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 […]