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…

Before going to work in the family business, work for someone else first

We have all heard how important it is to gain some outside experience working in another company before joining the family business.

But how do we do actually accomplish this?

The key is to take advantage of this opportunity before you get too involved in your own family business.  Some people prefer to work in the family business a few years and then go work outside, while others do it right from the start. Waiting too long will risk that you will get so involved in your family business that you won’t be able to break away from your responsibility or you will feel a diminished return from the experience. More…