by webmaster | Aug 22, 2021 | Portfolio Magazine
Last week I received a call from “Juan” who told me his attorney had found the perfect buyer for his business. Juan had always said that selling the business would be his last resort. Juan is 78 and his wife would like him to retire. Juan took over his Dad’s business...
by webmaster | Aug 22, 2021 | Portfolio Magazine
When should the family business begin planning for succession? How can the entrepreneur know when the right time is to turn over the reins of leadership? How can he tell if his children possess the competencies they will need to continue the organization’s success?...
by webmaster | Aug 22, 2021 | Portfolio Magazine
Entrepreneurs age. As then move into their last few decades of life they, if smart, must find a way to face one of their most difficult challenges and tasks – Succession. Whether the successors come from within the family (which the patriarch usually most wants) or an...
by webmaster | Aug 21, 2021 | Portfolio Magazine
Great Family Businesses are made, not born. Although 1st generation entrepreneurs always know this fact, second and subsequent generations often do not. As we all know, family businesses, like individuals and families can easily become ill or fall into dis-repair....
by webmaster | Aug 21, 2021 | Portfolio Magazine
As has been well publicized the success rate of effective succession from the first to second generation in family businesses is about 33%. There are many reasons for this including poor planning, inability of the older generation to let-go, changing market...
by webmaster | Aug 21, 2021 | Portfolio Magazine
In a previous article we discussed how in the “Perez” family had never discussed the patriarch’s Estate Plan, how the business was left to his wife and four children which eventually ended up in a legal battle for control of the business. Four years after the...
