))
Why Family Businesses Don’t Make It Past the Founding Generation...And How you Avoid That.
Fetch error
Hmmm there seems to be a problem fetching this series right now.
Last successful fetch was on April 16, 2023 09:15 (
What now? This series will be checked again in the next day. If you believe it should be working, please verify the publisher's feed link below is valid and includes actual episode links. You can contact support to request the feed be immediately fetched.
Manage episode 315474891 series 2982426
Content provided by Small Business Virtual Roundtables. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Small Business Virtual Roundtables or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
Do you know that two out of three family businesses fail to make it past the second generation? Worse yet, six out of seven don’t make it past the third generation.
Surveys show 75% do not have a written succession plan and only 54% have chosen a successor. And only 42% have written business plans or hold regular board meetings - and that’s probably an overestimate!
In this episode, our hosts, Lonnie Sciambi and Stan Simkins, also known, respectively, as “The Entrepreneur’s Yoda” and “The Family Biz Doc” will talk about family business and what it takes to continue a successful family past the early generations..
They’ll talk about how business succession planning often creates more problems than it solves because of the emotions not just generated by the business issues, but by interpersonal family issues.
They’ll also talk about “fairness” regarding compensation and equity for siblings in the business that can be clouded by historical family issues and intra-family competition within and between generations.
Family business is fraught with emotion and the dynamic duo of Stan Simkins and Lonnie Sciambi will touch on that emotion with this new session with your personal tour guides to business freedom. And, as always, they’ll regale you with war stories, that both carry a solid message, lesson or may bring a chuckle or two.
Find more resources and learn more about their monthly, 90-minute VIRTUAL roundtables at SBVirtualRoundtables.com
And feel free to shoot us an email at info@sbvirtualroundtables.com with any feedback, questions, recommendations, or ideas for future topics of conversation.
Connect With Lonnie Sciambi
Website: www.thevalueforce.com
LinkedIn: www.linkedin.com/in/lonniesciambisprofile
Twitter: www.twitter.com/yodacanhelp
Connect with Stan Simkins
Website: www.CapitalFamilyBusiness.com
30 episodes
Share
