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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 https://www.family-business-experts.com http://www.familybusinessexperts.com
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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 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...
SPONSOR MESSAGE #2 2. Business first family...Family first business:
Pruning the family business treeFor 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.
SPONSOR MESSAGE #3 3. Best Practices Family Succession Plan FirstThe 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
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 ways1. 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. https://www.family-business-experts.com/start.html Site Table of Contents
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.
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