Success or Succession? On this weeks episode of the show I discuss the fact that often the definition of success for a family business is its ability to pass the legal ownership of the business between generations. This is obviously a fantastic part of a family business, if that is what everyone wants. But, what …
What is Professionalisation? I have to be honest and say that I am not a huge fan of the phrase “professionalising the family business”, for me it could suggest that there is an element of unprofessionalism. For me the term “professionalising” in the context of family business is more akin to the formalisation of processes …
What is Ownership? For me there are two types of ownership legal and emotional. You can own something emotionally without it being a legal owner of it and in my experience, this is very often the case with a family business. Businesses as a legal concept have been around for a while in terms of …
Family Business Consultant vs Business Consultant One of the questions I often get asked is what the difference is between what I do as a Family Business Consultant and what a business consultant would do? It can often be really difficult to know whether bringing in a business consultant is what you need or whether …
Family Business Consultant vs Business Consultant Read More »
Motivation versus Commitment Most of my New Year’s Resolutions have fallen by the wayside by the end of January, and yet I am, when sufficiently committed to be able to train for Marathons and Lands End to John O’Groats bike rides. I have often felt that it was motivation that was lacking with my New …
What is a Family Business Consultant and how can one help you? Have you ever wondered what a family business consultant is and what they actually do? Probably not, but in case you have I have written a blog about it. Most, if not all of you will employ professional advisers to help you with …
Want to discuss Succession Planning with your Parents? Have you tried to raise the subject of succession planning with your parents? How have they reacted? I am assuming from the fact you are reading this that it may not have had the result that you wanted. It may be that you have been met with …
How to get Mum and Dad to talk about succession planning in your family business Read More »
How to start Succession Planning In my last blog I looked at when to start your succession planning and the overwhelming conclusion (that I made) was that now was a pretty good time. There will be challenges, but the sooner you face them the sooner you will overcome them. “That’s all very well” I hear you proclaim, “but it’s …
Succession Planning in Family Business Succession Planning is one of the biggest challenges facing Family Businesses worldwide today. Over the past 40 years or so there have been some significant advances in how advice is given to families in business, and yet we still see statistics and studies that show that, in general, succession planning …
When should you start Succession Planning? I am often asked ‘When is the best time to start succession planning?’ and typically my answer is ‘ probably a long time ago’! More often than not the issue of succession planning is ignored and then only dealt with at a pain point such as the sudden death …
