Back to Back Issues Page |
UFB Issue #023 Succession Planning April 09, 2004 |
ISSN 15465640 A free monthly e-zine with articles and tips from Family Business Experts who understand family values and business systems.
April 9, 2004 Issue #023 Family Business Experts https://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:
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 Succession Planning Survey 3. Legacy through Leadership Understanding Environment Changes 4. Around the Family Business Experts web sites
SPONSOR MESSAGE #1 Site Build It! "Why build JUST a Web site... when you COULD build a Web BUSINESS?" Our SBI! Certified Webmaster can help. Click here
1. Our Managing Director Announces - The need for us to develop a succession planning survey was obvious. Only about 30% of family-owned businesses successfully transition to the second generation of family ownership! Less than 5% successfully transition to the third generation of family ownership. The reasons for such a severe failure rate are varied and complex. Unfortunately, for those that fail to make the transition, almost all of the problems associated with generational transition can be avoided. Study our survey, and for those of you who are family business owners, I personally invite you to take the survey... there is no cost, and I'll provide an analysis and suggestions. We begin our legacy in leadership series with Tip #1 Understanding Environmental Changes. One approach to family business consulting takes a hard stand that family and business must be separated for the business to be successful. We generally find that managing family and business problems is closer to the reality in family businesses. Nepotism is an issue right at the heart of family and business and our next issue will feature an exciting and revealing interview with Adam Bellow where he shares his insights into the New Nepotism as he wrote about it in "In Praise of Nepotism: A Natural History. I know you'll find it as informative and insightful as we did!
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
BizPlanBuilder [Jian] Helps you create your business plan quickly by organizing your thoughts into carefully scripted text. Great spread sheet templates for the financial projections. Includes resources and not just blanks to fill in.
SPONSOR MESSAGE #2 2. Business first family...Family first business: Our Succession Planning Survey Will Help You Win The Succession SweepstakesAs Don mentioned in his opening letter, the odds of successful succession for a family business are dismal - only 30% from first to second generation and 5% to third generation. We have developed a family succession planning tool that will help define the probabilities for the successful transition of ownership to the next generation of YOUR family. If you are a family business owner and are interested in seeing how you compare to others like yourself, take a few minutes and complete the short quiz. Your answers will be processed and then reviewed by Don Schwerzler, founder of the Family Business Institute. You simply review a number of questions relating to your family business, your personal life and arrangements, and your family itself, and mark those that apply to your situation. Hit the submit button, and your information will be e-mailed confidentially directly to Don Schwerzler. After your survey is processed, Don will review your results and e-mail his comments back to you. This confidential feedback has proven very helpful to other family business owners - it might provide the insights you need to beat the family business succession sweepstakes! Even if you aren't a family business owner, you'll find the survey helpful since it deals with the factors that affect family business succession. SPARDATA is an expert appraiser of privately-owned companies and professional practices. Since 1990 they have written over 25,000 business valuations. They specialize in firms with sales between $1 million and $40 million. Initial business valuations cost $5,000. Typical delivery time is 6-8 weeks but “rush” orders are completed in just 3 weeks (extra charge applies). 3. Legacy through Leadership
Leadership Practice Tip #1Understanding Environment Changes
|
Back to Back Issues Page |