If approximately 70 percent of all businesses are family businesses, and two out of three don’t survive to the next generation, what can you do to make sure your business will survive and thrive?
Today’s episode comes clean with much-needed info on nitty-gritty issues, such as entitlement, letting employees (even family members) go when they just aren’t working out, compensation, including:
Your kids in the business (when to bring them in, help them move up, and prep them to take over),
Selecting the next leader
Deciding whether to keep the business or sell it
Exit strategies for outgoing leaders
Establishing an effective board
Transitioning to the next generation.
We can apply the many ideas and tips in this engaging guide to address any business situation, family or otherwise.
We welcome Henry Hutcheson, the author of ‘Dirty Little Secrets of Family Business: Ensuring Success from One Generation to the Next’.
More about Henry here