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As a business owner, you know what it’s like to lie awake at 2 a.m. Maybe it has happened when you are excited and full of new ideas for your business. More often, it’s because you are worried about issues you will face the next day. Sometimes, it’s because you just woke up with the solution to a problem. I’ve experienced all those emotions about my businesses over the years. Awake at 2 o’clock? is where I share them with you, and hopefully help with answers that will let you sleep.
John F. Dini, CExP, CEPA
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Small business owners are the Hunters of the 21st century. We are 3% of the US population, and yet we create over half of all American jobs. As Hunters, we may not be inclined to manage by the numbers or stick to systems. Are you a Hunter or a Farmer?
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How prepared are you to exit your company?
The Assessment breaks down the four major categories of exit readiness; Finance, Planning, Operations and Revenue/Profit.
Tag Archives: family business
2 Responses to Exit Planning When Kids Don’t Cut It
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3 Responses to Three Circles of Family Business
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Ouch, I am living this situation. Vision and leadership is the challenging issue. There is not one right way to run company. I learned from you that each business reflects business owner’s personal values and style. Great article and if others respond too, hopefully you will share more on this topic and transitioning family business.
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Additional Information,
Actually the most stable relationship system is a three party system where the third party acts as a calming, reasonable voice that facilitates constructive communication and decision making. In family business succession work we have long advocated a three system view: Family, Business and Board. In the latter we work toward a balance of participants between family representatives and respected, independent outsiders with experience and expertise relevant to the current and future work of the business. We typically do not recommend professionals – lawyers, accountants, consultants… who are aligned and indebted financially to the business. The challenge is to start this process long before succession – through family education and involvement of key family members in learning about and appreciating the complexities of running and growing a successful family business. The earlier the better…
Bill Seelig,
bill@seeligs.comBill Seelig
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Legal succession planning is also important for family businesses. This is especially true when one beneficiary of the owner’s estate is clearly the right person to take over operations and another beneficiary is clearly not interested.
Nailed it, John.
You got this right!