Family Business Planning

Family Business Planning-79
If they worked hard, they were trained and tutored.When they slacked off they got chewed out, just like me, or they got canned.Ensure developing new leaders is a core competency in your company. Don't be afraid to have meaningful conversations about your succession plan.

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I’ve worked for four different family businesses in four very different industries, and have seen four different approaches to generation transition.

The most interesting I think was a local grocery store chain.

Yet, such an engaged discussion is like a gift one can give to their children, siblings and employees.

There are 27 million closely-held businesses in the U. With the baby boomers retiring, 70 percent are expected to transition in the next 20 years.

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For those of us running family businesses, the holidays remind us of the many blessings that entrepreneurship affords us.Running a family business can be daunting, frustrating and rewarding at the same time.Among the most difficult discussions for any entrepreneur to have with his or her family is succession planning.The uncles were able to objectively supervise their young kin, while listening to and supporting their department managers (who could give honest feedback without falling afoul of the “nobody-can-criticize-the-boss’-kid-trap”), and showed very little favoritism or preferential treatment that I could see.I don’t recall any of the kids who were my peers being jumped up to better jobs or inflated pay rates.The process was interesting to watch as a young employee, and over the years I’ve become impressed by the brothers’ wisdom.These guys were shrewd businessmen and canny managers.It is simply short-sighted and selfish not to engage in such planning.A strategic plan and estate plan can and should be built in parallel (although a strategic plan is an evolving, fluid document).Bake in the family pecking order with discussions about money, and you have a recipe for... Failure to discuss such matters can be both financially and emotionally devastating.Much like an estate plan is written to protect heirs from tax implications, there are dire consequences for families who do not discuss the management and financial ramifications of transition.

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