Why is it that so few family businesses make it into future generations? Lack of planning.
These are some random takeaways from our personal experience in putting together a strategic plan for our family business. It isn’t meant to be a comprehensive guide (this topic is well covered using other resources), but rather about the issues that a family business experiences when creating a strategic plan for the first time. More…
Learning to anticipate common family business issues can avert a future crisis
Usually we think of a founder’s health, or worse, death, when we think of contingency planning in a family business crisis. But reading the recent news there are other situations that can affect us almost as much.
FERGUSON, MISSOURI “IT’S A WAR ZONE OUT THERE”
How would your business continue to operate if there was civil unrest in your town. It doesn’t even need to be your location that is affected but a major market where your customers are.
DEMOULA’S MARKET BASKET FAMILY FEUD: COMPANY BOYCOTT
What happens when the conflict between two sides of a family escalates to the point of a work stoppage and customer boycott. In the Demoula’s case the employees and customers supported a boycott of the company when the board changed family management.
How Would Your Family Business Cope in a Crisis?
The above examples are extreme and not likely to happen in your family business. More likely your issues will involve the health of the founder, family conflict or a financial event.
The key is to identify, anticipate, and contingency plan for family business crises in advance. More…