Transition
So many of the most important changes that you face are long term in nature, so it is best to look at them not as a “one shot deal”, but rather as a transition.
So many of the most important changes that you face are long term in nature, so it is best to look at them not as a “one shot deal”, but rather as a transition.
If you are trying to figure out who would be the best person to take over a particular responsibility, you do not typically wake up one morning and just fire one person and replace them with another.
In a family business, there are often other considerations that you must keep in mind as well, since many key positions may be held, now or in the future, by family members.
Furthermore, in addition to transitions that concern the running of the business, you will also likely need to look at how the ownership of the company will transition from one generation of owners to the next.
When you enlist the help of an independent outsider, you benefit from their ability to facilitate the discussions that lead to successful transitions. This trusted advisor will help you with the entire process, from planning and discussion, to sharing the decisions and implementing the results.
Some people work their butt off for their whole life trying to build a business for their family. They often dream about how great it will be for the family to work together with a common purpose. But the dream doesn’t always work out the way they imagined, because it is a LOT more complex than they ever imagined.
It isn’t usually the business part that trips them up, more often it is the family part. The roadblocks usually show up when it comes time to truly transition the business to the next generation, and this is where Steve comes in. He specializes in helping families turn their dream into a workable plan, using a step-by-step method to get everyone on the same page.
Once the family has completed his Business Family Continuity BluePrint, all family members will see the family’s goals, and they will understand their roles. Steve then helps them all figure out how they can move forward, working together.
Steve is a proud FEA Designate (IFEA) and holds ACBFA and ACFWA certifications (FFI), in addition to having an MBA (UWO-Ivey) He is also a CFA charterholder (CFA Institute), and the author of Shift your Family Business (Friesen Press, 2014)