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  • +6

    Family Business: Escaping a Culture of Entitlement

    Family Business: Escaping a Culture of Entitlement
    One of the biggest challenges of a family business is the issue of entitlement. We have seen it many times. Junior is given the title of vice president without ever paying his dues. Members of the cousin generation (third generation) have only known the business as successful and expect it to continue and for the business to just be handed over ...
    Rated: +6
  • +2

    Family Business: Teaching Values to the Next Generation

    Family Business: Teaching Values to the Next Generation
    I recently interviewed a young man about growing up in a family business and he shared what he thought were the most important things he learned. I thought the contents were so valuable that I would share them on my blog. I hope you enjoy! I grew up in a family that owned and operated a bowling center that was around ...
    Rated: +2
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    ESOP (Employee Stock Ownership Plan): An Excellent Business Succession Strategy

    ESOP (Employee Stock Ownership Plan): An Excellent Business Succession Strategy
    Due to a lack of succession planning, many businesses dissolve when the founder retires, becomes disabled, or dies. Traditional succession plans include going public, selling to management, or selling to a strategic investor (i.e., one who believes that acquiring the target company will enhance the value of its own business). But going public is not realistic for most closely held or ...
  • +1

    Family Business – Managing in Tough Times

    Family Business – Managing in Tough Times
    Today I attended the S. Dale High Center for Family Business and a session presented by Tom Wonsiewicz, Chairman of the Board for Lane Enterprises. The focus of his presentation was managing a business in difficult or slow times. He made several key points which I thought would have value to others. He listed some key actions: 1. Be Realistic – ...
    Rated: +1
  • +4

    Family Business – Don’t make business decisions with your heart or family decisions with your head.

    Family Business – Don’t make business decisions with your heart or family decisions with your head.
    This week I attended the S. Dale High Family Business Center and heard Howdy Holmes speak. Howdy is President and CEO of Chelsea Milling Company – better known as “Jiffy” mixes. Howdy also spent twenty years of his life as a professional race car driver before finally returning to the family business. It was an interesting story he shared about the ...
    Rated: +4
  • +1

    Moving Home to Expand the Family Business

    Moving Home to Expand the Family Business
    Entrepreneur: Justin Gagnon, 31 Background: After graduating from the University of Notre Dame in 2000 with a bachelor's degree in business administration, Gagnon worked for Level 3 Communications (LVLT) in Broomfield, Colo., building order-entry systems. During a short visit home to Danville, Calif., in 2003, to help his father build a Web site for the family catering business, Gagnon came up ...
    Rated: +1
  • +2

    SmallBizLink Holiday Gift Guide

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    Rated: +2
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    Family Business Advisory Boards

    Family Business Advisory Boards
    Statistics tell us only 33% of family businesses transfer to the second generation and only 15% make it to third. Why is it so difficult for a family to pass on the business to the next generation? What causes them to fail? What steps can be taken in order to increase the likelihood of the business succession? I am convinced one ...
  • +2

    Family Business: Managing Family Members

    Family Business: Managing Family Members
    One of my passions in life is working with family owned businesses. Family businesses enjoy a success rate far greater than other kinds of businesses. In the US, family businesses provide 65% of all wages. This group is the backbone of our country and will likely be the group that pulls us out of our current recession. This group is not ...
    Rated: +2
  • +7

    SCORE: 10 Tips To Grow Your Business

    SCORE: 10 Tips To Grow Your Business
    SCORE, America's premier organization providing FREE counselors to growing businesses offered 10 practical tips to help you grow your business. All 10 points can get a boost by using technology. I've added the technology dimension, resource to each tech tip. 1. Grow your customer base. Understand your customer demographics and why they buy your products and services. Win clients over with ...
    Rated: +7