Why Is taking care of #1 Important?

Let’s cover the obvious – once you let go of the reins of your business, it belongs to someone else. Even if that “someone else” is your own child, they are now free to make decisions with what is now their business that may directly conflict with your hopes or wishes.

In a family business, the idea of having a board of directors might seem like overkill, or an expense you can’t afford. Most companies don’t bother to get one until they pass $50 million in revenue–which can be a big mistake, with a heavy price tag.

To be fair, it doesn’t seem like the most important thing when you’re in startup mode…

Well, if you’re reading this blog, you’ve probably heard…We just finished one of the ugliest and most emotionally-charged elections of my lifetime.

President Abraham Lincoln described our country as a fortress. It would never be destroyed from outside, but only from within. I fear the “fortress” built for us is at risk…

Family business owners face unique challenges…and they also tackle those that affect all businesses. Sometimes, they can kill two birds with one stone – especially when it comes to creating a transition plan.

When I discuss transition with clients, I always like to point out the obvious – 100 percent of us will transition, whether we want to or not. All of us get old, decline, get sick, or have some other issue in the twilight years of life. But it doesn’t have to be that severe. A change in the direction of your family business can leave you miles behind in the dust…