- Up to Family Ink Articles
- “Professionalizing” the Family Business
- A Business Owner’s Key Mistake – Failure to Organize & Plan
- A Development Plan for the Future Generation
- Banking Has Changed: Make The Changes, Your Banker, Work For You
- Benchmarking: Building a “World Class” Operation
- Choosing a Retirement Plan that Meets Employer/Employee Needs
- Enhance Your Business By Creating A Positive Culture
- Estate Planning: Hindsight and Foresight
- For Family Businesses, No Easy Answers…Only Options
- Inadequate Estate/Financial Planning Blamed for Family Business Failures
- Limited Liability Company: The Growing Entity Of Choice
- Relief in Estate and Gift Taxes?
- Risks and Rewards of Non-Family CEOs
- Second Generation Entrepreneurs in Family Business Face New Challenges
- Study Yields Fresh Insights Regarding Family Businesses
- Successful Transition May Be Your Single Most Important Key to Immortality
- Why Compensation for Family Members Should be at Market Value
- Key to Managing Crises is Practice
- Family Wealth Planning: Getting to the Heart of the Matter
- How to Leave a Millennial Your Business
A Development Plan for the Future Generation
1. Draw an organization chart
2. Ask yourself: Where are you now?
3. Where would you like to be?
4. Is there a lack of clarity? Why?
5. List your 2-5-10 year goals.
6. Identify the roles and responsibilities related to each set of goals.
7. What do you need to learn…. in terms of knowledge? Skills?
8. Outline the best way to acquire the necessary skills, either in or outside the family business?
9. Advise the family of your intentions and obtain their support.
10. Find out who will monitor your progress.