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.
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.
Growth is critical for businesses that want to gain traction and become a dominant business in their industry. For family-owned businesses focused on longevity and multi-generational leadership, recognizing the warning signs and handling them appropriately can help ensure healthy growth in the future.
For family businesses, legacy can mean the succession of business and family assets from one generation to the next. In fact, Merriam-Webster defines “legacy” as: a gift by will, especially of money or other personal property, and/or something transmitted by or received from an ancestor or predecessor or from the past.
Business owners anticipate changes in the future with things like strategic planning, life insurance policies, estate and trust documents, and more. However, what happens when all of this is circumvented by life changing events with family members and key employees?
The First Bank Center for Family-Owned Businesses held a webinar on December 14, 2021, discussing the challenges that next generation business leaders face.
The First Bank Center for Family-Owned Businesses held a webinar on November 9, 2021 discussing the topic of succession planning.