Building Better Teams: The Art of Effective Onboarding
Ferguson Alliance Blog
by Brandi Marek
1w ago
Perhaps no business process is as undervalued and untapped as the onboarding of new team members. Instead of using this precious opportunity to win the hearts and minds of new employees, most organizations use onboarding simply as a chance to drown newbies in policies, materials, and information that’s soon forgotten. But it doesn’t have to be that way. A solid onboarding process can make sure new team members feel like a valued part of the group, right from Day One. At Ferguson Alliance, our years of family business experience have shown us key concepts that can make the onboarding process sm ..read more
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Governing Your Family Business
Ferguson Alliance Blog
by Rob Ferguson
2w ago
Every family business, no matter its size or age, needs a system of governance that ensures its success, prosperity, and continuity from generation to generation. Without a clear and consistent method of governing your family business, you run the risk of becoming a statistic – currently, only 40 percent of family-owned businesses make it through the end of their second leadership generation. Plus – a mere 12 percent survive to the third generation, only 3 percent last through the fourth, and less than 1 percent of family businesses actually make it to a fifth generation of family leadership ..read more
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Tax Implications for Family Businesses
Ferguson Alliance Blog
by Tom Anderson
3w ago
Survey after survey reveals that tax issues, particularly those around income tax and state tax, are at the forefront of many family business owners’ minds. When it comes to taxes, family businesses have unique considerations – and extra rules that quickly can become confusing and burdensome. In addition, the dynamic and ever-changing nature of the tax code demands ongoing attention, underscoring the importance of a business-oriented tax advisor as a crucial part of a family business owner’s team. In our experience, we’ve found that we can classify critical aspects of tax planning for family b ..read more
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Solving Financial Challenges for Family Businesses
Ferguson Alliance Blog
by Tom Anderson
1M ago
Leading a family business organization is a complex effort – don’t let anyone try to convince you it’s easy! Any business leadership role is difficult to navigate, but family business can be especially challenging. Especially when it comes to finances. Here are some of the most common financial challenges we see in family businesses – along with some potential solutions. Lack of Vision and Planning While family business owners often excel in responding to immediate challenges, long-term planning, especially in financial matters, is often neglected. Planning around crucial aspects such as cash ..read more
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Managing Team Dynamics in a Family Business
Ferguson Alliance Blog
by Brandi Marek
1M ago
As a family business leader, creating and leading a high-performing team is perhaps the most important thing you do. And just like every leader is different, every team is different. It takes curiosity, patience, and flexibility to determine what your team needs to be its best – and to create that kind of environment. At Ferguson Alliance, we’ve identified the following steps as good practice when thoughtfully engaging a team. Let’s take a look. Use Behavioral Assessments to Assess Strengths and Weaknesses We like to kickstart the journey of team management with a behavioral assessment. This t ..read more
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Family Business Financing Misconceptions: 7 Myths
Ferguson Alliance Blog
by Tom Anderson
1M ago
As we’ve worked with clients over the years, I’ve always found interesting the number of myths people buy into. And while some of those myths can be amusing, they also can be limiting to your success as a business owner. It’s important, when you’re leading your family business, to do the due diligence to dispel any myths that are standing in the way of your success. This is especially true when it comes to financing. You owe it to yourself, your business, and your family to make sure you have sound information about your best sources of financing – not falling prey to myths and superstitions ..read more
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Transformational Leadership in Family Business: The Value of Marginal Change
Ferguson Alliance Blog
by Rob Ferguson
1M ago
When you think of transformational change, it’s easy to imagine broad, sweeping modifications that are dramatic in nature and led by a charismatic leader. And while that may sometimes be accurate, more often than not, real and sustainable change is driven more through the aggregation of small, marginal changes that accrue over time. In fact, sometimes it’s imperative to instill incremental leadership habits to help seed a vision for the future and to also give people permission to let go of the past. As a leader of a family business, you play a pivotal role not only in steering the ship, but a ..read more
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Strategy Making for the Family Business
Ferguson Alliance Blog
by Rob Ferguson
2M ago
Family businesses represent the heart and soul of the American economy – and while leading a family business brings profound rewards, it also features some inherent challenges. As a family business leader, you’re constantly balancing business requirements and opportunities with the needs of the family. In order to smooth this process, a strong family business will lean into an overarching strategy that drives toward the best interests of both the family and the business. In our experience, strategy is something that many businesses struggle with. We tend to associate strategy with bulky, three ..read more
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Creating an Annual Profit Plan for Your Family Business
Ferguson Alliance Blog
by Tom Anderson
2M ago
Winston Churchill once famously stated that those who don’t learn from history are doomed to repeat it – and that’s a fitting way to think about creating an annual profit plan. To fully understand your business’s potential for the year, you must also fully understand its past performance and the internal and external factors that influenced it. Drawing from our many years of family business experience at Ferguson Alliance, we’ve outlined below some of the key factors to consider as you review the previous year and plan for the future. What is an annual profit plan? You’re probably familiar wit ..read more
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10 Options for Providing Financing to a Prospective Buyer of your Family Business
Ferguson Alliance Blog
by Rob Ferguson
2M ago
Owner financing might sound complex, but it’s essentially a way for business owners to sell their business while playing the role of the bank. In this guide, we’ll walk you through 10 different ways you can provide owner financing. Let’s start here. What is owner financing? Think of it as a DIY approach to funding a business sale. This method can be a win-win: sellers often get a better price for their business, enjoy some tax perks, and avoid the hassle of traditional bank loans. But there are also some risks involved. Some potential benefits of providing owner financing: The seller can get ..read more
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