5 Relationship-Building Behaviors for Business Owners
If you were asked by a young entrepreneur to identify the three most important lessons you’ve learned over the course of your career, how many of the three would have to do with the logistics of a product launch, mechanics of installing cyber-security measures or mastering the intricacies of the Federal Tax Code? Read about: […]
Move Beyond Fear: You Can Have A Successful Business Transfer
Do you know any business owners who can visualize a crystal-clear transition path from where they are—running successful companies and living great lives—to where they want to go—happily out of their businesses and living their Next Adventures? If you do, or if you are one of these owners, you are remarkable. Remarkable because we’ve found […]
Top Five Must-Have Characteristics in a Business Successor
If the topic of choosing a business successor is one that you’d rather put away for a rainy day, this article is for you. Here you’ll find two lists: the five perspectives shared by business owners who have successfully transitioned their businesses to successors and the five most important characteristics these owners looked for and […]
5 Conflict Resolution Tips When Running a Family Business – The Child’s Perspective (Part 2 of 2)
As we described in Part 1 of this two-part series, during the course of the transition of a business, owners, and successor participate in a three-phase dance: Phase 1: Original owner leads and teaches the successor the steps. Phase 2: Owner and successor alternate the lead. Phase 3: Successor leads and the original owner follows. Ideally, owners and successors avoid each other’s toes during this dance. In the real world, however, sore […]
5 Conflict Resolution Tips When Running a Family Business – The Parent’s Perspective (Part 1 of 2)
In the course of the transition of a business, owners and successor participate in a three-phase dance: Phase 1: Original owner leads and teaches the successor the steps. Phase 2: Owner and successor are leading at the same time – a bit awkward. Phase 3: Successor leads and the original owner follows. Even in the best of circumstances, owners and successors step on each other’s toes. And when the owner and successor are also parent and child, the […]
4 Ways To Prepare Your Child To Become Your Successor
When Your Kid(s) Are Not Ready to Take Over Your Business…Yet. If you’re wondering whether the child (or children) whom you are considering as a successor is ready to step into your shoes, you’re not alone. Business owners in the “I don’t think my kids are quite ready” group are joined by those who are convinced that their kids are absolutely not ready. For a moment, let’s discuss the characteristics that the “best” successors share. As you read through this list, take a moment to think about your child as […]
The COVID-19 Effect on Business Succession Plans & the Five Things You Can Still Bank On
The COVID-19 pandemic has affected how we socialize, shop, create, worship, and educate our children. Once the pandemic eases, some aspects of our lives will return to “normal,” and some will not, including many aspects of how we do business. Our focus today is not to explore all those changes but instead, to identify what owners can do—whether their companies are doing well or not […]