Back to Back Issues Page
UFB Issue #011 Family Succession Plan
January 16, 2003

"The key to family business success"


A free monthly e-zine with articles and tips from Family Business Experts who understand family values and business systems.



January 16, 2003 Issue #011 Family Succession Plan

http://www.family-business-experts.com

http://www.familybusinessexperts.com



Please feel free to forward this newsletter to friends, colleagues, clients...

If you have received this from a subscriber and wish to subscribe yourself... please visit:

Subscribe to our newsletter.



This publication may be freely redistributed if copied in its entirety.


In This Issue...

1. Our Managing Director Announces -

2. Business first family...Family first business

Pruning the family business tree

3. Best Practices

Family succession plan first

4. Around the Family Business Experts web sites



SPONSOR MESSAGE #1

Are you an affiliate for ANY program? Then your best programs better be listed along with the secret to affiliate success at Affiliate Showcase.


SPONSOR MESSAGE #1



1. Our Managing Director Announces -

I hope this finds you well rested and eager for an exciting new year.

In our "family business" section, we look at another frequent issue... family businesses getting too large to support the family or remain as viable businesses. There are things you can do to prevent this.

"Best practices" looks at a related issue - the need to do the family succession planning BEFORE the business succession planning. Read why this is critical.

And the "site roundup" details many changes that have happened to the sites over the past month.



Whether to contribute, challenge (or hopefully even praise) our newsletter, I encourage you to contact me directly Don, or our editor David.

Enjoy, and here's wishing you, your family, your clients... much success!

Don Schwerzler, Managing Director
Family Business Experts


SPONSOR MESSAGE #2

Looking for USABLE e-commerce marketing advice? Cutting edge sales techniques? Or are you looking for the very best information on the Net about building a successful affiliate business? Here are a few words from one major e-commerce authority...
Click here


SPONSOR MESSAGE #2



2. Business first family...Family first business:

Pruning the family business tree

For many family businesses, the families grow faster than the business. Their business is like a pie that is being cut into smaller and smaller pieces. This can end up with more family members in the business than what the business can afford to employ. Often this creates a situation where none of the family members are making a decent living; or where, because of a lack of re-investment (machinery, trucks, computers, etc) in the business, the business loses its competitive advantage in the market place

To avoid this problem, we recommend that family businesses develop hiring strategies for family members so that only those family members who acquire a skill or expertise that the business needs are invited to join the business.

A related issue is posed in the question "What can non-employee family members contribute to the family business?"

Family Foundations and setting up ancillary businesses are two excellent ways to involve family members who need not be employees of the family business.

See our full article at

http://www.familybusinessexperts.com.



SPONSOR MESSAGE #3

What other management systems does your organization need? The Wizard's "160 Key Business Questions" has a TON of useful ideas.

Wizards 160 Key Questions

SPONSOR MESSAGE #3



3. Best Practices

Family Succession Plan First

The family succession plan process must recognize and accommodate the needs, goals and objectives of each family member. The family's goals and objectives then become the basic building blocks for the development of the business' succession plan.

The family succession plan

  • should include strategies to put the business interests ahead of the family interests
  • should emphasize merit over family position.

We show you two handy tools to evaluate whether you are a BUSINESS-first family, a FAMILY-first business, or a family business heading for trouble...

... show you why business valuation and contingency planning are two critical areas in family succession planning and suggest ways to handle them...

... and provide three articles on family succession planning that help you recognize obstacles, provide tactical hints and suggest three ways to ease the succession transition.

Check it all out at our family succession section.



4. Around the Family Business Experts web sites

Search the entire content site in two different ways

1. A search engine powered by ATOMZ has indexed all the pages on the site and will link you to those relating to any search term you enter.

2. A 'Table of contents' listing that will link you directly to any page / article you select. Visit often, and bookmark the search page in your browser so that you can get directly to the site. http://www.family-business-experts.com/start.html Site Table of Contents


Background information, testimonials to our service and understanding, and answers FAQ's [Frequently Asked Questions]. Family Business Experts

Family succession plan first heads up our family succession planning section

Risk management section has been revised and is a topic that should be reviewed at least annually

And there are several new articles accessible from this page on the left side navigation bar



And remember about our convenient new online billing with 100% satisfaction guaranteed! Another step in our process of starting online business. Secure online payment

Copyright © 2000-2003. Family Business Institute, Inc.,
2110 Powers Ferry Road, Ste. 249, Atlanta GA 30039
Voice 770.952.4085 Fax 770.432.6660
Email: Familybizexperts@aol.com
http://www.family-business-experts.com

Back to Back Issues Page