Continuity/Succession,General Overview Programs
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.
- 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!!!)
Those who choose to implement any or all of our recommendations, odds of growing the business and achieving success long-term will increase dramatically.
Individual active family members will be challenged to capacity.
The family will be drawn closer and more supportive of each other.
The chances of an individual cutting themselves off from their family will have been reduced significantly.
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