One of the ways that a family owned business – of any size – differs from other businesses is that the values and habits of that family tend to influence the business as a whole. The family business culture that pervades it affects the company’s mission, values, productivity, profit, community relations, and even employee morale.…
If you’re considering transferring your business ownership to another family member or members, you might be tempted to put your family’s wants over your own goals. While altruism is an admirable trait, in this kind of situation it can also cause more problems than it solves. You, your family members, and your business won’t be…
A backbone of the American economy is the family business. A family business, when run well and by family members who are dedicated to it and to the family’s mutual values and goals, can be a powerhouse of activity and success. Conversely, if family roles and responsibilities are not understood and communicated to all family…
After building a successful business, many business owners decide that they want to transfer their ownership to the next generation – their children. Too often, those owners assume that a transfer to children will go smoothly and simply, requiring little more than informing their kids of the date they’ll be taking the reins. Owners who…
At Prometis Partners we always advise our clients to begin preparing for the sale of their businesses well in advance of when they want or need to put them on the market. The additional time will allow them to evaluate and fix any weaknesses their companies have so they will be as attractive to prospective…
According to surveys, up to 79% of business owners plan to exit their businesses within the next 10 years, with more than half saying they want to exit within the next five years. However, many business owners fall into the trap of the “rolling five-year exit plan,” in which owners constantly reset their exit dates…
MiMfg Magazine featured Vincent Mastrovito in its February 2019 edition talking about the intersection of manufacturing and employment. “Manufacturing has kept Michigan from economic collapse during the toughest times and elevated it to a global leader during good times, but the relationship between a business and a community remains delicate. One facility closure can result…
Last month, when we discussed the concept of intellectual capital we asked the question: “What makes a business valuable to potential buyers?” This is the most important question for most business owners who are considering transitioning their companies. Their business is a very large financial asset. For many owners, it’s their biggest and most important…
For business owners, the idea of exiting their businesses, which for many owners define their professional lives, can seem like a gigantic undertaking. They ask themselves, “How can I possibly do all of this? Where can I go for help, and what do I need to know?” These questions are perfectly normal to ask as…