If you’ve spent years building a successful business – perhaps you’re already on the second or third generation – then you’ll want to ensure it can continue long after you’re gone. Hopefully you have some form of succession plan in place for when you retire,…
There’s no denying the success of family businesses and the valuable contribution they make to the UK economy. Yes, they are also fraught with many potential problems, but if you can overcome them, and use them to your strength, you’re sure to be on to…
If you’ve been reading our recent series of articles on running a family business, you’ll hopefully by now have a better idea about some of the challenges you might face and, importantly, some tips for how you might go about tackling them. It sounds obvious,…
Fair Pay in the Family Business As we have discussed in previous articles, a family business is often very different to your more ‘corporate’ organisations. Family businesses can be extremely successful. In fact, they account for almost 50% of private sector employment, providing millions of…
Family-run businesses are often a thing of extremes – when they’re good they’re great, but when they’re bad, it can be pretty awful. ‘The family’ can either make or break the business and there have been many public examples of where the latter has been…
The concept of going into business with a spouse or life partner is a hugely divisive one – some people could imagine nothing worse, while for others the idea is a dream come true. Recent research suggests there are currently 1.4 million companies run by…
Having a long-term vision is important to the success of any business – otherwise, how do you know where you’re going and if you’re even on the road that will take you there? A long-term vision essentially sets out your aims about the type of…
Is negative self-talk holding you back? This is my son Sebastien he’s 9 and my No 3 of 4 children. He is a sensitive chap who wears his heart on his sleeve and has often struggled in the past with the concept that he’s just…
Found this great article for couples who run a business together – “The Secret to Building a Business with Your Significant Other” from Entreupreneur.com. Kimanzi Constable speaks to Luis Congdon and Kamala Chambers, who share their advice on how to run a business as a…
When entering into a business venture with a family member, business success is the goal but family relationships are sacred. Here is a great article on the “6 Challenges for Family Businesses (and How to Overcome Them)” by Adam Toren from Entrepreneur.com. Being an entrepreneur…
