Finding a clear path to pass on your legacy to the next generation doesn’t have to be difficult. Family and closely held businesses want clarity and peace of mind when it comes to succession planning, and, happily you have the answers in your hearts and minds.
Fear can accompany thoughts about succession planning. We can help you avoid making short sighted decisions and creating conflict within your family so you can enjoy the benefits of what you have worked so hard to build.
The Family Business Institute follows a collaborative approach which focuses on a healthy balance of family and business. You can discover the key success factors of your business and family and benefit from a succession plan design that works in a balanced manner.
Assess the unique needs of your business and family to develop the perfectly tailored approach.
Design a custom plan to maximize the strengths and minimize the weaknesses of your family business to allow you to achieve long-term success.
We’ll walk with you every step of the way to implement your plan so your family can enjoy and extend your family legacy and prosperity.
MANAGEMENT SUCCESSION PLANNING
OWNERSHIP SUCCESSION PLANNING
LEADERSHIP DEVELOPMENT PLANNING
Leadership is often a murky and nebulous concept, but it is important. How many times in the sports world have you seen a coach or manager fired and a new leader come in, take his/ her place, and with the same cast of characters produce far different results? Leaders in family and closely held businesses are, as Reggie Jackson of the New York Yankees once said, “the straw that stirs the drink.” Experts around the world can point to the quantitative impact leaders make. Warren Bennis says, “Leadership accounts for, at the very least, 15% of the success of any organization.” Afsaneh Navahandi wrote that leadership can account for up to 44% of a firm’s profitability. Researchers at the Wharton School of Finance concluded that between 15% – 25% of the variation in a corporation’s profitability was determined by the character of their chief executives. Even researchers attempting to debunk the power of leadership concluded that it accounts for a minimum of 7% – 14% of a company’s performance! Leadership development in most closely held businesses consists of on the job training (OJT). This is certainly one way to skin the cat; however, keeping next generation leaders and managers in 80 hour weekly production jobs crowds out many other leadership development tools and techniques. The Family Business Institute augments traditional OJT with other leadership development initiatives to assure closely held business leaders – irrespective of generation – they have the right team with the right skills in place for future business success.
No contractor wants to end up in the headlines because of a dispute over a project gone bad. And yet Dennis found three separate instances in one week where parties had disputed over various contractual provisions. No one wins when disagreements over contracts end up...
Around Labor Day, Wayne was watching the U.S. Open tennis tournament and caught sight of an engraved plaque that competitors walked by upon their exits to the stadium court. It said, “Pressure is a privilege.” That’s a curious statement… Where did it come from, and...
FBI’s Doug McCright says that every decision in business is a trade-off. There are no perfect answers – only trade-offs between better or worse. Having a partner(s) in business has many pros, but it also has cons. Please tune in this week as Dennis examines the up-...