Working in a family business can be a deeply rewarding experience, yet it comes with its own unique challenges and demands. Family-run businesses are built on the foundation of generational success, and it’s important to create an environment that taps into its greatest potential. It’s also important to be adaptable and intentional about those changes when new family members join the team. Take a look at some considerations when expanding your business with the addition of siblings and cousins. Understanding Your History Family businesses are known for their distinctive cultures, shared values ..read more

We are a few months into a new year, and there’s still plenty of time to reframe your focus and begin the year with clear, thoughtful intentions. When you approach a new season with intentionality, it not only benefits yourself, but those benefits create a ripple effect on those around you. The future of your business is important to you—as it should be—but it’s equally important to identify and gain clarity about your priorities and make conscious choices to help you overcome challenges. Building a resilient, well-planned family enterprise or business starts with understanding and unlocking y ..read more

With business landscapes changing more rapidly than ever before, planning ahead is not simply a good idea—it’s vital. One of the best ways to prepare your business or company for the future is by creating a succession plan. Succession planning will not only help you measure the health and preparedness of your company; its goal is to identify unforeseen gaps and then prepare accordingly. After establishing a succession plan and pinpointing key individuals and positions, how can you assess the plan’s success and overall efficacy? Several metrics and standards are available to gauge the plan’s re ..read more

When your business is thriving and your financial outlook seems secure, it can be all too easy to sit back and relax. However, what happens when the unexpected occurs—an unforeseen resignation, an illness or accident, or a major change in leadership? This is where an internal succession plan can be critical to maintaining future growth and keeping your business running smoothly and efficiently. The Need for Succession Planning in Teams In order to build a succession plan strategy, it’s important that you survey your business landscape to be prepared for a variety of outcomes. Consider factors ..read more

It is that time of year again.  Families will be spending time together for the holidays.  These calendar events mix all ages. There will be parents, siblings, grandparents, in-laws, significant others, and neighbors in proximity for sharing food, fun, frivolity and often frustrations. “I love the holidays and remember special times.”, “Do I have to see her?”, “Oh I can’t wait to see Bob, it’s been too long.”  “I hope Sue brings her usual blueberry pie,” “Will that bratty cousin from California be there?”  Okay, you get the idea. I bet you’ve been there.   And the ..read more

If you’ve started thinking about building up the next generation of your business, chances are you’ve heard the term succession plan—a plan that serves as a blueprint for the future structure of your business. You know you need to have one of these strategies in place in case of an emergent or planned handing-off of leadership. And, you know this is the key to a long-standing business. So now the question is, how do you actually create a succession plan? Five Components of an Effective Succession Plan   1. Identifying potential successors The first step to creating an effective succession ..read more

Focusing on the business goals you want to achieve within the upcoming quarter is essential for sustained success, but do you know what else is equally important? Succession planning. What Is a Succession Plan? A succession plan serves as a blueprint for the future organizational structure of your business. While you hope against personal tragedies or unexpected resignations, it’s always beneficial to be prepared when these events happen. There will also come a time when your current leadership team retires. For all of these reasons, it is critical to have a plan in place so your business can ..read more

When a developing nation’s economy starts to flourish and become more involved in the global market, it is defined as an emerging economy. As countries expand economically, both corporate and family businesses are able to tap into a whole new market of people who live within an emerging economy. This presents amazing opportunities for investments and partnerships as well as massive growth potential. Emerging economies can be spotted by looking for geographical areas with significant technological advancements, fast economic growth, and rapid industrialization and urbanization. Top emerging eco ..read more

Many businesses dream of growing exponentially and exceeding their expectations for success but what happens when a business reaches this level and doesn’t have the resources to continue managing? As a family enterprise, it can be tempting to entertain the idea of introducing outside investors or venture capital firms, especially if you need extra funding. Let’s explore the impact of this private equity financing on family businesses to see if it’s the right decision for you. Pros of Venture Capital Within Family Businesses Access to Capital The biggest factor that family businesses consider w ..read more

As a family business grows, so do a family’s financial complexities and overall portfolio, permitting family offices to manage their wealth. With business investments, land holdings, accounting, philanthropy, and other family needs, these offices are often used for families that need comprehensive wealth management. A family’s approach to wealth management, focusing on increasing transparency, lowering fees, removing conflicts of interest, and striving to achieve better outcomes are key factors you should consider when making the important decision to use a family office. Wealth education, res ..read more