Succession Planning – How to Begin the Conversation

Building a family business is a major accomplishment, and takes an enormous amount of vision, passion, and determination. Maintaining and protecting your business for the future is a critical component to the business’ long-term success. What we are talking about here is succession planning – the process of identifying and…

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Your Business is Changing – What About Your Leadership?

Successful business leaders know you have to constantly ensure you are optimizing the performance of your leadership team. You need to have the right team in place and the right players in the right positions. In family businesses, the designation of the “leadership team” is often not as cut and…

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The Importance of Having a Financial Model

The success of your family business is directly related to how informed you are about your company’s financial performance. Having a solid internal system, a financial model, in place for summarizing expenses and earnings allows a business to determine the impact of future events and business decisions. While it’s often…

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Doing a Mid-Year Business Review – As Important This Year as Ever!

No one will argue that 2020 has been an experience like none other! Amid these tumultuous times, most businesses are still working to do the best they can, adjust as they need to, and simply keep going. We’ve all been in survival mode. BUT, this isn’t a reason to skip…

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Implementing a Board of Directors in a Family Business

Having some kind of governing or advisory board for your family business can be extremely useful. A great board of directors provides a unique group of individuals who are focused on what your family business needs to be successful. A board will guide you through risk assessment and major decisions,…

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