Family Business

What Happens When the Family Business Outgrows the Family?

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 skill sets are especially at risk. Fast growth brings leaders into unchartered territory causing them to learn through trial by fire. Many mistakes can be made, which won’t necessarily cripple the business, but can cause serious harm.

“we could be great owners, but we weren’t necessarily the best managers”
–Andrew Molson, Molson Coors Brewing Company

I really like this statement from Andrew Molson. It proves that the Molson Family recognized their limitations and accepted the idea that someone else could manage the business more effectively than the family. More…

The Interim CEO – A Place Marker for Postponing the Succession Plan

“you can pick your friends, but you can’t pick your family…”

As founder you have done all the right things to pass the business along to your children. You have prepared a succession plan, setup your estate plan, dealt with the ego issues of letting go of your responsibility and giving up control. You have even planned for retirement and life after the business.

Problem is, the children aren’t ready. All of this planning is wasted if your successors aren’t in position to take over. More…