Family Business Planning

Family Business Planning-25
Have frank and confidential conversations with your top people about their career paths.Consider hiring a coach (or have them join an executive group like Vistage) to help develop their skills (I am a member myself).By continuing to use this site, you consent to the use of cookies.

Have frank and confidential conversations with your top people about their career paths.Consider hiring a coach (or have them join an executive group like Vistage) to help develop their skills (I am a member myself).By continuing to use this site, you consent to the use of cookies.

Tags: Robert Frank Essay On InfluenceEditing Checklist For Persuasive EssaysHow To Set Up A Wedding Planning BusinessIntroduction To Creative WritingWriting Grad EssaysFisheries Business Plan

We use cookies to make interactions with our website easy and meaningful, to better understand the use of our services, and to tailor advertising.

For further information, including about cookie settings, please read our Cookie Policy .

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.

If they worked hard, they were trained and tutored.

When they slacked off they got chewed out, just like me, or they got canned.When their kids began working, they started at the bottom of the heap, waiting the bakery counter, stocking shelves, bagging groceries, etc.In working at their uncles’ stores, each of the next generation got to choose whether they would apply themselves, simply work for some cash, or screw off.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.Only about a third of family businesses make it to the second generation, and even fewer (about 12 percent) make it to a third.According to Union Bank, only 44 percent of families who transition a business have a written plan.The company was owned by several brothers, was a couple of decades old and had been holding its own, and expanding, in the face of pressure from the big national chains.As a family business, it was not surprising that many of the brothers’ family (wives, kids, and siblings) worked there.

SHOW COMMENTS

Comments Family Business Planning

The Latest from homologation.ru ©