“For many parents, it is easier to talk to their children about sex than money. And there are few touchier subjects for wealthy families than the topic of inheritance. “
Exit strategy has usually only included the options of selling the business or succession to the next generation. How one family business facing the exit strategy decision decided to use a third rarely considered alternative.
We have all heard how important it is to gain outside experience working in another company, before joining our family business. But how do we do it?
The key is to take advantage of this opportunity before you get too involved in your own family business. Some people like to work in the family business a few years and then go work outside, while others do it right from the start. Waiting too long will risk that you will get so involved in your family business that you won’t be able to break away from your responsibility or you will feel a diminished return from the experience.
and are still talking to each other.
Research continues to highlight qualities that contribute to family business resilience. Many non-family entities are starting to mimic key behaviours such as frugality in good times and bad, judiciousness in capital expenditure and carrying little debt. (More)