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WHAT IS THE FUTURE OF YOUR FAMILY BUSINESS?

Posted by on in Strategic Leadership
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Many small businesses are family owned businesses. Suppose you started your business years ago and you have built a profitable business for you and your family. Your children are now working in the business. What will happen when you exit? Many parents do not have a plan in place for when they exit the business.

There are number of steps that should be taken to prepare. These include legal, financial, and preparing the next generation to take over if they want to work in the business. In the first two areas you should work with an attorney and financial planner who understands tax laws. This is particularly important if you have other children who will not be working in the business.

Now whether you seek succession of your business to your children or whether you seek to exit through sale you need to develop a strategic business plan. Your plan will need organizational vision, values, and mission.

If your business has no vision, then it has no future. How do you see your business five to ten years from now? What business are you really in? Who are your real customers? If you know the answer to these questions and you include it in your vision you have taken an essential first step. You should then be clear on your values. Core values are vitally important to customers and employees. Next, you should follow through with goals and action plan for achieving those goals.

Your business plan should be clear cut and convincing to an outside party. This could include banks and other strategic partners. Ask yourself how you would fare if you had to present your business plan to Shark Tank.

You also need to develop your children for leadership roles. You are mistaken if you think that they will grow into it or that they will work it out themselves when the time comes. Put a leadership development process in place now. This process should include on the job challenging assignments as well as formal development. Such process will help you and them to discover their strengths and weaknesses and develop their skills. It will also help in the mutual discovery of who fits into what role. Remember, you need one president and CEO. A pre-conceived notion of who that would be may lead to disappointment or failure if a leadership process is not developed beforehand.

businessuccess

Many people spend more time planning a two-week vacation than they do the future of their business. You spent your career building your business. Make sure that it carries on as you intended.

Are you ready for help in developing a strategic plan for your business?

Or

Are you a Westchester Business that qualifies for a special program for entrepreneurs?

Contact us to learn more

or call 914-953-4458.

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Guest Sunday, 20 January 2019

Testimonial


“When I started my company I thought that the world would beat a path to my door because of my technical skills.  I figured that once I got in front of someone it would be apparent that I’m a genius and they would hire me right away.  It didn’t work out that way and it didn’t take long to realize that I would need to learn to be a sales person.  I engaged Grant and we worked together for several months and I have to say that he really helped.  Before I worked with Grant I read books and attended seminars that all focused on specific sales techniques – what to do or say during a sales call and during the sales process.  All of them treat the sales call as the end all and be all – get the sale, hand it off, and get out.  This doesn’t help me since once I get a client I need to build the relationship and work with that person on a day-to-day basis.  With Grant’s approach I understand the sales process much better, I’m more goals oriented, I know how to measure my sales activity, and – most importantly – I feel more comfortable in my role as a sales person.  My approach to sales is now more aligned with the way I want to run my business and with my values as a person.

The study materials I received from Grant are very good. They require reading, listening, and writing so the information is reinforced.  Grant does not rely on the study materials, however.  Our weekly meetings were open to whatever I wished to discuss and I feel that Grant’s advice was very insightful.

Even though we haven’t worked together in a few months I still use the study materials and Grant still reaches out to me.” June 30, 2011

Antonio Ciampa, hired Grant as a Business Consultant in 2009, and hired Grant more than once


 

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