Jeff FaulknerAll Articles
If Next Gen Is Not Interested In The Business, What Are My Options?
It’s a tricky road to navigate when you family decides they do not want to be in the business. However, you have options to ensure the legacy of what you have built continues and to financially protect your family in the process. It starts with identifying what kind of involvement you wish to continue to have as the business carries on, and the type of exit you desire. Simply, what kind of business control do you want to maintain when you decide it is time to move on to something else? Watch the short video [...]
As Seen in Multi-Unit Franchisee Report – Conflict Is Inevitable, Here’s How To Navigate It
Conflict is a given in life. No two people agree on every angle of every subject. In emotionally bonded relationships like family and or business partnerships, differences of opinion carry more weight and often leads to conflict. There are some underlying reasons for these responses to our differences, which is probably subject matter for another article. But here I wish to deal with how to navigate conflict rather than how to prevent it or minimize it. Avoidance of conflict is not the answer. The reason this isn’t the answer is because the issues don’t get resolved, only swept under [...]
As Seen in Multi-Unit Franchisee Report – Effective Communication In The Family Business During A Crisis Like Covid-19
Combining family and business is challenging and can be frustrating when things are going well, but when a crisis like Covid-19 hits...pressure builds and emotions can blow sky high. You can't run a business like a family, and you can't run a family like a business. During difficult times family members need each others' support the most. In family relationships it's easy to assume that other family members know your needs, your feelings, your opinions, and how to accurately interpret the 93% of your non-verbal communication. On the flip side, getting good at listening requires a lot of effort. [...]
Developing An Exit Strategy… Or Not
Years ago I read the following in an article on succession planning in a magazine called Financial Planning: “Sitting on charitable boards is activity, but it is not necessarily work. Not all post-succession activities need to be aimed at generating a concrete result. But for many business-leading clients, results are all that matter. Having spent a lifetime in energetic pursuit of results, few business leaders will ever eagerly enter an existence that involves no productive labor. That’s why planning for a long-lived business requires planning for the leader to have some meaningful work to do after leaving the firm.” [...]
Under Pressure – Strategies to Navigate Emotional Eruptions in the Family Business
Family and business are challenging and can be frustrating when things are going well and “normal,” but when a crisis hits…pressure builds, and emotions can blow sky high. On the daily, it takes work from all parties involved to manage emotions. With the current pandemic we have greater uncertainty and anxiety about our physical and financial health. As a result, it is easy to feel out of control, feel panic, and beat up on the ones you love, creating conflict and frustration. You can’t run a business like a family, and you can’t run a family like a business. [...]
How to Deal With The Unknowns
We are faced with unknowns all the time. A business partner can't make it to the big meeting because of a family issue, the big deal didn't go thru, or the COVID-19 Pandemic hits and threatens our business and our daily lives. Jeff Faulkner, a Partner with The Rawls Group-Business Succession Planners, provides insight on how to overcome the distractions created by the unknowns. We are here to support the business community. If you have questions on how to overcome obstacles impacting the health and sustainability of your business, please reach out to us. [...]
