The premier resource for family business executives featuring the latest family business news and research articles from the leading universities and business publications.
The best time for selling your family business was yesterday
Family business owners have a difficult enough time letting go of leadership, let alone selling their business. It’s even more complicated when the owner is also the founder.
Our family was interested in acquiring another family business. The business was in a similar industry and was even located in our same town. We knew the owner well and had a good relationship that made it comfortable to approach him about buying his business.
There’s nothing better than running a successful business and growing rapidly. Riding the wave of success, you can do nothing wrong. Or can you?
Keeping your skill set up to speed in a fast growing business can be challenging. Founders who have homegrown skills are especially at risk. Fast growth brings founders into unchartered territory causing them to learn trial by fire. Many mistakes can be made, which won’t necessarily cripple the business
When we start out in our family businesses, we know all the answers and seldom seek advice.
We keep strategy in our heads and rarely see a need to share it with others. Family members are managing their own areas of responsibility with little overlap between them. We’re able to operate pretty effectively within our silos.
But then “growth” happens.