Leadership Transitions

NBC’s TONIGHT SHOW: Succession Planning Gone Wrong

Published: 2010 04 13 | Views: 2629
It seems like a truism among business experts that it is never too early to start working on a succession plan. No matter how large or small the business and even when dealing with a not-for-profit organization, the importance of planning sooner rather than later for the day that the person in charge is no longer in charge cannot be under-stated.

CHILDREN IN THE FAMILY BUSINESS: OWNERS OR EMPLOYEES?

Published: 2008 11 10 | Views: 1631
In my experience dealing with family businesses, those that succeed most in passing ownership to the next generation are the ones where the fathers have the humility to think that maybe they too should bear some of the responsibility and then decide to do something positive and constructive about it. By doing so, they give their children “the respect they deserve and the opportunity to spread their wings”.

The World’s Most Successful Dad

Published: 2008 06 15 | Views: 1550
My father, Jack Prehogan, is 86 years old. Today is Father’s Day. If they gave out an award to The World’s Most Successful Dad (which I would define as “the man who best empowers his child(ren) to be the best they can be”), I truly believe with all the objectivity I can muster that he would be right up there in the running if not the outright winner.

Engines At The Ready

Published: 2006 05 01 | Views: 1557
Red Rocket is a $150 million manufacturing and distribution company located on the outskirts of a major American city. The company's focus is the manufacturing and distribution of children's toy cars, trucks, ambulances, and helicopters etc. This second generation company has been in existence since 1955. The company's workforce of 175 includes a sales team of 25 across North America, Europe and Australia. The company is family-owned and has always been profitable. Suggestions to go public have been dismissed, as they have worked hard to develop and maintain strong professional managers, and have little employee turnover.

Strategic Succession Planning:  An Underutilized Resource

Published: 2006 04 17 | Views: 1610
Ask a typical businessperson what a succession plan is and he or she will likely tell you that it is having documents in place to provide for the passing of the business and other assets to the next generation in a tax-efficient manner. Business people who have such documentation in place should be applauded because surveys indicate that most business owners are not there yet – even those who say they plan to exit the business within five years.
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