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.
Only 10% of the world’s top family businesses are led by women, but the numbers are rising.
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?
In partnership with MacKenzie Corporation, First Bank’s Center for Family-Owned Businesses surveyed 552 respondents for its “2023 Family Business Survey”.
To help businesses ensure a seamless transition of leadership, here are some key considerations we’ve learned from our own experience.