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Casual Articles - Succession Planning for Family Businesses
Revenue is vanity, profit is reality and cash is certainty. In medical analogy, revenue is the food, profit is the water and cash is the oxygen. You cannot pay rent with profit, you can only pay your rent with hard cash. Cash talks, the rest walks.Just as a critically ill person needs to be administered with fresh oxygen, an ailing company’s immediate lifeline is cash, cash and more cash. Fresh fund injections will provide the
Though essential, business succession planning—and the estate planning of which it is also a part--is often delayed by any number of other priorities. The
Step 2: Early diagnosisA sick person down with flu may manifest early symptoms of cough, runny nose, fever and body aches. Likewise, there are usually ample warning signs for a company. Prescription without diagnosis is malpractice, and thus carrying out corporate restructuring without knowing the ailments is disastrous. The key is early diagnosis as it increases the chances of curing most diseases.Principle 7: An annual health
When relatives go into in business together, their individual aims, goals and life visions can impede otherwise sound business planning and decision-making. Absent sound advance business planning, for example, managing day-to-day operations can create problems among some owners. For others, attrition rates among non-family member employees is difficult, while for still others too much success too soon can cause problems if some owners are reluctant to reinvest profits back into the business.
Prudent business owners and professional practitioners wouldn’t open their doors without insuring against the risks of fire, theft or liability. Yet, the death, disability or retirement of a business owner or key employee can put the business at even greater risk. With careful preparation, however, businesses that are so hard to build will continue when the owner or key employee is no longer able to continue working.
Though essential, business succession planning—and the estate planning of which it is also a part--is often delayed by any number of other priorities. The
Perhaps no other major industry is better suited to factoring than the building and construction industry. For many years, the peaks and valleys of construction seasons and cycles have troubled subcontractors and general contractors alike. Now factoring offers a cost effective and simple solution that can benefit both the contractor and the factoring company. Many factoring companies have even gone for far as to specialize in factoring for
Prudent business owners and professional practitioners wouldn’t open their doors without insuring against the risks of fire, theft or liability. Yet, the death, disability or retirement of a business owner or key employee can put the business at even greater risk. With careful preparation, however, businesses that are so hard to build will continue when the owner or key employee is no longer able to continue working.
Though essential, business succession planning—and the estate planning of which it is also a part--is often delayed by any number of other priorities. The
A redundancy support group is for colleagues who have been made redundant from an organisation at roughly the same time, although there is some fluidity in that some people may join and others leave over the lifespan of the group.Many of the difficulties people face having been made redundant are practical and emotional. Peer support helps individuals to overcome both. The practical, in terms of supporting each other through the
Prudent business owners and professional practitioners wouldn’t open their doors without insuring against the risks of fire, theft or liability. Yet, the death, disability or retirement of a business owner or key employee can put the business at even greater risk. With careful preparation, however, businesses that are so hard to build will continue when the owner or key employee is no longer able to continue working.
Though essential, business succession planning—and the estate planning of which it is also a part--is often delayed by any number of other priorities. The
Step Three: Keep It Simple – Progress In Bite-Size Chunks How NOT To Eat An Elephant: DO NOT start this if you really don’t want to and are not hungry. Don’t do it on your own with no tools to help. Don’t try to do it all at once and DON’T start with the tusks. Really.Here’s how: wait until you are absolutely famished and there are no other food sources. Find other folks who have eaten elephants before and ask them how they did i
Though essential, business succession planning—and the estate planning of which it is also a part--is often delayed by any number of other priorities. The
The trucking industry is growing by leaps and bounds. It is a well-known fact that the industry will grow consistently for the next decade. Basically, trucking companies are delivering truck loads of freight every day and are growing quickly and profitably. They are an engine that is driving the economy.This is all good news for trucking companies, at least for those that can deal with the challenges of paying for repairs, fuel and mee
Though essential, business succession planning—and the estate planning of which it is also a part--is often delayed by any number of other priorities. The trouble is, as with the purchase of personal life insurance, lack of effective succession plans can doom a business.
Business succession issues are complex and emotional for all involved, especially, as is often the case, when conflicts exist among family members. Not surprisingly, when relatives work closely together, emotions and greed often interfere with business decisions, and each succeeding generation will have its own ideas about taking the company forward -- if indeed, it wants to keep the business operational at all. In the end, however, few things are more satisfying for family owned business owners than knowing they have workable succession plan!
Another increasingly prevalent factor for family businesses is the number of daughters and granddaughters taking over these firms. By 2004, according to a study conducted by MassMutual Financial Group and the Raymond Institute American Family Business Survey, woman-owned family businesses had jumped by 37% in the last five years. What’s more, while successful
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