If you are involved in a family business, I strongly suggest you read this article

By Rich Bond

If you are involved in a family business, I strongly suggest you read this article:

https://www.nytimes.com/2023/03/25/business/family-business-retirement-succession-millennials.html?searchResultPosition=1 .

I was staggered to learn that there are 32 million privately owned family businesses in the U.S., employing 60% of the work force.

The article has several examples about successful succession plans.  But my experience was quite different.

After two years running my family’s business, I was FIRED. This happened even though I had more than doubled the company’s sales and profits.

My father, brother, and I simply couldn’t work together. Our thought processes were far too different.

But my leaving the family’s business turned out to be good for each of us:

  • The business was sold back to the franchisor for a great price.
  • My father got to retire.
  • My brother had the resources he needed to fund the tech company he had started.
  • And I went into business for myself as a recruiter.

Since then, I’ve seen many ways a succession plan can be made even better by hiring a strong CFO or Controller. Such a professional can put financial systems and processes in place that will make the company easier and more fun to run, while providing a good living for the new owners, and maximizing the value of the business in the case of a sale.

Message me on LinkedIn or text me. I’d love to chat about your succession plan and how it can be made even stronger. 203-216-0618. https://www.linkedin.com/in/richardrbond/

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