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1 Strategy
2024 Family Business Survey Findings: Expansion Into New Markets is a Highly-Ranked Strategy
In the dynamic landscape of family and privately-owned businesses, the pursuit of growth and expansion into new markets emerges as a pivotal strategy poised to shape their trajectory of success. Recent surveys have unveiled a resounding consensus among family business leaders: the imperative to explore untapped territories ranks among the top priorities for strategic evolution.
As we delve into the intricacies of market expansion, it becomes imperative to unravel the methodologies, stakeholders, and considerations that underpin this strategic endeavor.
2 Success
Understanding What Success Means in Family Firms
Written by Chris Casey, CS, PhD, Co-Founder/Executive Director of the Independent Steel Alliance (ISA)
Originally published on FFI Practitioner, November 13, 2018
The article, “Understanding What Success Means in Family Firms,” originally published on FFI Practitioner, describes how the author defines and measures success in family firms. Chris Casey also explains why he feels gap analysis can be a useful tool for family firm advisors.
3 Brand
Here's Why Family Businesses Need Branding
Written by Kimberly Eddleston, Schulze Distinguished Professor of Entrepreneurship
Originally published on FamilyBusiness.org, November 7, 2023; updated on November 15, 2023
The article, “Here’s Why Family Businesses Need Branding,” written by Kimberly Eddleston, Schulze Distinguished Professor of Entrepreneurship, D'Amore-McKim School of Business Northeastern University, and originally published on FamilyBusiness.org, shares that the brand of a family business is more than a logo and marketing elements, but instead it’s the organization’s reputation. The author also outlines important considerations when building an aspirational brand for the future.
1 Succession Planning
When Your Need for Control Negatively Impacts Your Succession Dreams
Originally published on www.orangekiwillc.com, April 8, 2022
The article, “When Your Need for Control Negatively Impacts Your Succession Dreams,” by Orange Kiwi, LLC, and originally published on www.orangekiwillc.com, provides critical insights to help owners pivot their leadership approach to achieve a successful business succession. The author shares five threats owners must overcome to eventually transfer management and governance of their family business.
2 Family Education
My Father's Wisdom
Originally published on www.marksanborn.com, February 5, 2024.
Written by Mark Sanborn, Pres. of Sanborn & Associates, Inc., international bestselling author, award-winning leadership speaker, and guest speaker on our webinar titled, “The Fred Factor–Turning Ordinary Leaders into Extraordinary Leaders.”
The article, “My Father’s Wisdom,” by Mark Sanborn, and originally published on marksanborn.com, gives a personal account of how the author’s father not only provided good advice verbally to him as a child but also supported that advice through his actions. The author shares four specific lessons he learned from his father’s wisdom.
3 Leadership
Going from Zero to Hero
Originally published on www.marksanborn.com, May 23, 2022.
Written by Mark Sanborn, Pres. of Sanborn & Associates, Inc., international bestselling author, award-winning leadership speaker, and guest speaker on our webinar titled, “The Fred Factor–Turning Ordinary Leaders into Extraordinary Leaders.”
The article, “Going From Zero To Hero,” by Mark Sanborn, and originally published on marksanborn.com, explains how great leaders want heroes on their teams, not zeroes. It also outlines a specific action plan for “heroes” within an organization as well as the recipe on how to avoid becoming a “zero.”
1 Selling the Business
Is It Time to Sell the Family Business?
By Carol Hannigan and Omar Romman
Originally published on Family Business Magazine, November 27, 2023; BanyanGlobal The decision to sell a business can be difficult, especially when it’s a family business. How does a family business leader determine when it’s time to sell the family business and how can he or she best ensure a successful sale?
2 Transition Planning
Are Cold Feet Really the Issue? Why There Is a Better Way to Measure Owner Readiness
Originally published on www.orangekiwillc.com, March 29, 2023
The article, “Are Cold Feet Really the Issue? Why There Is a Better Way to Measure Owner Readiness,” by Orange Kiwi, LLC, and originally published on www.orangekiwillc.com, describes the “cold feet” phenomenon of business owners when preparing to sell or transition their business. The author shares a valuable tool, established by Orange Kiwi, that measures critical variables that are indicators of success.
3 Succession
Successor Training: Take it Slow
By Chris Yount
Originally published on Family Business Magazine, January 26, 2024.
Your vision and legacy are too important to be left up to chance.
The article, “Successor Training: Take it Slow,” by Chris Yount, and originally published on Family Business Magazine, discusses the process of slowly transitioning successors into the family business. The author also outlines three courses of action to take if you deem an heir is not up to the task of leading the organization.
Family Business Management Solutions
Achieving long-term success as a family business demands the right tools. Let First Bank’s tailored family business solutions help your organization achieve success now and for generations to come.
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