A recent national study was conducted by MacKenzie and Next Gen Collaborative to understand how family businesses are viewed today. The findings revealed key perception gaps that could be affecting brand reputations, workforce attraction, and overall competitiveness.
The author discusses how running a business and a family unit with an eye toward diversification is the best way to ensure a family’s legacy and, ultimately, the enjoyment of the fruits of the family’s labor for generations to come.
When developing a succession plan for your business, you must make many decisions. Should you sell? Should you structure your plan to go into effect during your lifetime or at your death? Should you transfer your ownership interest?
In order to survive and thrive across generations, family businesses must not only identify those individuals who express interest in leading the firm, but also better understand how to successfully prepare the next generation of leadership.
As a multi-generational, family-owned business, we’ve gained first-hand knowledge and experience in addressing the unique challenges family businesses encounter as well as recognizing the importance of stability, progression, and long-term perspective.
To help businesses ensure a seamless transition of leadership, here are some key considerations we’ve learned from our own experience.
The First Bank Center for Family-Owned Businesses held a webinar on January 17th about culture with Dr. Allie Taylor and Donna Brighton. Allie and Donna led a conversation to put together the culture conversations from our October and November webinars, and to increase understanding of how to harness the strength of the family system to build an organizational culture that accelerates business results.