Historically, professional advisors primarily focused on business-related matters, often overlooking the unique challenges and intricacies associated with managing a family-owned business. However, there is a noticeable shift toward seeking advice on non-business, yet equally important, aspects of family business.
Author Ken McCracken explores economist and philosopher Adam Smith's thinking on self-interest and sympathy and how to apply it to succession planning.
Join a conversation with Rich Ryffel, Professor of Finance Practice at Washington University's Olin Business School and Josh Baron, Co-founder BanyanGlobal, Visiting Lecturer, and Author of “Harvard Business Review: Family Business Handbook”, as they unpack key differentiators surrounding family business leadership and ownership versus that of publicly-traded companies.
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.