Millions of Americans have a dream to one day own a business. They also have a soft spot for family owned businesses. Approximately 20% of U.S. small businesses are family owned. We visualize this entrepreneurship as what built this country and made it successful. As a result, some people have a tendency to romanticize family…
We have discussed numerous aspects of succession planning on this blog in the past two years. It’s crucial for business owners to plan for their companies’ future years or even decades in advance if they want the best possible outcome for themselves, their families, and their companies. A smooth transition between leaders is the goal,…
In recent years the public has become more disillusioned with institutions, including government, law enforcement, religious groups, civic organizations, the media, and business. The public’s cratering trust in the people who run these institutions has had a destabilizing effect on society and the economy. In order to build their brands and succeed in the current…
The generation gap is something that people have always talked about, the differences between the younger generations and the older ones. In previous blogs we have discussed some of the complications of transferring a business to the next generation. In this blog we will discuss how the values of specific generations of people play into…
In previous blogs we have discussed how important it is to build the value of your business so that in the short and long term it will prove a good investment. One way to do this is by installing value drivers. These are actions that over time will make the business stronger, more resilient, more…
For most business owners, their company is their largest asset. It’s what they have invested their hard work, their creativity, their energy, their time, and their money into. While owners should and often do have other investments, their companies are essential depositories of value. Protecting business value is critical to them because they depend on…
Not all business owners want to involve their family members in their companies, but many family-owned businesses intend to transfer ownership of the company to the next generation in order to continue or expand it. These owners need to know how to train their children so they will be able and ready to assume leadership…
In the aftermath of the lockdowns that resulted from COVID-19, businesses and organizations that were forced to close or limit services will be looking to do whatever they can to lower their expenses, increase cash flow, and survive in a much tougher economy. If your business is in a similar position, know that the work…
Financial planning is a big-picture process that many people are not fully comfortable with. Business owners will often avoid financial planning, assuming that if they work hard enough and achieve enough success with their companies, everything will all work out in the end. Some businesses are successful enough for this to be true, but for…
Family businesses have a number of inherent strengths. Family members usually have a commitment to each other and to the success of their business and are willing to personally sacrifice for it. Because they come from the same family, they often understand each other in ways that unrelated coworkers do not. Not every family business…