Bizeinstein

Succession in the family business.

Did you “grow up” in a family business?  Do you own and operate one?  If so,you are part of a business venture that historically has been has been the backbone of our economy and led to the creation of giant corporations.  As the owner and operator of a family business you continuously face many complex challenges such as competition from larger firms, government regulations,  hiring “top flight employees”, and management issues.  Among the most pressing family issues according to George Abbott of the National Family Business Council is management succession. 

Who will take over for the owner when he or she can no longer wants to function in the business?  As important as this issue is, it is one that most family businesses fail to address.

No one likes to face the possibility of retirement or death, or no longer having the capacity to operate the business.  But in order for the business to continue to thrive it is extremely important that a well-conceived succession plan be in place.  Even if the successor to the owner if obvious, a well prepared plan will create a favorable transition for family members, vendors, bankers, employees, spouses and friends. 

Does your family business have a well-prepared succession plan?

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You gotta be nuts!

Many of us have been ingrained with the thought that retirement is going to be this time of bliss when we can do what we want whenever we want.  We often view it as that period of our lives when we no longer want anything to do with “punching a clock”. We’ll travel, play golf, visit the kids and grandkids, complete long delayed projects, and visit friends. 

Once we have satisfied these desires, we may find ourselves bored and wanting to do something more.  Many may return to work and others may choose to start a business.  Some may view you as being nuts - especially if you want to start a business at “your age”.

I recently talked with two such individuals, and they are happy to be starting their business venture.  They feel they have the health, life and business experiences, wisdom and financing to launch a successful business venture. They look at it as a challenge not just an opportunity to make money, or “get out of the house.” 

Studies by AARP and Morgan Stanley, confirm that many individuals over 50 want to, and are, starting businesses. If you’re contemplating starting a business there are plenty of resources available to assist you. 

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