The topic of succession planning may not be one you want to pull out of Pandora's box just yet. I understand. However, the fallout of not addressing this topic early enough can be quite devastating. Since we don't know what the next year - much less the next three years…
Whether you are the owner of a family business or a key member of leadership, choosing your successor is one of the most important decisions you will ever make for the future of the business. The right person can help your business continue to thrive and grow, while the wrong…
If your family runs a business that you’ve been actively involved in, you may find yourself being considered for the top leadership role as the current leader moves closer to retirement. As this possibility draws closer, you are undoubtedly asking yourself several questions. “Am I the best person to take…
Written by Centennial's Executive Vice President, Becky Scheeler. Your family business is growing and with that growth comes the need to hire someone to fill a key leadership role. Up to this point, family members have filled the senior leadership roles. However, no one in the family is qualified or…
When it is time to address succession in a family business, there are many considerations that need careful attention. Most family business owners will naturally look to the next generation for the successor. This hand-off is not a decision that should be assumed by either generation. For the sake of…
When family members are your coworkers, business can get complicated. This is especially true if you plan to pass your business on to family members after you retire. If you're running a family business, making a succession plan for the future is a must. Family business succession is a plan…
Family businesses are a crucial part of the global economy, accounting for over 80% of the world’s businesses and employing millions of people. In recent years, there has been growth in the number of women taking over and running family businesses. Women bring a unique set of skills and perspectives…
Many family businesses are owned, managed, and operated by members of the same family. While this form of business ownership can offer many benefits to the owners, it can also bring unique challenges. This is where a board of directors and/or advisors can come in handy. Let’s explore the benefits…
Succession planning is a big part of running a family business. It is important to have an effective plan in place for when the current top leader steps down, so that the company can continue to run smoothly and successfully. However, succession planning is not just about managing the business—it…
