Mom and dad won't talk
If I were having a conversation with the next generation member, a question I would want to ask is this: What did you and your parents agree to when you took the job?
Getting started with family governance
Family governance is a process or structure to educate and facilitate communication between family members.
15 lessons family councils wish they knew before they started
Whether you are just starting a Family Council or have had one for years, much can be gained by considering the lessons others have learned in making their Family Councils work.
Most small-business owners aren't planning ahead
Some avoid succession planning because they don't ever expect to fully retire or, like many people, haven't come to terms with their own mortality.
The next generation of wealth planning
As family dynamics change, the wealth planning paradigm is likely to shift.
Business in the blood
The "Lucky Sperm Club", as Warren Buffett likes to call it, is still going strong in the commanding heights of business.
Beyond 'cohesion': Why terminology must evolve through the generations
The word "cohesion' has become a hot term in the family enterprise field.
5 reasons why you're not creating an exit plan for your business
When your retire, what do you want to do with your business?
Are Canadian farmers ready for the succession challenge?
The number one reason for lack of progress in farm succession planning is that farmers' fear of losing their identity.
The most valuable thing you can do with your time
Selling your business is a process, not an event.
Family business leadership: The importance of versatility
A family business leader who is truly versatile is able to be strategic and operational; forceful and enabling.
Who makes the decisions?
An ancient proverb decrees: if you wish to know what a man is, place him in authority.
I've got forty years in harness; how do I exit my family business?
More and more, smart family business leaders are keeping their options open when it comes to transitioning their companies into a new generation of leadership.
The circle of life works in family business
"It took me six months to figure out why I was so happy"
Developing next generation leadership
Effective leadership of a family business encompasses much more than making business decisions.
Crossing the line of confidence
Enabling effective governance requires not only a qualified driver, but also a well-equipped communication vehicle.
Simplify the process
It's not difficult to understand why business owners hesitate to start planning the transition of their business.
Governance beats avoidance for long-term family business harmony
In their efforts to prevent family disharmony many business owners actually exacerbate the problem by taking actions that remove family from the process.
The three areas of capital
When entrepreneurs embrace the concept of stewardship and actively walk the talk, the fear of letting go can be greatly minimized.
Ensure you have a choice
When it comes to preparing for your inevitable sale, the ultimate objective is to build a system that eventually sees the day-to-day decision-making pass from you to one or more persons within your business.
Keeping family "out" of the family business
As difficult as this may seem to resist inviting family members to join the business, in the long run it can help keep family relationships intact.
Exiting the business highway
Planning a business transition is like managing any other project except that the outcome of this project is critical to the future of many people.
How long do you plan to travel the business highway?
Are you proactively preparing a successor who will enable the continuity of the company?
The interim CEO ~ A place marker for postponing the succession plan
As founder you have done all the right things to pass the business along to your children.
Tips for boomers looking to hand down the family business
Baby boomers who started their own small business and are ready to hand over the reins should choose their successor with careful thought.
Passing on the business to the next generation
The phenomenon of thousands of business owners planning to retire and transfer ownership of their businesses will have a major impact on Canada's economy as a whole.
How to build a sellable business
An interview with John Warrillow.
Ten barriers to business succession planning
In a presentation at the University of St. Thomas Center for Family Enterprise Family Business Forum, John Davis, family business consultant, researcher and educator, commented that everything consultants like himself teach, their clients already know. In order to be successful, they need to confront or deal with the obstacles.
Passive stakeholders: Avoiding surprises
Passive stakeholders usually have a minimal voice in the management of the family enterprise and often feel "trapped," with little control and few meaningful options to get out.
Family business: Should you give your kids a job?
Does it make sense for parents to help their children into business?
Wealth Transfers: How to reverse the 70% failure rate
70% of intergenerational wealth transfers fail, according to research conducted on over 3,250 families who transferred wealth.
8 Tips for turning over your family business to the next generation
"What if something happens to me that takes me out of the business before I’m ready?"
Do's and don'ts for bringing the next generation into the family business
There is no "one size fits all" formula for transitioning a family business from one generation to the next.
Do you want to gain control of your family business?
In family business, there is a lot of jockeying back and forth. My father was aggressive, charismatic and well known around the country. He slowly allowed me to manage some pieces of the business.
Don't be a hub-and-spoke owner
If you were to draw a picture that visually represents your role in your business, what would it look like?
A second generation makes radical change
In many family companies, second generations often come on board by birthright, and simply continue buisness as usual...
Business transition planning: Unleashing the tax opportunities!
Perhaps the most obvious transition plan for a family business is to transfer it to the next generation.
The rise of the Boomer entrepreneur
Boomers may be leaving the corporate grind - voluntarily or not - but few wish to be put permanently out to pasture.
Recipe for business conversation success
What can we in family and closely held businesses learn from baking Christmas cookies.
Family business transition planning
Family relationships and values can make succession of family businesses even more challenging then for other enterprises.
How to groom successors
Some tips on helping kids of dealers succeed, not fail
Keeping Family Together: Elements of Dissension/Elements of Cohesion
Most wealthy families, and most business owning families wish to see their assets perpetuated from one generation to the next.
Is your business prepared for daughter to take the helm when the time comes to pass the torch?
Junior work in family businesses: Avoiding resentment
In any kind of business, there will inevitably be a certain amount of junior work to be done...
How to spot and avoid conflict in a family business
The trouble with a family business is that it can be difficult to separate issues that affect the family from issues that affect the business.
Holding family business meetings
Just like family gatherings, successful business meetings require good organization, communication and cooperation...
Keeping it in the family
Succession planning is not just about ownership - it's about values and principles.
Are you sure - really sure - that your family is picking the right person to head up the farm?
The importance of working ON your business
Your business will challenge you, exhaust you, and occasionally surprise you. But if you have carefully planned your startup, the days of success and pride should outnumber the moments of stark terror as you work continually to upgrade your products, improve your team and fine-tune your systems.
Family ties can put companies in a bind
In family businesses, strain between relatives can be more severe when finances are tight.
Baby boom entrepreneurs: You need succession plans
Many owners of small and medium sized businesses plan to leave their businesses within the next five years.
Businesses falling outside families
For generations, parents and children across the country have struggled to keep their businesses in the family.
Dealing with difficult relatives who are averse to change
If you find it difficult to engage in direct discussion with some of your relatives, try keeping them up to date through a regular business bulletin.
The role of a facilitator in family business
Facilitation can be used in many areas of your business development. Read more about the ABCs of facilitation.
Avoiding domestic and business overlap
It's important to get into good habits and firmly separate work and home.
Tom Bitove: Keeping it in the family
We understand very few families make it successfully to the next generation, and so we have been blessed.
A little book that could save a lot of grief
According to recent surveys, more than half of business owners in North America will be reaching retirement age in the next ten years. Fewer than half of them have developed a succession plan.
Fire the kids
When you acquire a subsidized business from your parents, the baggage that comes with it can ground a 747. Mom or Dad may expect a continuing say in the business.
Family businesses: Facing up to the facts
In his book, Every Family's Business, Thomas William Deans provides a road map for the orderly succession or sale of a family business.
Getting the next generation ready to run the family business
You've built a successful business and you hope to pass it on to the next generation. But you've seen succession fail, down the road and across town...
The Four Ds of a business exit strategy
The idea that your business will provide you with income after you are no longer there may not be a reality. You have to depend on yourself. Take the time to look at the four D’s of a business exit strategy.
Making a difference - survey by PWC
A global study compares family businesses in North America with their counterparts in Europe, Latin America and other emerging markets.
Changing of the guard at Salvatore's
Transferring ownership of a founder's business is like a parent giving a child up for adoption after having invested a lifetime of love and labor to raise it
The 7 key qualities of successful entrepreneurs
Being an entrepreneur is about more than just starting a business or two--it's about having attitude and the drive to succeed in business.
Help for handing over a family business
It's not something that most family-run businesses want to think about, but selecting an heir apparent can be even trickier than launching the company.
A transfer tsunami for family biz
Over the next 20 years, nearly $4.8 trillion of wealth is set to be transferred to the next generation of heirs.
Bridging the generation gap
Five strategies that will help every inter-generational family business make it through the critical years.
Effective succession and talent management planning will ensure a company's survival as well as enhance its value.
Strategic planning for family businesses
Most families see strategic planning as either a waste or too daunting.
Preserving your sibling connection
Siblings can have the most volatile and complex family relationships - and the issues become magnified in a business.
All in the family
Nothing succeeds like a succession plan that has been thoughtfully considered and carefully drafted.
A different leadership yardstick
Getting good leaders for your team isn't everything, it's the only thing.
Harness the power of an advisory board
No business is too small to benefit from an Advisory Board. It can be a powerful management tool for your small business.
Developing leadership and choosing successors
Teaching leadership within the family should begin early.
Anger and the accidental partnership
Many participants in the family business are forever steaming over the real or perceived unfairness they endure.
The third child
This third child was their term for their passion for creating something that would be a permanent part of their family
Saying no to retirement
Older entrepreneurs may discover that managing into their sixties and seventies is a bigger challenge than they expected.
Passing on the family business
Parents may willingly hand over the burden of management to the next generation, long before they give up the privilege of control.
Families torn over land's future
What will happen to the farm as aging farmers turn over their property to heirs or buyers in the next 10 to 15 years?
Succession and economic risks in canada
What is the current outlook for the future of SME's in Canada? The CFIB goes right to the source to find out.
Passing on the crown
More family firms are facing up to their biggest problem: avoiding a crisis as the business passes from one generation to the next.
In business, trust will set you free
While trust is usually expected -- and even assumed -- in most family relationships, it's also frequently broken or lost.
Early succession planning is vital
The SuccessCare® Program helps one family business transition.
Solving the tough problems
Many conflicts arise because the older generation is risk-averse and doesn't want to take chances with the wealth they've created.
Planning for succession
In an industry dotted with family-owned businesses, principals are famously hesitant about this crucial issue.
Family business no guarantee of success
Nearly 70 percent of family-owned businesses fail to reach the second generation and 90 percent do not reach the third generation.
Inside an empire
Can the Phelans put history behind them and bring peace to their clan?
Molson, Coors Scions slated for new board
The next generation of two of North America's oldest beer dynasties joined the board of directors of a merged Molson Coors Brewing Co.
Keeping business all in the family
Successfully continuing a family business into the second or third generation and beyond means a lot more than having children and grandchildren interested in joining and running the business.
Family bickering can waste a fortune
The issues of communications, lack of trust and betrayal are again and again the reason for the high failure rate of families around the world.
The entitlement virus
The entitlement virus; a contagious disorder that quickly spreads to the other family members.
Perception is reality and facts are negotiable
It was March 1994 and the Penmaen family were getting together for dinner. Sophie Penmaen had a secret. It was even more important to her now that she persuade Thom to retire from running the printing firm that he had founded and operated for over a quarter-century.
Printing giant to stay a family affair
Rémi Marcoux, isn't about to let the printing and publishing giant -- one of Quebec Inc.'s much-touted jewels -- fall into non-family hands.
The importance of the family unit
The success and continuity of the family business is dependent upon having a strong family in addition to a strong business.
How to avoid selling up to your rivals
When an entrepreneur wants to leave his company, are there better solutions than just selling out?
Managing Conflict Creatively in Family Business
Families and businesses that have developed effective ways of managing conflict are those most likely to survive and thrive.
Sales Follies: Don't Ride A Dead Horse
The tribal wisdom of the Dakota Indians, passed on from one generation to the next, says that when you discover you are riding a dead horse, the best strategy is to dismount.
Sobey Family Business Flourishes
Unlike any number of family businesses that have unravelled by their third or fourth generation, the Sobeys' empire continues to flourish.
Treating Children Fairly and Equitably
The biggest hurdle family business owners must jump is the mindset of treating children equally.
Families taking care of business better than others, study finds
Family companies perform better than non-family businesses, says a new U.S. study of firms in the Standard & Poor's 500-stock index. Article published by the Globe and Mail March 11, 2003.
Proud Waves Break
A look at two individuals who struggled with their omnipotence - to the point where it greatly affected their families and the succession of their businesses. These stories emphasize the importance of coming to terms with one's mortality and learning to trust enough to hand over the control of the business.
Fierce Feud Threatens Strong Family Venture
History repeats itself in the Maritz family business. By Jeff Bailey, Staff Reporter of The Wall Street Journal.
Preventing Family Feuds
Engage professional help - prevent family feuds!
Protect Your Assets - Manage Your Fears
Inaction is the easy way out - but it's not good for business!
What to Look for in a Family Business Consultant
Make sure you choose an advisor who has the training, experience, values and personal qualities necessary to fulfill the role.
Built to Last
Few family businesses survive beyond the first generation. Here's what you can learn from one of the select few who have made it over the long haul.
Rogers succession no family affair
It's likely professional management -- and not a Rogers family member -- that will take the helm of Rogers Communications Inc. when founder Ted Rogers steps down.
Plan Ahead to Beat Retirement Blues
As retirement approaches, we take serious stock of our lives and ultimately realize there are things that are more important to us than work and money. By Barbara Moses
Choices for the Future - An Integrated Succession Plan
Take steps now to ensure you can choose the future direction of your business.
Are You an Entrepreneur or a Business Owner?
Is there a difference? Do you see a difference?
The Business Chain
What goes around, comes around!
Internet and a Tough Market Topple Sam the Record Man
Sam the Record Man, a fixture on Yonge Street since 1961 and once Canada's top music retailer, filed for bankruptcy yesterday, a victim of competition and a weak economy.
Creating an Exit Strategy. An adaptation of Grant Robinson's article for CA Magazine, April 1999.
A delightful family business story with a serious message for entrepreneurs....
Novel approach to Teaching
'Great Expectations' by Grant Robinson is not only a great read but also an excellent case study for those who need to deal with succession planning, business valuation and organizational development.
The Story of Geese