When addressing the topic of resolving conflict in family businesses, my team and I often discuss the common points of friction between parents and children primarily during the transition from one generation to the next. In this article (How To Go From Pushy Parent to Inspiring Leader in Your Family Business), let’s take a broader view of the parent/child dynamic in family businesses, and I’ll suggest five strategies to move to a new paradigm — that of inspiring leader/inspired successor. In every family business, there’s, well, a family relationship. The
Do you own a business that you’d like your children to run one day but just haven’t put a transition plan in writing? If so, you are not alone. According to a recent survey of 230 family business leaders in Mexico, Canada, and the U.S., you are in the 66% of owners who have not yet created the type of plan necessary to orchestrate a family business transition to the second generation. Business Continuity vs. Succession Plans Many owners tell us that they have business continuity plans in place to
When working every day to run and build your business, it can be difficult to imagine your business without you and you without your business. Yet at some point, owners do begin to think about whether and how their businesses will continue after they leave and move on to their Next Adventures™. We know that the process of business succession planning raises a ton of questions in owners’ minds, so our job as transition strategists is to help owners take charge of business succession planning and put them on track
We’ve written numerous articles for this site and other publications that attempt to answer the question “What is succession planning?” You’ll find the most complete answer, as well as our unique approach to succession planning in our book, It’s A Journey: The MUST-HAVE Roadmap to Successful Succession Planning. Optimists by nature, we typically tout the many, many benefits of succession planning (a process called “business transition planning”). Today, we make an exception and look at just one aspect of the flip side: the huge financial and relationship price that family
Are you starting to think about retirement but don’t know how to transition your business to a new owner? Don’t let the HBO series Succession scare you: Finding a successor for your private business doesn’t have to be so complicated. At The Transition Strategists, we have been helping business owners successfully pass their private businesses to successors for more than 20 years. We help many owners with business succession planning. Keep reading about private business succession planning to learn more. Starting your Private Business Succession Journey One of the most
Are you preparing for the future of your family business? Whether you’re just starting your business or nearing the end of your career, it’s always a good idea to think ahead. Family business succession planning doesn’t have to be overwhelming or intimidating. Trust The Transition Strategists to help take the mystery and strain out of transferring the ownership of your business. Keep reading to learn more. Beginning Family Business Succession Planning You might be surprised to learn that our first principle of successful business transition planning is not as much
Maybe an online search has brought you here. Maybe you heard the term business succession planning from a family member, friend, colleague, or at a conference. We’re glad you found us! At The Transition Strategists, we’ve been crafting business transitions for over 20 years, and we’re proud of our 100% success rate. That’s right, 100% of our clients who have used our proprietary transition planning process have left their businesses in the hands of capable successors. How? Let us break it down for you. What is Business Succession Planning? Business
If you’ve been working for your family business, you understand that family and business are often inseparable. That’s why it can be so important to the owner, (your parent, grandparent, aunt, or uncle) that the business stays in the family for future generations. If presented with the opportunity, should you take over your family business? Do you want to? Should You Take Over Your Family Business? The short answer is: it depends. The long answer, however, begins with your relationships. If you’ve been asked to run your family business, pause
Are you a business owner nearing the end of your career? Even if you’re not quite ready to retire but are thinking about what’s next, you might wonder what are the steps in business succession planning? We’re so glad you asked. The Transition Strategists help owners and their businesses through key transitions, especially succession. It’s okay if you aren’t familiar with the steps in a business transition. We are. Understanding the Steps in Business Succession Planning In our practice, business succession planning begins with identifying the personal and professional relationships
