family business

“The Show Must Go On” – Family Business Succession Planning in a Crisis

There’s nothing like a crisis for creating a higher sense of urgency in succession planning

In January, a 7-year old girl was the miraculous lone survivor in a tragic plane crash that took the lives of both of her parents and her cousin. The parents were the owners of a second generation, 50-year old family business, Gutzler’s Furniture in Nashville, TN. 

The Chicago Tribune reported, “Employee Troy Dunbar said a steady stream of people “from all over” was stopping by to offer condolences. Dunbar said store employees are doing OK in the aftermath of the crash, saying “the show must go on.”

Read the whole story here.

If Tragedy Strikes – Are You Ready?

With the majority of family businesses not having succession plans in place, these stories are becoming more common.  If you don’t have a succession plan, you’re not alone.  Less than 30% of family businesses have prepared a formal succession plan.

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CASE STUDY: When Married Owners Strategies Differ

Tom wanted to grow the business rapidly with outside investors and Nancy preferred downsizing the business to retain majority ownership and control

The Thompson Companies is a specialty retailer of children toys. Tom and Nancy Thompson founded the business in 2002, together shortly after they were married. The business started out as a hobby, but rode the wave of a strong economy and flourished enough for both of them to leave their full-time careers and dedicate themselves to the new business. As the business grew, both were in agreement on most business issues.

The business came to a crossroad. More…