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Your Family Business Won’t Survive If You Don’t Plan for the Leadership Transition

When advising family business owners, one of the biggest challenges I see clients grapple with is the transition from being "power players" who dominate every aspect of the company, to "people builders" who cultivate the next generation.

Sourced through Scoop.it from: www.entrepreneur.com

On-target article emphasizes planning. EGS is a master with planning and we can get started with your custom strategy now. Courtesy consultation right up front.

Accounting Management Solutions – Five Tips for Creating Your Family Business Succession Plan

Family businesses are the backbone of the American economy,  accounting for 50 percent of the US gross domestic product. They are also responsible for 60 percent of the nation’s employment and 78 percent of new jobs created. With so much at stake, it is troubling to read the results of a CNBC Poll that found that only 20 percent of family-owned business owners had any succession plan in place to ensure a smooth management transition.

Sourced through Scoop.it from: amsolutions.net

Keen insight here. What’s Next for your family business? Contact EGS for a custom evaluation beginning with a courtesy consultation.

Exit strategies for your family business

After many years of hard work and most likely plenty of sacrifices, many family business owners look to reap the rewards of their efforts over the years. While many will be ready to move on to the next phase of their life, there are a myriad of issues that will need to be considered first in relation to their business:

Sourced through Scoop.it from: kpmgsa.smh.re

KPMG delivers a good exit checklist for family business owners. Need a guide and coach? EGS is ready.

Inside-out Succession Planning – Part 1

What motivates a successful plan? Only about one in three first-generation family-owned businesses successfully transfer to the children. A quarter of those businesses fail to transition to a third generation. Why such dismal results?

In my experience, it’s because the founder did not adequately plan for succession. The succession program was not anchored by a clear “inside out” reason.

 

Sourced through Scoop.it from: www.hublerfamilybusiness.com

Is your exit strategy actually a succession plan to keep the business in the family? Here’s Part 1 of a series that provides ample food for thought. And, EGS can help you convert thought to action beginning with a courtesy consultation.