The Wall Street Journal reported that one-third of all family businesses are operated by husband and wife teams, representing a substantial number of all businesses. READ MORE
Transitioning your family business to the next generation can be a daunting process if you are unprepared. To ensure that your business survives and prospers over the long-run, there are several critical factors and key preparations you must consider. Before you even begin the business transition process, it is important to design an exit strategy for yourself and develop a succession plan.
A family business is defined in terms of three systems: the company itself, the family attached to it, and the owners. Understanding how these three systems work in your family business and maintaining a “healthy balance” can play an important role in ensuring long-term sustainability of your family business.
Why do some family businesses prosper generation after generation and why do some flounder or fail? When multiple family members control business ownership and management over time, it’s natural that the business—and the family—will see success or struggle based on things they can and cannot control. Understanding “healthy” and “unhealthy” indicators common to all family businesses can play an important role in maintaining a healthy balance and ensuring long-term sustainability of your family business. READ MORE
As we start off the new year with personal resolutions, it makes sense to also make some professional ones. For instance are advised to visit our doctors for wellness checkups on a regular basis. The start of the New Year is the most popular time to commit to a healthy lifestyle and committing to being proactive about our own health. Why wouldn’t you want to do the same for your family business?
A wellness checkup helps businesses identify potential problems, as well as opportunities for growth. Following is a checklist of four major areas to consider in your annual wellness checkup:
- Organizational documents
- Financial reporting
- Professional relationships