Congratulations on deciding to purchase a new home! The spring season is often a busy time for homebuyers. Inventory is typically higher during this time, meaning buyers have more options.
Core values are what drive our daily decisions. From how we interact with others to the causes we support, everyone is motivated differently. This can also be the case for businesses.
If small businesses are credited as the engine of the U.S. economy, family-owned businesses generate the power. According to the U.S. Census Bureau, approximately 90 percent of American businesses are family-owned or controlled.
Growth is critical for businesses that want to gain traction and become a dominant business in their industry. For family-owned businesses focused on longevity and multi-generational leadership, recognizing the warning signs and handling them appropriately can help ensure healthy growth in the future.
For family businesses, legacy can mean the succession of business and family assets from one generation to the next. In fact, Merriam-Webster defines “legacy” as: a gift by will, especially of money or other personal property, and/or something transmitted by or received from an ancestor or predecessor or from the past.
Making decisions for any business can be cumbersome, but in particular for family businesses. Because the family is woven into the business, some decisions can hold more weight. Here are four tips to help you balance the business with family business decision making.
Engaging the next generation in the family business requires more than communicating with them about the business. It requires learning and understanding what is needed in order to bring value to the company.