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Reasons Why The Next Generation Doesn’t Want To Work In a Family Business

According to a report, only about 30% of the family businesses in the US last till the next generation, and 12% till the third. But why? If the family business, be it a small one or a large enterprise, has been successful for one generation, why the succeeding generations do not continue with the same? After all, their parents and founding members have made it so far and took all the challenges to create a smooth transition for their children, right? Then what is it that makes the children somewhat reluctant to join......

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Know The Right Time To Sell Your Business

Not all businesses can work the way you want! But then again, not every venture in your life can be a success. The key to preventing large-scale disappointment is to make the most of adverse situations. A business may crash due to various reasons, starting from financial crunches to the lack of proper administration. Selling your business at the right time can help mend the situation to a great extent. If you can sell your business before a crash, you will be able to recoup the losses and start again, if possible. But......

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Family Business – Curse of The Second Generation

In a founding business, there can be many generations involved, of course, if the business turns out to be a success. While the first generation comprises the founders, the people who start the business, the second generation typically involves their children and grandchildren. Now, that’s when a lot of things change. The founders may retire, or take a break, leaving all responsibilities to the next generation, who run the business in their absence. Naturally, they would have different sets of thoughts and opinions regarding the day-to-day running of the company. Even if the......

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What Are the Inherent Benefits of Running A Family Business?

There is not a shred of doubt that the challenges of running a family business are many as we talked about in our previous article. But one shouldn’t ignore the fact that beyond these challenges is a series of benefits that one can enjoy being a part of a family business. Besides monetary benefits, you can establish your ideas in the world and create an heirloom in the form of a successful business. It will support your family for generations to come. Further, if your business accomplishes its goals of adding value to......

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The Challenges of Running a Family Business Worth Discussing Today

Growing up in a family business is quite a privilege, especially when you think about the economic challenges of putting up a 9-5 job. But running it isn’t easier either. Family businesses indeed have a hell of a lot of amazing benefits, but in this post, we are going to talk about the challenges that intrigue us more. This is because, when you are prepared for the worst of what might happen to you, you are ready to take the plunge without fearing the consequences. So, there are several challenges doing business with......

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The Pros and Cons of Having Goals

Having goals is essential for reaching your most important business and personal aspirations. I recommend setting BIG goals because most people end up setting their expectations too low. If you aim big, you’re more likely to achieve something big. If you aim small, you’re more likely to aim small. You should be setting a ten-year and three-year goal so you have an overall plan. Things can change in a few years but at least you have a clear direction at this time. In addition, you should set daily goals because what you achieve......

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What Books Should A CEO Read? Here Are Five I Recommend!

Reading is an essential activity for every CEO to enhance your knowledge, skills and provide insight to further you career. Every successful CEO I’ve worked with either is an avid reader or becomes an avid reader as a result of our coaching. First, why should you read books versus other sources of knowledge? Books are a formulation of the authors BEST work. A book typically represents at least five years of experience or expertise that has been accumulated by the author. Blogs, articles, and podcasts are great but they don’t require the same......

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