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.
Charles Claver, Senior Vice President and Private Wealth Advisor, discusses structures and strategies to implement for passing your business to the next generation successfully.
Each generation brings different thoughts and skillsets to the proverbial table and, unfortunately, these don’t always align. Nearly every family has its fair share of issues that has caused rifts and ripples between family members. In some cases, these disputes can go on for months, or even years, over perceived hurts.
If small businesses are credited as the engine of the U.S. economy, family-owned businesses generate the power. According to the U.S. Census Bureau, approximately 90 percent of American businesses are family-owned or controlled.
A critical aspect of the longevity of a family business is selecting and preparing the next-generation leader.
Read how having an exit strategy in place before you decide to sell your business is as important as the plan to keep it running and profitable.
As generations before us, most family business owners have invested considerable time, energy, savings, hopes, and dreams into the longevity of their business.