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.
This article, “Building Your Legacy,” written by Joshua Nacht and originally published in Family Business Magazine, discusses the process in which multi-generational family businesses develop a sustainable legacy.
Finding, grooming, and retaining top talent to grow a family-owned business is critical to its long-term success. First Bank’s Chief Executive Officer Shelley Seifert is retiring at the end of the year and Mikel Williamson, an experienced banking executive and First Bank president, will be promoted to CEO. This important transition is bringing executive leadership transitions front and center for First Bank.
In this article, “The Truth About Family Business Succession,” written by Dr. Allie Taylor and originally published by Orange Kiwi, LLC, you will discover 10 things owners wish they knew about succession years before they started. Dr. Taylor discusses some of the challenges in succession planning and how to address them
A buy-sell agreement is a legally binding contract in which the owners of a business set forth the terms and conditions of a future sale or buy back of a departing owner's share of the business. Specifically, buy-sells control when owners can sell their interests, who can buy an owner's interest, and at what price.
Author Ken McCracken explores economist and philosopher Adam Smith's thinking on self-interest and sympathy and how to apply it to succession planning.
When developing a succession plan for your business, you must make many decisions. Should you sell? Should you structure your plan to go into effect during your lifetime or at your death? Should you transfer your ownership interest?