If you're a car dealer, succession planning is an important topic. In this insightful video conversation moderated by Jason Stein, George Karolis from The Presidio Group and Champ Rawls share their insights on the tensions that can arise from integrating family into the business. Despite their significance, family dynamics and governance are often disregarded [...]
When you mix family and business, navigating through tough times can be a daunting task. Economic downturns and recessions can exacerbate pressure and lead to heightened emotions. All parties must put in extra effort to regulate their feelings and aim for constructive communication. Even in regular times, successful communication is not always easy, and [...]
A hornets’ nest or even a beehive from afar appears to buzz with activity. It’s quite interesting to watch nature in action, which ironically is very similar to families and working in a family business. There are roles each individual plays and a set of standard operating procedures that allow [...]
A successful family business can provide opportunities to all who are associated with the owners or viewed as family. History has proven, the odds of family business success through multiple generations dwindles with every ownership transition. However; where many family businesses have failed, there have also been many family businesses [...]
Understanding the Prevalence of Conflict Conflict is a prevalent challenge in business ownership. In recent times, we have seen the effects of conflict both on a global and local scale, with ongoing tensions in the Middle East, political instability in different countries, and disagreements between leaders. But conflict can also exist in our personal [...]
What do the Olsen twins, the Williams sisters, the Warner brothers, and the Wright brothers all have in common? They are all siblings able to succeed in creating a business together. Fundamentally, the success of any partnership, let alone a family business partnership, is ongoing work towards maintaining harmony inside the business relationship by [...]
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 [...]
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 [...]
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 [...]
