This is a question that most business founders must face at some point in their lives. Family business planning is the process of selecting and preparing the right person to lead the family firm into the future. The average life of a family-owned business is about 24 years, usually ending when the owner/founder retires or passes away. Reportedly, approximately 30 percent of family-owned businesses survive the succession from the first generation to the second. And only ten percent to the third generation. By 2019, the number of family-owned companies that will transfer from the first generation to the second will be the largest the world has ever seen.Read More›
You have a great management team. They’re well trained and provide great leadership to their direct reports. They make great decisions. They are passionate about what they do and there is very little coaching needed to help them reach the company goals. But wait…How many of them will be retiring or leaving your company in the next five years? Have you done any future planning?
Most companies have invested time and resources to develop the leadership team. It probably took years to find just the right mix of diverse thinking, skills, communication styles, and talents. It is an art to find just the right mix. But how long will it last?Read More›
Imagine a swamp. Frogs are croaking, dragonflies are buzzing around. Turtles are surfacing just enough so you can see their little heads. Alligators are swimming around, waiting for their next prey. A lonely frog sits on a lily pad, observing all that is going on around him. It seems like a normal day, but to this tiny frog, it is chaos. Everything is always changing, and he is overwhelmed. He sees the alligator slowly swimming toward him with a look of hunger in his eyes. The frog knows he has to jump, but he isn’t ready. What if there’s something else in the water? Why can’t I stay safe, here on my lily pad?Read More›
It’s the end of the year. There’s so much going on. Finalizing budgets, planning for 2015, updating your forecasts, managing people. You’re busy doing. Busy, busy, busy.
That’s great – you’re getting stuff done. But it begs the question: With all these things happening, have you taken the time to demonstrate visionary leadership? Does your team really know where they are going? Have you articulated the direction – the vision – of where the company and team are headed?Read More›