pornn

Family Business Harmony Best Practices

As a business succession planner I believe family harmony is a component of the Succession Matrix®. On a day to day basis I deal with the good, the bad, and the ugly of family business. The good gives me encouragement that family business succession is worth the brain damage and affirmation that there is no such thing as a perfect family. The bad provides me a sense of job security and confirmation that all family issues can be resolved if the parties will just remain engaged. And the ugly makes me question my career choice and acknowledge that the problems on the have side can be worse than those on the have-not. Based upon my 40 years or so experience within this Matrix, I have concluded that facts are stranger than fiction when it comes to inter-family dynamics and no matter how bad circumstances are within a family it can always get worse. Furthermore, I have had an opportunity over my career to identify best practices of families who relatively speaking have achieved family harmony.  

Continue reading

Exit Strategy and the Joe-Pa Syndrome

There is a lot at stake in succession planning: family legacies, business value, financial security, and family harmony.  The goal of succession planning is to create a seamless transition of ownership, leadership and management while avoiding the classic “new leader” shock and awe that diverts mission focus, erodes management enthusiasm and dissipates organizational momentum.  

Continue reading

If I am Considering Sale of My Business As My Succession Option, What Should I Be Aware Of?

There are two general classes of buyers for a business: internal and external. Internal buyers would be one or more key managers who could provide succession leadership. External buyers would be third parties including of course complementary vendors. 

Continue reading