Succession Planning Obstacles in Family-owned Businesses

Written by Don A. Schwerzler and David Jones


Continued from page 1

Isrepparttar chosen successor ready and able to runrepparttar 105250 business? If so, how can that be proven? The spousal relationship must be considered. Mom's idea of retirement may not include "sailing a boat aroundrepparttar 105251 world". In other words, even thoughrepparttar 105252 wife may not have had a visible role inrepparttar 105253 planning orrepparttar 105254 running ofrepparttar 105255 business, she must be included inrepparttar 105256 planning forrepparttar 105257 transition to retirement ifrepparttar 105258 process is to be successful. Although it is not frequently discussed, Dad's reservations about his fiduciary responsibility to long term, non family employees should be addressed. Who will look after them when Dad is no longer inrepparttar 105259 business? Dad's friends continue to work in their businesses or jobs Fear of death Reluctance to give uprepparttar 105260 power and sense of control Jealousy / rivalry toward successor Lack of coaching skills - tendency to focus on immediate problems that can be solved rather than "future" problems

Family

spouse's role in business reluctance to discussrepparttar 105261 future beyond their parents' life fairness versus favoritism fear death of parent(s)

Employees

personal relationship withrepparttar 105262 founder differentiating amongst key managers reluctance to establish formal controls fear of change

Outsiders - Customers, Suppliers

clients or suppliers depend onrepparttar 105263 founder clients or suppliers do not trust or have confidence inrepparttar 105264 potential successor(s)

Deal withrepparttar 105265 obstacles we have outlined here and you will have significantly improved your chances for a successful succession.



Don A. Schwersler and David Jones are Partners at the Family Business Institute - a special resource for family-owned and closely held businesses (http://www.family-business-experts.com).


Are You a Corporate Doughnut or a 5 AM Doughnut?

Written by Susan Dunn, MA Clinical Psychology, The EQ Coach


Continued from page 1

Corporate doughnuts are hiding behindrepparttar corporate label. I can be a relief, because it’s predictable; we’re more likely to be bored than shocked. But when we walk away we will have tasted a corporate doughnut, something we could find anywhere. If you’re a 5 AM doughnut, you’re an original, made from scratch. We know right away we aren’t talking to a formula product. We hang on every word, because we haven't heard from you're saying before -- it's got new spice and flavoring to it. We hear a real person coming out, with original thoughts, unique perceptions, and a personal point of view. We hearrepparttar 105248 authenticity of someone who has created themselves and their own live. We know what you sell, and what time you open, so to speak.

A 5 AM doughnut is an authentic original, which will bring some urprises and we sure as heck won’t be completing your sentencesfor you.

And when we walk away, we’ll know we never met you before, and never will again.

What a gift!

©Susan Dunn, MA Clinical Psychology, The EQ Coach, http://www.susandunn.cc. Emotional intelligence coaching to turn corporate doughnuts into 5 AM doughnuts. For individuals and executives. For free ezine, ailto:sdunn@susandunn.cc.


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