One of the issues family businesses face is the idea of having non-family members in key roles in the business.  Mom & Dad started the business (or Grandpa & Grandma) and no non-relative has ever really been in a position of influence.  The idea of a non-family member running the show seems blasphemous to some families.  … Read more

We recently posted a blog series on Succession planning (July/August).  Some of the questions we asked (Who is the best candidate to succeed you?  What are you doing to prepare the next leader? etc.) caused me to start thinking about family businesses.  There are varying definitions of “family business” out there, but the one I … Read more

It is college recruitment time here at Cain Ellsworth & Company.  This is the time of year when we spend a lot of time on college campuses informing students of who we are and searching for bright new talent to bring onto our team.  It is always enjoyable for us to have the opportunity to … Read more

The concept of Core Values is one we’ve discussed before, but some recent experiences have brought it to the front of my mind once again.  Over the past year, I have had the opportunity to visit with several individuals who are confronted with almost identical situations.  These individuals are the leaders of very profitable businesses.  … Read more

I was reminded today of the concept of Locus of Control.  The idea is basically this:  to what degree do you feel you’re in charge of your life?  Or your business?  You might say, “That sounds interesting, but what difference does it make?”  When I hear that argument, I’m reminded of a quote: “Whether you … Read more

It’s time to wrap this up.  We’ve covered five questions to ask yourself about succession planning and now it’s time for #6.  This one is more about you personally.  All the dialogue so far has been about the management transition.  But what about the ownership transition?  Ask yourself:  Are your estate-planning goals in line with … Read more

We’ve spent the past few weeks discussing whom will succeed you and how they’ll be prepared.  We’ve discussed communication and the importance of putting dates on your plan.  All of those things work together to get you and your business through the succession process.  But what about you?  Ask yourself this:  What is your role … Read more

So you’ve chosen a successor, you’re preparing them to lead the business and you’ve told everyone what you’re doing.  Now it’s just a matter of executing the plan right?  Yes, for the most part.  But there’s another important thing to remember about the plan.  It seems simple, but lots of people forget all about it … Read more

Last week, we tossed around ideas on preparing your successor.  There are so many people and things they need to know.  You need to have a detailed, written plan that shows how everything is going to be transitioned and how things are going to work when you’re gone. Let’s talk about another reason a detailed, written plan is important … Read more

Last week we discussed identifying your successor.  We could write for weeks on the qualities that person should have (and we will), but for now we’ll move on to the next topic..  Once you’ve identified your successor your work is done, right?  Wrong.  It’s actually just beginning.  Now you need to ask another question:  What are … Read more