Family Business in the Rear View Mirror
This program is based upon Mike Henning's 27 years of experience working with the most successful and long-lasting family businesses. It will provide a foundation of 8 truisms upon which the 10 principles of success will be structured. This program contains the most comprehensive information about business growth and succession planning ever assembled for a seminar, and will contain Mike's trademarked spontaneous humor, interaction and illustrations.
Truisms Discussed:
- Issues and concerns for generations one, two and three are different and predictable.
- Successful business owning families must understand and respect the challenge of sustaining a company over multiple generations.
- In successful families and businesses it comes down to communication, communication, communication.
- Generational transition of assets and family members demands a high level of commitment to a planning process.
- Successful families in business plan in advance for problems, pitfalls and concerns.
- A major part of the planning process involves identifying values that support policy making regarding future direction.
- Multiple generational company owners must have over-arching purpose for being active in their operations. (This purpose goes beyond money.)
- Family members respect, trust each other and have fun together.
Ten Principles of Success:
- Establishing an agreed upon common vision for both the family and the business.
- Organizing to effectively handle family and competitive needs.
- Planning to handle conflict that will arise between and within generations.
- Dealing with the separation of roles. (Parents, boss, owner, employee)
- Developing future managers and leaders.
- Making senior generation retirement an asset for all concerned.
- Attracting and retaining key non-family personnel.
- Perform business strategic planning for the future of the company.
- Set-up accountability processes with business and family governance boards.
- Transfer assets and control, update estate plans while minimizing taxes and being fair to all heirs.
- How to make time for consistent planning and implementation. (BONUS!!!)
Benefits:
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Those who choose to implement any or all of our recommendations, odds of growing the business and achieving success long-term will increase dramatically.
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Individual active family members will be challenged to capacity.
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The family will be drawn closer and more supportive of each other.
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The chances of an individual cutting themselves off from their family will have been reduced significantly.