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