Most family businesses don’t fail because of market forces—they fail because of family business succession planning challenges no one wants to address. Assumptions, entitlement, avoidance, sibling dynamics, and power struggles quietly sabotage even the most successful companies when it’s time to think about the future. If you’ve ever thought, “I’ll deal [...]
If you’re researching how to prepare your family business for the future, chances are you’ve come across the term “family business succession planning.” But what is family business succession planning really, and why is it so important? Quick Summary A family business succession plan is about more than [...]
Running a family business is already tough, but throw in managing your grandchildren, and you’re in for a wild ride. Fortunately, Loyd Rawls, one of the leading experts in family business succession planning, is here to help you dodge the disaster zone. With over 50 years of experience—and a quirky alter ego called "Dr. [...]
Hiring in-laws into your family business can feel like juggling emotional hand grenades. After all, blending family and business is already tricky—and adding in-laws into the mix can feel like you're playing with fire. But don't worry, Loyd Rawls, one of the leading experts in family business succession planning, is here to help you [...]
Difficult conversations are a part of any business, but in family-run auto dealerships, the overlap between personal and professional lives can intensify these discussions. Often, topics such as addiction, illness, or bereavement arise, and avoiding them may lead to festering misunderstandings, resentment, and even harm the business's success. Mastering these conversations is vital not [...]
For many entrepreneurs and multi-unit franchisees, the aspiration to establish a business extends beyond personal success—it's about crafting a legacy with loved ones. This dream often manifests as siblings coming together to develop a thriving franchise. Yet, transitioning from shared childhood memories to successful business collaborations presents unique challenges. How, then, can siblings overcome [...]
As winter's chill sets in and festive lights twinkle, the holiday season adds warmth and cheer to families worldwide. Yet, family-run multi-unit franchisee businesses also bring professional stress into personal relationships. Imagine a scene straight out of a Hallmark movie—a classic family gathering with laughter, the scent of holiday cooking, and nostalgic memories. But [...]
Running a family multi-unit franchise business can be incredibly rewarding but challenging, especially during family gatherings. When family members work together in a high-stress environment, conflicts can arise from differences in opinions, generational gaps, role ambiguity, or even personal issues that spill over into the workplace. However, conflicts need not be detrimental, especially during [...]
Navigating Family Dynamics in Car Dealership Succession Planning 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 [...]
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 [...]
