As I was considering what to write for this blog, it occurred to me that the key themes important to family businesses are well documented and frequently explored: succession, leadership, governance etc etc. The theory underpinning family business systems is now developed to such an extent that it is difficult to propose something completely new or fresh...But the blog format begs for something embryonic, an idea not yet fully formed. So…Continue
Added by Alexandra Sharpe on February 7, 2014 at 3:33am — No Comments
According to the Family Business Institute, only 30 percent of family businesses survive beyond the founder’s generation. From there the odds of survival only get worse: only 12 percent make it to the third generation, and a paltry 3 percent persevere into the fourth.
It doesn’t have to be that way. There are a variety of things families can do to ensure their businesses thrive from generation to generation. Here are three factors to consider.
Have a Plan
Added by Jeffrey A. Campbell on February 5, 2014 at 1:50pm — No Comments
Over the recent holiday, I was watching a film version of Charles Dickens’ A Christmas Carol. In this popular tale, Ebenezer Scrooge is visited on Christmas Eve by the Ghosts of Christmases Past, Present, and Yet to Come. The Ghosts take Scrooge on a journey showing him what has been, what is, and what may be. Upon awaking the following day, Scrooge has completely transformed, reset his priorities and beliefs, and dramatically altered his behavior. This story…Continue
Added by Keith Brigham on February 4, 2014 at 10:33am — No Comments
Succession is a make-or-break circumstance for a family business. A leadership transition can be fraught with emotion and complicated by difficult family relationships. In order to defy statistics and last beyond only one or two generations of family ownership, family businesses must be prepared for this important transition and invest in the structures, systems, and resources to maintain profitability and ensure longevity.
A successful family business leadership…
Added by Jacqueline Thompson on February 2, 2014 at 1:30pm — No Comments