Comments on: Three Circles of Family Business

By: Todd Marquardt

Todd Marquardt — Fri, 22 Apr 2016 10:35:14 +0000

Legal succession planning is also important for family businesses. This is especially true when one beneficiary of the owner’s estate is clearly the right person to take over operations and another beneficiary is clearly not interested.

By: Bill Seelig

Bill Seelig — Mon, 07 Nov 2011 16:23:05 +0000

Additional Information,
Actually the most stable relationship system is a three party system where the third party acts as a calming, reasonable voice that facilitates constructive communication and decision making. In family business succession work we have long advocated a three system view: Family, Business and Board. In the latter we work toward a balance of participants between family representatives and respected, independent outsiders with experience and expertise relevant to the current and future work of the business. We typically do not recommend professionals – lawyers, accountants, consultants… who are aligned and indebted financially to the business. The challenge is to start this process long before succession – through family education and involvement of key family members in learning about and appreciating the complexities of running and growing a successful family business. The earlier the better…
Bill Seelig,
bill@seeligs.com

Bill Seelig

By: Julie Herrington

Julie Herrington — Mon, 07 Nov 2011 14:41:29 +0000

Ouch, I am living this situation. Vision and leadership is the challenging issue. There is not one right way to run company. I learned from you that each business reflects business owner’s personal values and style. Great article and if others respond too, hopefully you will share more on this topic and transitioning family business.