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Family Business 101 is our ongoing series to cover the creation, structure, planning and challenges unique to family businesses. Click below to start reading!
The DC Family Business Alliance is committed to providing family businesses with the information they need to succeed. On this page you will find ongoing articles, information, and helpful tips that will help with the management and growth of your business.
Assessing Family
Leadership – Determining Who is Ready, Willing, Able and Accepted to Lead
Succession Planning for any business is an incredibly
important yet commonly avoided process.The odds of avoidance are higher, however, in a family business.There seems to be an assumption that trust
and understanding are implicit in a family, that of course everyone has the
same goals in mind.The unavoidable
reality is that all business leaders
at some point yield to age, illness, loss of mental capacity and/or death.There are several potential reasons that less
than a third of all family businesses make it to the second generation, and a
lack of succession planning is surely one of them.
Preventing a Private
or Public Family Feud Before Succession Becomes Necessary
A Succession Plan, like a will, can turn a family from a
loving, supportive and cohesive unit into a house divided, causing family feuds
lasting for generations.A family
business can be a source of income, fame, pride and give a sense of belonging to
a family member, depending upon their place in it.It can also highlight and enlarge existing
problems within a family, such as a sibling rivalry.
