Management Succession Planning for Family Businesses

Decades of statistics illustrate that most successful businesses ultimately fail.
In fact only 35% of successful family businesses (and virtually all small businesses are family owned) survive through the second generation, and of those only 20% survive through the third.
The reasons are typically straightforward and the excuses have been the same, from my personal experience, for [...]

It doesn’t matter that you’re making good time, if you are heading in the wrong direction. To become and remain successful in business and in life you must make the decisions that will keep you moving toward your goals. Any actions that do not take you directly toward your objectives – take you toward destruction [...]

Management succession planning is more important today than ever before. Global competition is fierce and succession planning mistakes a successful business could absorb only a few years ago can absorb the business completely – hardly leaving a wet spot.
Not only is competition an issue of great contention – the business landscape in general has changed [...]

According to The Practical Lawyer, 90% of all businesses in the United States are family businesses. These are businesses owned or controlled by members of the same family.
Family owned businesses are very important to the US economy, creating 60% of total US employment, 78% of all new jobs, and 75% of wages paid. Over the [...]

Succession planning is all about making managing people much more effective, creating spaces for whoever you are, with people management responsibilities, to focus on your job, not theirs. Through empowering them, you generate enthusiasm and engagement. Everyone thrives, especially your business or organization your business.
By cranking up others development to meet your business needs, big [...]

As Penn State professor William Rothwell ominously points out in the forward to Exit Right: A Guided Tour of Succession Planning for Families in Business Together, more than 40% of the people who run the closely held operations that comprise 80% of the North American economy will retire by 2010.
It makes me wonder, what is [...]