by admin on April 1, 2010
It is really a wonderful thing to meet people in business that have your genuine interest at heart. Family Business people are known to be more genuine as human beings as they put their heart, money, and family all in one place.
One business that puts people before profit is the oldest family business of motorcycles, which we know by the name of Boyle Kawasaki. The original business closed but re-opened a long time ago under the management of the Boyle brothers Mark and John.
It is human nature to react when hardships hit. Most of us react instinctively, with raining questions like, “What will happen to me?”, “What will happen to my family, business, my stock and more.” Basically human nature is to pull in, protect, and preserve our territory.
If our actions are based on these thoughts then we might end up feeling fear and an extremely narrow set of mind finding only limitations in our life.
Motorcyclists recognize the family business of Boyle’s as unique in culture of casualness without any nonsense with only common sense as keyword. They have a special fraternity of care for the big family of customers who are made friends of by these unusual men. They exhibit a level of candor and honesty that is rare in business today.
Through this blog post let us pay a tribute to this wonderful people in family business and a special tribute to their super loving parents who raised them wonderfully. They serve as an example to people who are in family business and care about conservation of environment, saving precious fossil fuel and caring for people more than profits.
Leaders who think of people before profits have been very impactful in today’s business world. Leadership is all about winning with people by our side. Life has a Tithing Principle for everybody. Like in accounting life also returns equally to the investment we have made. Being generous, kind, and caring is a reinvestment in social accounting system of life.
Let us add one major principle to our family business called people before profit and enjoy the fruits of tithing our returns.
by admin on March 25, 2010
Business succession planning should stand on the priority list of every family business. After years of entrepreneurship, family business owners look forward to the day when they can retire, secure in the knowledge that the business they have built is safe for another generation. This planning to hand over the family business requires a succession plan.
Succession Planning is the Top Priority for Family Businesses
It is no simple family matter to plan a successor. Multi-generational family-controlled businesses have long been part of the American dream, and some have proven highly successful. A report from the Small Business Administration says that, 90 percent of U.S. businesses are family owned, but only 30 percent of such companies succeed in the second generation and just 15 percent make it to the third.
Business Owners assume that their Kin is eager to take control when the time will come but there is a difference between wanting to do it and being good at it.
Are Your Children really eager to take over the business?
Thus, “The next generation has to have the combination of wanting to do it and being good at it,”
* Business succession planning holds issues such as setting up a smooth transition between present and the future owners of family owned business. * Complications like relationships and emotions are to be tackled while planning succession at family businesses.
* Vitally important is to learn to be comfortable while discussing topics such as aging, death, and present financial position.
* Killer Taxes and Family Discord are to be discarded to make a successful succession plan.
* Mainly there are three issues namely management, ownership and taxes at planning successful succession. |
It is a well know fact that more than 70 percent of family-owned businesses do not survive the transition from founder to second generation. One way to avoid this is to emphasize primarily on Family while Planning Succession. Every decision is going to affect the family whether it is future management of business, passing of ownership, paying taxes and more. Thus, if family is at focal point, succession Planning is sure to be Successful.
Image Credit: themustardseedgroup.com, istockphoto.com.
