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…
What are the biggest advantages to working for a family-owned business? Family-owned businesses are a vital part of the global economy, accounting for approximately 80% of all businesses worldwide. These businesses offer numerous advantages over other forms of business ownership, making them an attractive option for job seekers. In this…
Family businesses are a critical part of the global economy. Their impact has been an integral part of the global economy, providing a wide range of goods and services, creating jobs, and stimulating economic growth. They account for more than 80 percent of all businesses and generate over 50 percent…
What do you think of when you think of a family business? To some, the term family business may bring to mind a small hardware store, a moving service or a local restaurant. Oftentimes you’ll spot these family businesses by name alone. Names such as “Bowman Stove”, “Pete and Sons”,…
This article was originally published at familybusinessmagazine.com. In 2001, Mike Sipple, Jr. joined the family business, a boutique executive search firm, for the purpose of having a steady income to help avoid college debt. He studied landscape design and had his eyes set on using his creativity in that field.…
