Succession Planning Problems arise because all matters pertaining to the business get mixed up in the overlapping areas. Individuals play multiple roles but mix them inappropriately or lack awareness of how to separate the issues. It is in these overlap areas that confusion reigns. It is crucial to clearly identify where issues stem from and [&hellip
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Quote by Edward S. Rosenfeld: Management Versus Ownership Edward S. Rosenfeld, a family business consultant in New York City, says that an increasingly common issue in succession plans these days is working out the differences between the management and ownership of family businesses as they make a transition. As successive generations produce more family members [&hellip
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Title: Planning for Successful Transitions and Growth Location: Blank & Rome LLP The Chrysler Building 405 Lexington Avenue New York, NY Link out: http://www.itac.org/Events/TransitionGrowth/index.html Description: A Symposium for Closely-Held Manufacturers Topics and Workshops: >Maximize the value of your business. >Select and develop the people you need to lead your business >Manage change so conflict is [&hellip
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Problems arise because all matters pertaining to the business get mixed up in the overlapping areas. Individuals play multiple roles but mix them inappropriately or lack awareness of how to separate the issues. It is in these overlap areas that confusion reigns. It is crucial to clearly identify where issues stem from and then move [&hellip
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This article in Inc. Magazine has an excellent Succession Planning case study. http://www.inc.com/guides/2010/05/teaching-kids-to-take-over-family-business_pagen_2.html
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Entrepreneur Profile: IFR Furniture Rentals by Dan Lee on November 30, 2010 Thanks to Dan of Axial Markets for posting this profile on his blog. It goes to the heart of my concern for the successful transition planning for the family business. https://www.axialmarket.com/blog/2010/11/entrepreneur-profile-ifr-furniture-rentals
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It is a great summary of Family Business best and worst practices written from a very experienced and savvy attorney’s perspective.
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Succession Planning Problems arise because all matters pertaining to the business get mixed up in the overlapping areas. Individuals play multiple roles but mix them inappropriately or lack awareness of how to separate the issues. It is in these overlap areas that confusion reigns. It is crucial to clearly identify where issues stem from and [&hellip
Read More…