Family Business Succession Plans Strategies If you are an owner in a family enterprise, the likelihood of your business successfully transitioning to the next generations is not very good. This has not changed over the years. Statistics show a failure rate of: 67% of businesses fail to succeed into the second generation 90% fail by the third generation With 80% to … Read More
5 Types of Business Risk Every Business Owner Should Absolutely Prepare For
Ignoring Business Risks Could Mean Disaster for Your Family, Your Retirement, Your Business and Your Employees As business owners, we expect and accept a certain amount of risk. If there weren’t any risk, then everyone would go into business for themselves. Like in life as in running a business, there are smart risks, calculated risks and completely random risks. Some … Read More
7 Succession Planning Best Practices for Business Owners
Are Your Business Succession Plans in Place? In my dealings with business owners over the years, there are a number of similarities that consistently are apparent in dealing with company succession plans: there often isn’t an absolute succession plan in place; not enough time exists between planning an exit strategy from their business and executing upon it; and part of … Read More