Family businesses are on the threshold of a historic transition. As of a 2007 study, the median age of top executives in family businesses was 50 years old and 40% of them expected to retire by 2017. Baby Boomer owners are relinquishing the reins of their companies.
So you would expect businesses everywhere to have succession plans in place or to be deep into the planning process. Yet, (more…)
Miles Davis’ cantankerous personality is legendary. That is why I was pleasantly surprised to hear what his drummer, Jimmy Cobb, had to say about Miles’ leadership style. Mr. Cobb, the only surviving member of the sextet that created the groundbreaking Kind of Blue, was interviewed about the making of this album on BBC’s Witness. Here are some of the lessons from Mile’s leadership style that I gleaned from this interview. (more…)
You have insurance to protect your business in case of fire, theft, and accident. So, why would you leave the future of your business to chance? That is what you are doing if you do not have an up-to-date Succession Plan. I have too often talked to business owners who are ready to cash out but cannot because they do not have anyone prepared to takeover or could not get the price they were expecting for their business. This article shows how a well thought out Succession Plan addresses these issues and much more.
Employee Retention: According to a PricewaterhouseCooper study, voluntary turnover is on the rise and even higher for (more…)
Family businesses deserve to be pleased with their accomplishments. After all, according to an article in Bloomberg Businessweek family-owned businesses are responsible for 60% of all employment in the U.S., 78% of all new employment and add 50% to the national gross domestic product. The SBA points out that 90% of all businesses in the U.S. are family-owned. Family businesses are the foundation of our country’s economy.
The question is: How solid is the foundation of each, individual family business? (more…)