Save Money in this Sunday's paper

The fact is that many family businesses are not designed to pass on to the next generation.

Witnessing philanthropic giving by a parent can have a very positive impact on one’s attitude toward money.

There is very little quantifiable research data available on family businesses. Interestingly, there is some new research available, and it was generated by a researcher based in Charlotte.

Follow these strategies to keep your family business successful through the generations.

There are many business owners who simply will not allow their children to enter the business – they would just prefer to avoid the potential issues that can arise with working with family members, figuring out if they are a good fit, and managing the transition.

After you have given your child every chance to succeed in the business, you owe it to them, the family, and the employees to let them go.

One of the most difficult family business issues to deal with is the poor performance of a family member. The causes can be many, solutions are few, and failure to address it can create not only an underperforming organization, but potentially fracture the family.

You may be considering selling the family business. What should you do now to get ready?

Here are some basic tenets to consider if you’re lining up a succession plan with your kids in mind to take over the family business.

Henry Hutcheson
Henry Hutcheson is a nationally recognized family business speaker, author and consultant in Raleigh. He can be reached at Familybusinesscarolina.com.