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Gibraltar Private Bank And Trust
Josh Merkin
Voice:305-967-6667
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Gibraltar Private Bank & Trust Explains How to Find Success in Family Business Succession |
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Gibraltar Private Bank & Trust has identified three of the most common causes of failure for family businesses and offers the following suggestions for overcoming these issues. |
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\25 Press Releases\
October 05, 2011 - Recent statistics show that only one third of U.S. family businesses make it to the second generation because of the challenges that come with navigating the dynamics that exist among a family.
Through its years of experience in providing counsel to family businesses throughout the U.S., Gibraltar Private Bank & Trust (http://gibraltarprivate.com) has identified three of the most common causes of failure and offers the following suggestions for overcoming these issues.
1 • Family discord: Open communication is the backbone of preventing family discord. Early on in the creation of a family business, there are important practices that need to be implemented and habitually repeated throughout the life of the business:
- Discuss family business around the dinner table.
- Conduct regular family meetings and give a voice to all family owners and
beneficiaries. Use an agenda and make sure the schedule enables everyone to attend.
- Adopt a formal, written process for airing and settling disagreements.
- Outline what is expected of each family member and promote accountability by including consequences for unsatisfactory performance.
- Find the right people for the right jobs. Desire and ability need to be carefully weighed. Finding the family member who has the required skills and a passion for the business is preferable to simply putting the traditional oldest child in the leadership role.
- Bring the potential successor family members into the business early. Help them become competent through hands-on experience and ...
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