The term “succession planning” most commonly describes a company’s planning for its future. The issues typically discussed revolve around who will take over the company’s ownership and management upon the retirement of the current owners or partners. These are critical planning elements for any company but succession planning must also address the unexpected events that... View Article
Our guest blogger this month is Lauren Owen, family business consultant and founder of Lauren Owen LLC. She will be co-presenting our seminar “Managing Family Business Relationships” on May 19. Learn more. ——————————— The dynamics of a family business can sometimes cause what we call the “elephant in the room syndrome: unspoken topics that no... View Article
Businesses are developed and grown through their relationships with people – people as owners, managers, customers, and vendors. These people relationships, though critical for success, also create substantial risk for the business because people are emotional and often unpredictable. Most businesses protect against this risk through contracts. Why do they work? Contracts allow a company... View Article