Don’t you hate a smart ass who answers a question with a question? Nevertheless; chew on this hopeful exception. Irrespective of your growth mode, don’t you believe the continuation of your success is important? Of course you do! When you have pulled the trigger to grow, you: Become more vulnerable to market swings, manufacturer issues, [...]
Dr. Merlot: My family creates a lot of problems in the business. How do I manage both relationships successfully?
Let’s first set the foundation for this answer. I pity you if you have problems; issues that you are unwilling to address. That means there are lumps under your carpet large enough to scare your cat. That means you are tip-toeing around the room like a timid ferry trying to let the smelly sleeping dogs [...]
I am far from a fortune teller, but I can share that history proves that this too shall pass. We need to be vigilant, patient, and at the same time, motivated to keep things moving forward as much as we can. More Resources
Many will say that as soon as the curve flattens out, we will be moving forward. However, we must prepare for some lingering affects which can still impact us in the long-term. It will not be business as usual for a while, but we have to do what we can to lean on our advisors [...]
Knowing a crisis can hit anytime and as we have seen with COVID-19, very unexpectedly, the best prescription to keep from being here again is to ensure you have a solid strategic and succession plan in place. The strategic planning process can help you define goals which may include crisis prevention/communication, where as your succession [...]
My family/partnership is so dysfunctional, even if I create a succession plan I doubt anyone will follow it, so what’s the point?
Creating a succession plan that will be followed through with is a team effort involving you, your family and any other business partners. Engage your family in this process and develop an "our," rather than a "my," succession plan. To do this you need to show your family/partners the fundamental respect of asking what they [...]
My family creates a lot of problems in the business. How do I manage both relationships successfully?
If you want your family business to survive for the long haul, it is vital to work on your family issues. The simple reason some families seem to navigate tumultuous waters with relative ease is they diligently engage with each other. Connectivity is the key for smooth sailing, no matter what happens. Families who spend [...]
If your family and managers seem to be at odds with each other, the first step to improving harmony is to evaluate family member perks, accountability and allowances in the business. For example: Do they get to come in late Extra vacation time Higher pay for less responsibility Promotions that aren’t deserved While you may [...]
Succession correlates to a relay race: There must be a commitment to preparation The runner must place and release The relay runner must aggressively take the baton with a commitment to win. When you have no available family successor willing to run with the baton, it can be passed off to your key managers who [...]
This is a great problem to have! This is a huge decision, so we recommend that it is not hastily made. When you have more than one capable successor, especially if they are family members, one of the best things to do is establish a well thought out curriculum for each candidate which clearly lays [...]