I believe the goal in life is to create something meaningful which will outlast us. To do so, the business needs a succession plan to ensure its continuation and to enable individual shareholders to achieve and live their passion and joy. Having lived and worked in family and non-family business over 26 years, following are some of the challenges I’ve seen or experienced between the business and shareholders:
- The connection between the two is so tenuous that only the required minimum amount of communication occurs.
- The roles of each side are so confused that fights disrupt the business and/or business discussions are the only discussions that happen around the family dinner table.
- The business is in “defense mode” to protect the assets from shareholder and/or family dynamics.
- Family members want to come into the business and decide not to because the emotional price is too high.
- The fear and mistrust within and between the two sides are very strong.
- One or both sides want to make the connection stronger but don’t know how to change it or where to start.
My job is to look at the connection from both sides to assess and define what is and is not working and why. Then I help create a definition of success, create a plan to achieve it, and identify resources to implement the plan for long term stability. With more than two decades of first-hand experience, I know and understand the unique complexities of private and family business and succession. I can help.
