Rethinking the Family Biz

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If you’re lucky enough to have a business in the family, the local economic health might be prompting you to re-think your mindset about its value.

If you’re like many children whose parents started a business or carried on a family business, you either want to jump in as a successor or you want to move as far away as you can from it. As layoff numbers mount, Albertans with family businesses are more resilient and see more opportunities to continue working than those who come from families of wage earners. They see opportunities to strengthen the business, perhaps through growth or through operational improvements. This is empowering!

If you’re the founders of a family run business, you might be wondering how you get out of it, entice your children into it, retire, or sell it. This is a key learning moment to talk to your children, family members or employees about joining the family business as “owners in training”. We can help you have those conversations.

You have to respect your parents. They are giving you an at-bat. If you’re an entrepreneur and go into the family business, you want to grow fast. Patience is important. But respect the other party… “My dad and I pulled it off because we really respect each other.” Gary Vaynerchuk

If you’re thinking about transitions in the business, we can help. With an objective look at the business health and a proven process to bring innovative thinking into the planning process, you’ll leverage your business success.