| Is Your Company an Asset or an Heirloom?
The current owners of family businesses eventually have to make a decision about the future ownership of the company.
- Will the business stay in the family?
- If it does, who is the heir apparent to lead it and do they have the skills, attitudes, and competencies to be successful?
- What do I do about other family members involved in the business?
- If there are no family members, do I sell to an outside buyer?
- Is an ESOP a possibility?
- Do I just shut it down and walk away?
There are no easy answers here. For some, the business is a legacy to pass on. To others, the business is part of the owner's retirement plan. Regardless, the decisions always carry a compelling emotional component about letting go of something the owner may have spent years building. The business may even be in its second, third, or fourth generation of family ownership. But sooner or later, the owner must decide whether the business is an asset or an heirloom.
Read the full article.
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|The Need for Nurturance|
by guest contributor Kalli Matsuhashi of Executive Confidante
Mark left his programming job at an Atlanta software firm six years ago. He had worked on a number of projects for clients in the medical field, and began to develop his own ideas for a bundle of programs that would be of particular interest to manufacturers of medical devices. He saw the Twin Cities as a good base for his newly formed company, and moved his young family to Minnesota. His wife Cindi was excited about the move, and decided to take time off from her career in advertising to help Mark and their two children settle in to their new life here.
The early years were rocky, with frequent worries about financing, building the fledgling company's infrastructure, and hiring new people. Just as Mark would think that things had settled down, there was a need for more - more people, more funding, more marketing to support more growth. Mark was spending long days at the office, and when he was home, he wasn't truly present with Cindi and their two kids. Cindi complained, said she wanted more time with him. While Mark did want more time with his family, his job was a whirlwind of activity that was exciting and presented great opportunities for building personal wealth. His company was growing despite the hard economic times, and he took great pride in what he was achieving. When Cindi began talking about moving back to Atlanta, Mark was shocked. He knew she needed more from him, but he never thought his marriage was at risk.
What happens next??
|Read the full article.|
Kalli Matsuhashi is the owner of Executive Confidante (www.execconf.com), a company specializing in helping family businesses resolve conflicts. She can be reached at [email protected].
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