Exit Planning

 
Over the last few months, I have shared blogs about the 5Ds of Life – five life events that can derail your business – and cited real-life examples. The importance of preparing for these events in advance cannot be understated.
 
Here are the cliff notes:

 
Disagreements. We all have them.
 
Some small and insignificant.
Others as WIDE and DEEP as the Grand Canyon.
 
When disagreements happen in a family business, they can have devastating life-long effects on the family, the business and the employees.
 
Operating a generational family business can... Read the Full Story

In January, I was working at my home office when I received a phone call from an unrecognized number. I don’t typically answer numbers that I don’t know, but saw it was from my hometown and it was a business number. So, like any true elder millennial who doesn’t enjoy answering random phone calls, I googled the number without answering.
 
UPMC Hospital.... Read the Full Story

Why did I leave a comfortable position in higher education to help family businesses grow, thrive, and create legacies? Here’s a little look behind the curtain.

... Read the Full Story

Distress on a business.
 
While the internal impact of distress is both financial and emotional, the source of distress is most often caused by external factors ­– coming out of nowhere and out of our control, making it the hardest of the 5Ds to prepare for.
 
A very real and current example of this is the COVID-19 pandemic. It was... Read the Full Story

As I was working on this blog, a timely piece of wisdom from Seth Godin hit my inbox. Seth writes:

“We talk about risk like it’s a bad thing. But all forward motion involves risk.”

He is spot on.

There was risk starting the business.

Risk with each new hire.
Risk growing a geographical market.
Risk with the newest product... Read the Full Story

This is one of the biggest problems in family business governance, where parents are trying to be fair to the children, and they think being fair means being equal.

In family business, fair does NOT mean equal.  This well-intentioned misconception generally causes all sorts of problems and disharmony. It is the very thing the parents were trying to... Read the Full Story

How do you get your family business to ‘run well’?

... Read the Full Story
Strategic-Planning-for-family-businesses-in-2020
The New Year always brings with it anticipation of new starts, new habits and new learning. So for this first blog of 2020, we thought we would share some events, tools and news of our own.
 
New Compass Point Web Site!
Just before Christmas, we launched our new Compass Point web site to better serve family businesses. Take a... Read the Full Story

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