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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The Importance of Strategic Planning in Family Businesses

As we all learned in business school, Strategic Planning is an important process in all organizations. Strategic Planning is particularly important in family businesses because it helps create business alignment with family, ownership and leadership around the future of the business. The process helps answer the most important questions in…

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What is the Best Way to Continue the Family Legacy?

Did you know that one of the best things that you can do for your family business is to spend time with your family talking about your business? I don’t mean around the dinner table at night. It’s more than that. Sometimes we can get so focused on building, sustaining,…

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