Transfer Daily Management & Remain in Control
Successful family businesses have the power to provide for many lifestyles. Owner(s) and their families, key leaders and their families, employees, and the community it serves. Many owners have the vision to transfer out of daily operations and want the business to remain under family ownership. There are many strategies [...]
Is a Temporary Successor Right For You?
The value of the business is directly related to the reliability of future profits. Potential buyers, banks, investors, top talent, and strategic relationships all care about the sustainability of business performance. A temporary, or as we call it, a "Contingent Successor," provides a business owner and their family a strategy [...]
Family Successors Too Young or Unqualified?
Lack of a qualified family member successor is a common reason family business owners decide their only option is to sell their business; otherwise, they would rather keep it as a family asset. However, for owners looking to transition out of daily operations or "bridge" the leadership gap if something [...]
Balancing Seasonal and Political Uncertainties in the Energy Business
Seasonality, inflation, politics, people, and technology are a few headwinds impacting fuel dealers, wholesalers, and service contractors in the energy space. We are often asked, "How can we create predictable revenues in an industry influenced by so many outside "threats?" In this episode, Doug Woosnam, a Consultant with Cetane Associates, [...]
Next Gen: Empire Builders Vs. Caretakers
Successfully integrating family into the business, whether as an employee, manager, or one-day successor, requires having a plan. Next-Gen business owners may need to invest their entire net-worth back into the business to compete with the larger consolidators. This means being less a caretaker of the business as generations past, [...]
Didn’t Want to Screw It Up
Successfully integrating family into business leadership while balancing family dynamics is full of complexities. As Joe Chastang shares, many private and family business owners screw it up. Thanksgiving and Christmas come around every year, and the business provides for 100+ employees.Mis-matched expectations, communication differences, and management styles can create challenging moments [...]