch (Your Succession Plan)

Everyone who owns a business understands the need to have a carefully designed succession plan to ensure the sustainability of the operation for the long term, starting with a smooth “handoff.” While it sounds rather easy to draft and implement such a succession plan, reality is far different—and one of the biggest stumbling blocks are owners who just won’t let go. The MIT Age Lab and Hartford Funds, as part of its research into the benefits and challenges of living longer, came up with … Read More >

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The Fundamental Elements of a Successful Succession

Many advisors believe your most important action with regard to succession is finding the right person to take the reins of your practice from you when you decide the time is right to walk away or an unplanned incident like death or disability occurs. Although I acknowledge the importance of the individual tasked with the care and feeding of your practice after you leave, I believe that’s just one of the four fundamental human elements that are critical to the long-term viability of “your … Read More >

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Look Before You Leap: What Children Should Know Before Joining Family Businesses

Having the opportunity to join a family business can be a dream come true or quite the opposite, a horrible nightmare. What I find is true for many children involved in family businesses is that they wished they’d done more “due diligence” before they came on board. Some children feel lured by their parents to join the family business, and perhaps shortchanged because they were never able to realize their own dreams. Many children blossom under a parent’s tutelage, while others wither. Family dynamics … Read More >

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