When the fun and excitement of executing your succession plan turn into yarn balls of complexity, relational tension, and family conflict, even the strongest family business leaders get stretched. Gain 10 valuable insights to consider for your family business succession.
“Why won’t people just do it the way I want it?” The founding owner’s need to control the process and outcomes are part of what made the business successful; the downside is this behavior also causes great frustration among family and non-family leaders in the business. Holding onto control while empowering key leadership is critical during seasons of significant transition and change. Read this article to discover…
“Disastrous! No one in their right mind would form a family business board!” Ask anyone who has tried and failed, and this is their likely response. As a result, owners wonder if it’s possible for families to function well, and truly thrive within the structure of a family board. Continue reading this article to find out…
Well-developed socioemotional wealth (SEW) gives family businesses a decisive competitive advantage over non-family businesses. But what is SEW, and how do you develop it? This article considers socioemotional wealth and how to increase it in family businesses.
The traits that made owners successful up to this point can work against them when they look to pass on or sell the family business. This article considers what it takes to succeed during a family business succession and the four most common challenges that may trip owners up.
You've worked hard building a family business that's created a legacy for generations to come, and you have finally decided that you're ready for the next phase of life. The question is – what does that successful business exit plan look like?
There are two types of exits family business owners can experience – good ones or bad ones. The good thing is there is a lot you can do to ensure that when the time comes to transition out of your family business, your business exit strategy will lead to a good outcome.
Multi-generational family business transitions are critically dependent on leadership dynamics between the the incumbent generation (aka: “now gen”) and the next gen to ensure the long-haul survival of both the business and the family. On the surface transitions appear logical and straightforward but, the heart of the issue lies below the surface at the irrational and emotional levels.
The application of personal mastery is key to living an effective life and having a successful family business yet business owners tend to prioritize themselves last making personal mastery a pipe dream…
Family business owners were never meant to figure it all out on their own, yet somewhere along the way many adopted this delusion…
Ignoring the complexity, oversimplifying, or attempting to take a cookie cutter approach to navigating through change can be appealing but taking this approach either never fully realizes the opportunity presented or simply fails completely, leaving a load of damage and collateral in its wake.
There’s nothing like family. The people we’re related to by blood and marriage are expected to be our closest allies, our greatest sources of love and support but often it just doesn’t seem to work that way…
Ask a multi-generational family business owner whether they have a board and you are likely to get more than a “yes” or “no” answer.
Do not let your psychology get used against you. There is another way! Trauma with a capital “T” is happening and opportunistic buyers are starting to circle.
As we come to grips with this surreal environment the focus shifts to helping business owners identify their best options for surviving the crisis with an eye toward thriving during recovery.
Snowflakes are one of nature’s most intriguing structures. Closely held businesses with multiple shareholders (particularly family businesses) are very much like a snowflake.
Manifestation of power, authority, control, and influence (*PACI) among shareholders and employees in closely held businesses serve as leading indicators for the likelihood of success at points of significant transition.
The dinosaur effect results from leaders having blind spots about how their words and actions impact staff, derail alignment, and erode organizational outcomes.
In framing a problem we set the psychological parameters against which we endeavor to solve the problem. A mis-framed problem will have mis-framed solutions.
When I met Aaron and Janet they were engaged in their third attempt at family succession. In many ways this attempt is no different than the first two abandoned attempts.