Why Use the Team Approach When Doing Succession Planning?

Creating a good succession plan is a large project. The most common reason the plan is never completed is because the business owner does not know where to start. She often does not know how to make the time to work on the business while working in the business so she never gets to the project. It is my experience the owner often starts to hyper ventilate at the thought trying to manage all of the people who have opinions on when, how and to whom the business should be transferred so she give up.

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Who is the Chief Family Officer in Your Family Business?

Have you ever heard this, “I am the owner and chief bottle washer of my business?” Every business has its own phases of management. Owners daily recognize themselves fulfilling the duties of a chief operations officer C.O.O., a chief financial officer C.F.O. and a chief executive officer C.E.O. While we readily recognize these roles for people directly working in the business, family members must also recognize and undertake on roles within the family for the benefit of both the business and the family.

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The Five D’s: Death, Disability, Disaster, Divorce, Disagreement

No, this is not a bad report card. The Five D’s are threats a company may face that could force the sale of a company or greatly diminish the value of a company. A Certified Exit Planning Advisor educates business owners on how to prepare for these risks. Business owners may not be able to predict when or if any of these events will occur during their term of ownership in the business, but with proper planning, the business can be prepared to deal with these unfortunate five D’s. The following five articles will address these five life-changing events and their effects on your family business.

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When An Outside Board of Advisors Can Benefit Your Family Business

I have been a business owner on and off since I was thirteen years old. It is not polite to ask how old I am. Being a single owner can be very challenging. Who do you discuss, brainstorm, commiserate, plan or argue with? The person in the mirror? How do you hold yourself accountable? Unfortunately, it can’t be done with the face staring back at you in the mirror.

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