Exiting: In a Family Way
by Barbara Manzi
In 1991, when I was laying the foundation for the company that would become my metals distributorship, Manzi Metals, Inc., I was making my routine cold calls when I reached a buyer for a local company that gathered raw materials used in computer circuit boards.
The buyer just happened to be my son Louis’ supervisor, and he confided that he was planning to groom Louis to become an assistant buyer, having found him to be a diligent and intelligent worker. At that moment, a light bulb went off in my head: “Bingo!” I thought.
I was looking for a sales person myself – to learn the metals business – and who better than my son? Louis was 22 at the time, just out of a four-year stint in the Navy, newly married, and chafing under the restraints of a salary that didn’t go far enough to support the needs of a young family. More…
Will you be a Survivor
by Diane Denslow
Studies indicate that only one third of family businesses make it from the first to the second generation yet a majority of family business owners intend for their businesses to continue. What happens? Most businesses are sold to non-family members due to a lack of planning. The following are key areas to address if the family business is to remain viable and in existence for future generations.
Plan for a transition of leadership. A family business owner should begin this planning for transition a minimum of ten years prior to the time they plan to leave the business. Family members that will be taking over the management of the business must be prepared for their respective roles. This means giving them increasing areas of responsibility and the opportunities to develop the required skills so they are ready to take the reins when the appropriate time comes. More…