Preserving a legacy: The transition of a family-owned business.
There are many challenges associated with family businesses.
At Common Sense Business Solutions, we have had the privilege of working with many family owned businesses. Although the challenges are plenty, as in any business, the greatest test comes during the transition phase - passing along to the next generation or selling.
Statistically the odds are against you - 71% of second generation businesses will fail.
And 90% of the third generation businesses will fail. This is all the more reason why it is common sense to team up with a coach to assist in the transfer of the fortune, hard work, and creation that is your business. We live in a very interesting time, as the majority of family owned business owners are over the age of 55 and are nearing retirement.
Common Sense Business Solutions as my adviser.
We understand how culture is one of most important things in a family business, as well as the connection between members, obligations, and incentives. We are experienced with avoiding pitfalls, transitioning to the next generation smoothly, and retaining the wealth you worked so hard to build.