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Resources for the different stages a business goes through from start up to decay or regeneration, across time.

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Start Up Young business founded on entrepreneur model and founders’ ability to offer a product or service.

Growth & Formalization New levels of competition increase as the company leaves the niche market and enters larger more competitive areas. Requires strategic planning and management that may also engage outside professionals and more formal operating processes and procedures.

Maturity & Stability Focus on development of organizational talent and creating a structurally flexible framework to rapidly manage threats or take advantage of opportunities that arise in meaningful ways.

Regeneration Key stakeholders face a strategic choice between further growth and maturity. If growth or reinvention is not prioritized these businesses have a heightened risk of decline.

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Start Up

Growth & Formalization

Maturity & Stabilization

Regeneration

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Key Questions for West Michigan Family Businesses

Article

Identify critical elements for family and business harmony.

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EPIC Awards: Family Owned Business of the Year

Article

As part of our mission to advance family business, we are excited to announce a new collaboration with the Grand Rapids Business Chamber. Since 2010, The Grand Rapids Chamber's EPIC Awards have recognized the amazing organizations that are building this thriving community and supporting our region through EPIC (Entrepreneurial, Progressive, Innovative, and Collaborative) proportions. This year, Family Business Alliance teamed up with the Chamber to establish a category exclusively for family business organizations to engage and be honored for their efforts and innovation.We are all aware that family run organizations positively impact our community and economy, so we are excited that an FBA member will have the opportunity to be recognized as the Family-Owned Business of the Year! The award will be given to a family business that is either a Family Business Alliance Member or Grand Rapids Chamber member and exhibits the criteria below: EPIC Organizational Awards Criteria: Has a growth mindset and supports/demonstrates equitable entrepreneurship throughout the organization’s services and programs Creates an organizational culture that is progressive – not afraid to put new ideas into practice and has an intentional focus on belonging and inclusion Seeks out innovative opportunities to be creative in their designated industry and community by leveraging the organization’s diversity Gives back to the larger community and is actively collaborative with other organizations and initiatives to create a thriving West Michigan for all As an organization, you can either nominate yourself, or be nominated by anyone from outside of your organization. To nominate a deserving organization, complete the nomination form. Nominations close on Thursday, August 4th. After all applications are reviewed by an independent Chamber Peer Selection Committee, finalists are notified. Award recipients are announced the night of the event, keeping finalists and attendees on the edge of their seats. We are thrilled to be able to formally acknowledge the positive impact that family businesses make in our community. Happy Nominating! Timeline: August 12th: Nominations Close September 5th: 3 Finalists are chosen & contacted October 4th: Finalist Reception October 19th: EPIC Awards Gala For more information, please visit the EPIC Awards page or email Aislinn Teachout, FBA Marketing & Events Coordinator, at aislinn@fbagr.org or Megan Steenwyk, Business Services Manager, at megan@grandrapids.org.

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Understanding the Key Transitions in the Family Business Life Cycle

Article

Understanding the key stages of the family business in relation to ownership, leadership, and business.

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Part 3, NextGen Series: A Leader in All of Us

Event

Medal of Honor recipient Clinton Romesha has taken extraordinary risks for his country and his fellow soldiers, exemplifying the best of the modern military character. Drawing on his lauded service as a sergeant in the War in Afghanistan, Romesha emphasizes how the capacity for leadership and bravery resides within every one of us.

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15th Annual Family Business Forum: A Story of Family Business Transformation

Event

Not many companies have been replaced by the raging technology of the 8-track player and are still here to speak of it. Learn how FIDELITONE transformed their company from a phonograph needle manufacturer to a third-party logistics provider. Hear about their journey as a privately-held company, the key drivers that helped their transformation and how the company continues to sustain growth.

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Lunch with Leaders: Attracting and Retaining Talent

Event

Challenged by attracting talent? The pandemic has added more complexity to creating a workplace that offers engagement.

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Board of Directors Workshop

Event

Come to this program and walk away with practical ideas from attorneys and family business owners for building or utilizing a board of directors.

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Rightsizing Risk Series: Creating Value for the Future

Podcast

As the economy begins to emerge from beneath COVID-related restrictions, many uncertainties remain in the small business sector.

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Rightsizing Risk Series: Fraud in the Family Business

Podcast

The Association of Certified Fraud Examiners expects employee embezzlement to increase by 71 percent over the next 12 months. Is your business prepared? Kristen Spence, Fraud & Litigation Manager for Hungerford Nichols CPAs + Advisors, and Katy Felver, Business Advisor for Hungerford Nichols CPAs + Advisors, shared their advice for managing fraud risk.

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Banking Relationships that Make an Impact to your Bottom Line

Podcast

Family-owned small businesses face lots of challenges. 2K Tool, founded 15 years ago by Heidi Smith and her son Kevin, has navigated a path to growth and success by having a productive partnership with their banker, Old National Bank.

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New Research Suggests Family Business Profit in Risk Taking

Podcast

Family businesses perform better in highly competitive environments if they invest in risky activities like mergers and acquisitions, according to new research on risk aversion versus performance in family-owned firms.

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Schupan & Sons: A West-Michigan Story of Family Business Resilience

Article

COVID-19 has hit us all hard, individuals and organizations alike. Family businesses have survived more than one crisis over the years, they are resilient.

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Three Paths to Growth: Which One Fits Your Company?

Article

Read about the three paths to company growth by Wade Wyant of Red Wagon Advisors. Which path are you on: organic growth, execution plus acquisition, or the unicorn.

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Anatomy of a Deal: Mergers & Acquisitions

Article

U.S. market valuations for middle-market companies are at an all-time high according to GF Data, but the cycle may be at a peak. For business owners considering a sale of their company or a similar transition in ownership, it is a good time to learn about and evaluate options.

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Eight Takeaways from Tax Season for Family Business Owners

Article

The largest tax reform in 30 years means CPAs have to relearn the rules. It’s taking longer to digest the rules and translate them as it applies individually to you and your company.

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Finding Top Talent – When It’s Time to Get Some Help

Article

The struggle to find talent is real. The acute shortage of professional talent is staggering! It might just be time to seek help.

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Using Outside Directors in Your Family Business

Article

The presence of outside directors in a family-held business adds value and perspective for management.

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3 Ways Your NextGen Can Increase Your Valuation

Article

NextGen leaders have the opportunity to increase the financial value of their company with Revenue Growth, Key Person Risk, and Engage Workforce.

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Family-Owned Businesses Wrestle with Talent Concerns

Article

President of Grand Rapids Label and chair of the Family Business Alliance, Bill Muir discusses how family-owned companies wrestle with talent concerns.

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Is family part of your brand identity?

Article

Working with family can be tricky, but studies that 60 percent of consumers say that they prefer to buy from family businesses.

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Resources for the key and controlling stakeholder(s).

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Founders Dream First stage of ownership. Owner(s) makes all decisions.

Sibling Partnership Siblings jointly own shares of the business. Leadership maybe singled out to a primary family member.

Cousin Consortium More mature ownership model that includes extended family through multiple generations.

Distant Relatives Extension of the initial family circle to include and facilitate family succession.

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Founders Dream

Cousin Consortium

Sibling Partnership

Distant Relatives

anemptytextlline

Key Questions for West Michigan Family Businesses

Article

Identify critical elements for family and business harmony.

anemptytextlline
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EPIC Awards: Family Owned Business of the Year

Article

As part of our mission to advance family business, we are excited to announce a new collaboration with the Grand Rapids Business Chamber. Since 2010, The Grand Rapids Chamber's EPIC Awards have recognized the amazing organizations that are building this thriving community and supporting our region through EPIC (Entrepreneurial, Progressive, Innovative, and Collaborative) proportions. This year, Family Business Alliance teamed up with the Chamber to establish a category exclusively for family business organizations to engage and be honored for their efforts and innovation.We are all aware that family run organizations positively impact our community and economy, so we are excited that an FBA member will have the opportunity to be recognized as the Family-Owned Business of the Year! The award will be given to a family business that is either a Family Business Alliance Member or Grand Rapids Chamber member and exhibits the criteria below: EPIC Organizational Awards Criteria: Has a growth mindset and supports/demonstrates equitable entrepreneurship throughout the organization’s services and programs Creates an organizational culture that is progressive – not afraid to put new ideas into practice and has an intentional focus on belonging and inclusion Seeks out innovative opportunities to be creative in their designated industry and community by leveraging the organization’s diversity Gives back to the larger community and is actively collaborative with other organizations and initiatives to create a thriving West Michigan for all As an organization, you can either nominate yourself, or be nominated by anyone from outside of your organization. To nominate a deserving organization, complete the nomination form. Nominations close on Thursday, August 4th. After all applications are reviewed by an independent Chamber Peer Selection Committee, finalists are notified. Award recipients are announced the night of the event, keeping finalists and attendees on the edge of their seats. We are thrilled to be able to formally acknowledge the positive impact that family businesses make in our community. Happy Nominating! Timeline: August 12th: Nominations Close September 5th: 3 Finalists are chosen & contacted October 4th: Finalist Reception October 19th: EPIC Awards Gala For more information, please visit the EPIC Awards page or email Aislinn Teachout, FBA Marketing & Events Coordinator, at aislinn@fbagr.org or Megan Steenwyk, Business Services Manager, at megan@grandrapids.org.

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Why Won't My Parents Retire and Let Me Run the Family Business

Article

These issues and others can create barriers to planning for a transfer of the business to the next generation.

anemptytextlline
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Understanding the Key Transitions in the Family Business Life Cycle

Article

Understanding the key stages of the family business in relation to ownership, leadership, and business.

anemptytextlline
anemptytextlline

Part 3, NextGen Series: A Leader in All of Us

Event

Medal of Honor recipient Clinton Romesha has taken extraordinary risks for his country and his fellow soldiers, exemplifying the best of the modern military character. Drawing on his lauded service as a sergeant in the War in Afghanistan, Romesha emphasizes how the capacity for leadership and bravery resides within every one of us.

anemptytextlline
anemptytextlline

15th Annual Family Business Forum: A Story of Family Business Transformation

Event

Not many companies have been replaced by the raging technology of the 8-track player and are still here to speak of it. Learn how FIDELITONE transformed their company from a phonograph needle manufacturer to a third-party logistics provider. Hear about their journey as a privately-held company, the key drivers that helped their transformation and how the company continues to sustain growth.

anemptytextlline
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Entitlement with Kim Eddleston

Podcast

As a family business grows, the number of people around it will follow. Kim discusses how to be discerning about who we involve, and how we allocate resources.

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Building Trust in Sibling and Cousin Partnerships: Moving from Partners of Chance to Partners of Choice

Article

Family business expert Dana Telford will share his seven fundamental principles critical to evolving your partnership from one of biological chance to strategic choice. You’ll discover how to think objectively about where you might improve as a partner while also striving to identify and enhance these qualities in your family partners.

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Your 7-Step Plan for Creating Chaos in Your Family Business

Article

If you have spent your career preparing to take over the family business, it can be frustrating to wait for the senior generation to decide that they are ready to retire.

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Female Leadership in the Family Business

Podcast

New research on gender diversity in family businesses shows that women tend to be more upbeat about business performance than men — but that changes if the women are in leadership positions.

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Exit Planning Series – Are you Ready to Make an Ownership Transition?

Article

A transition of company ownership, whether internal or external, is a complex process. Before attempting to sell a business, owners should make sure they are ready. This means determining their desired outcome, developing transition thinking, understanding options, and assembling a solid advisory team.

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Family Businesses are Different

Article

If you own a business with another family member, you know that family businesses are different than other companies. A lot can be said about how, but I'd like to point out one area you may not be aware of.

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Family Succession: How to Achieve Equity

Article

Family businesses need to pass along ownership to certain members of the next generation who are most capable of continuing the business. Second, they should also strive to equally divide "all" assets so family members who don't receive business ownership will still feel they are treated fairly.

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Four Steps to Increase Separation Between Work and Family

Article

There are steps family members and coworkers can take in order to create a more advantageous and harmonious work environment.

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Resources for the various experience and engagement levels of family leadership in the business.

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All

Leading the Business Control is held to either one primary family leader or shared among siblings. Leadership oversees all strategy and operations.

Joining the Business   Introduction of the potential successor(s) to build professional experience, operational experience and respective industry knowledge. Younger generations are learning the business operations and are in the early stages of leadership. At this stage, business implements professionalization of roles and key formal processes are developed.

Working Together Next generation has its own visions and often a strong desire to introduce more strategic thinking, maybe taking on mid-level roles in management. Expansion phase is often linked to the family business’ need for restructuring which may include development of board of directors, family governance policies, and family council meetings to create effective management and direction.

Passing the Baton Leadership succession can span more than a decade as a succession plan is created and implemented. Each generation transitions to new roles both internally and externally. The family may also sell or expand to different markets. A Family Business may evolve to a Family Office.

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All

Leading the Business

Joining the Business  

Working Together

Passing the Baton

anemptytextlline

Key Questions for West Michigan Family Businesses

Article

Identify critical elements for family and business harmony.

anemptytextlline
anemptytextlline

EPIC Awards: Family Owned Business of the Year

Article

As part of our mission to advance family business, we are excited to announce a new collaboration with the Grand Rapids Business Chamber. Since 2010, The Grand Rapids Chamber's EPIC Awards have recognized the amazing organizations that are building this thriving community and supporting our region through EPIC (Entrepreneurial, Progressive, Innovative, and Collaborative) proportions. This year, Family Business Alliance teamed up with the Chamber to establish a category exclusively for family business organizations to engage and be honored for their efforts and innovation.We are all aware that family run organizations positively impact our community and economy, so we are excited that an FBA member will have the opportunity to be recognized as the Family-Owned Business of the Year! The award will be given to a family business that is either a Family Business Alliance Member or Grand Rapids Chamber member and exhibits the criteria below: EPIC Organizational Awards Criteria: Has a growth mindset and supports/demonstrates equitable entrepreneurship throughout the organization’s services and programs Creates an organizational culture that is progressive – not afraid to put new ideas into practice and has an intentional focus on belonging and inclusion Seeks out innovative opportunities to be creative in their designated industry and community by leveraging the organization’s diversity Gives back to the larger community and is actively collaborative with other organizations and initiatives to create a thriving West Michigan for all As an organization, you can either nominate yourself, or be nominated by anyone from outside of your organization. To nominate a deserving organization, complete the nomination form. Nominations close on Thursday, August 4th. After all applications are reviewed by an independent Chamber Peer Selection Committee, finalists are notified. Award recipients are announced the night of the event, keeping finalists and attendees on the edge of their seats. We are thrilled to be able to formally acknowledge the positive impact that family businesses make in our community. Happy Nominating! Timeline: August 12th: Nominations Close September 5th: 3 Finalists are chosen & contacted October 4th: Finalist Reception October 19th: EPIC Awards Gala For more information, please visit the EPIC Awards page or email Aislinn Teachout, FBA Marketing & Events Coordinator, at aislinn@fbagr.org or Megan Steenwyk, Business Services Manager, at megan@grandrapids.org.

anemptytextlline
anemptytextlline

Why Won't My Parents Retire and Let Me Run the Family Business

Article

These issues and others can create barriers to planning for a transfer of the business to the next generation.

anemptytextlline
anemptytextlline

Understanding the Key Transitions in the Family Business Life Cycle

Article

Understanding the key stages of the family business in relation to ownership, leadership, and business.

anemptytextlline
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Transition to Transformation - Capital Structures That Work For You.

Event

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Strategic Planning for the Next Generation

Event

Join us for this workshop where subject matter experts will offer insight into NextGen planning in the three critical spheres: family, business, and ownership. It is essential for family businesses to effectively plan in each of these separate, but overlapping, spheres in order to prepare the rising generation to participate in each sphere that will likely include them in the future.

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Part 3, NextGen Series: A Leader in All of Us

Event

Medal of Honor recipient Clinton Romesha has taken extraordinary risks for his country and his fellow soldiers, exemplifying the best of the modern military character. Drawing on his lauded service as a sergeant in the War in Afghanistan, Romesha emphasizes how the capacity for leadership and bravery resides within every one of us.

anemptytextlline
anemptytextlline

15th Annual Family Business Forum: A Story of Family Business Transformation

Event

Not many companies have been replaced by the raging technology of the 8-track player and are still here to speak of it. Learn how FIDELITONE transformed their company from a phonograph needle manufacturer to a third-party logistics provider. Hear about their journey as a privately-held company, the key drivers that helped their transformation and how the company continues to sustain growth.

anemptytextlline
anemptytextlline

Lunch with Leaders: Attracting and Retaining Talent

Event

Challenged by attracting talent? The pandemic has added more complexity to creating a workplace that offers engagement.

anemptytextlline
anemptytextlline

Entitlement with Kim Eddleston

Podcast

As a family business grows, the number of people around it will follow. Kim discusses how to be discerning about who we involve, and how we allocate resources.

anemptytextlline
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The Family Constitution: A Foundation for Family Alignment

Article

Family constitutions (and similar documents referred to as “charters” or “protocols”) are often a centerpiece of family agreements and governance for mature family enterprises; yet, the purpose and origin of the constitution can be very different from family to family.

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Changing Disagreement into Dialogue: How to Manage Conflicts and Enhance Communication

Article

Conflict is a natural component of family relationships, and it affects family enterprises in several ways. Many families benefit from the healthy expression of disagreement and managing conflict proactively. Still, others struggle with conflict that may originate from years before and continues to impede the family’s ability to make business decisions or enjoy their family relationships.

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Your 7-Step Plan for Creating Chaos in Your Family Business

Article

If you have spent your career preparing to take over the family business, it can be frustrating to wait for the senior generation to decide that they are ready to retire.

anemptytextlline
anemptytextlline

Rightsizing Risk Series: Creating Value for the Future

Podcast

As the economy begins to emerge from beneath COVID-related restrictions, many uncertainties remain in the small business sector.

anemptytextlline
anemptytextlline

Rightsizing Risk Series: Fraud in the Family Business

Podcast

The Association of Certified Fraud Examiners expects employee embezzlement to increase by 71 percent over the next 12 months. Is your business prepared? Kristen Spence, Fraud & Litigation Manager for Hungerford Nichols CPAs + Advisors, and Katy Felver, Business Advisor for Hungerford Nichols CPAs + Advisors, shared their advice for managing fraud risk.

anemptytextlline
anemptytextlline

Banking Relationships that Make an Impact to your Bottom Line

Podcast

Family-owned small businesses face lots of challenges. 2K Tool, founded 15 years ago by Heidi Smith and her son Kevin, has navigated a path to growth and success by having a productive partnership with their banker, Old National Bank.

anemptytextlline
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Leadership Skills that Deliver

Podcast

Do you know who you really are? You better if you want to be an effective business leader. Self-awareness is crucial to leadership, says Rob Elliott, a partner in Pondera Leadership Consulting. He talked recently with Sheri Welsh for The Welsh Wire podcast, sponsored by the Family Business Alliance.

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The Secret to Effective Family Business Leadership

Podcast

“You have to know who you are before you can lead effectively, and that’s really the core of it,” says Tom Emigh, Leadership Coach & Principal for Acorn Leadership. “Identity is about the question, who am I?” Emigh talked recently with Sheri Welsh for The Welsh Wire podcast, sponsored by the Family Business Alliance.

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Understand the Complex Dynamics of Successful Decision Making

Podcast

Navigating the complex dynamics of decision-making can be one of the biggest challenges to family business success.

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New Research Suggests Family Business Profit in Risk Taking

Podcast

Family businesses perform better in highly competitive environments if they invest in risky activities like mergers and acquisitions, according to new research on risk aversion versus performance in family-owned firms.

anemptytextlline
anemptytextlline

Female Leadership in the Family Business

Podcast

New research on gender diversity in family businesses shows that women tend to be more upbeat about business performance than men — but that changes if the women are in leadership positions.

anemptytextlline
anemptytextlline

Why Won’t My Parents Retire and Let Me Run the Family Business?

Article

If you have spent your career preparing to take over the family business, it can be frustrating to wait for the senior generation to decide that they are ready to retire.

anemptytextlline
anemptytextlline

Exit Planning Series – Are you Ready to Make an Ownership Transition?

Article

A transition of company ownership, whether internal or external, is a complex process. Before attempting to sell a business, owners should make sure they are ready. This means determining their desired outcome, developing transition thinking, understanding options, and assembling a solid advisory team.

anemptytextlline
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How Servant Leadership Can Ensure the Long-Term Success of the Family-Owned Business

Article

Servant leadership, a philosophy in which the main goal of the leader is to serve, differs drastically from the traditional leadership model where the leader's main focus is the thriving of their company or organization.

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Eight Takeaways from Tax Season for Family Business Owners

Article

The largest tax reform in 30 years means CPAs have to relearn the rules. It’s taking longer to digest the rules and translate them as it applies individually to you and your company.

anemptytextlline
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Succession can be Non-Family Too

Article

Many family businesses believe that succession only involves developing leadership within the next generation. Often this is true. But with the advent of millennials seeking careers outside the family business, many companies are looking for other succession options.

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Family Succession: How to Achieve Equity

Article

Family businesses need to pass along ownership to certain members of the next generation who are most capable of continuing the business. Second, they should also strive to equally divide "all" assets so family members who don't receive business ownership will still feel they are treated fairly.

anemptytextlline
anemptytextlline

Four Steps to Increase Separation Between Work and Family

Article

There are steps family members and coworkers can take in order to create a more advantageous and harmonious work environment.

anemptytextlline
anemptytextlline

Using Outside Directors in Your Family Business

Article

The presence of outside directors in a family-held business adds value and perspective for management.

anemptytextlline
anemptytextlline

3 Ways Your NextGen Can Increase Your Valuation

Article

NextGen leaders have the opportunity to increase the financial value of their company with Revenue Growth, Key Person Risk, and Engage Workforce.

anemptytextlline
anemptytextlline

Family-Owned Businesses Wrestle with Talent Concerns

Article

President of Grand Rapids Label and chair of the Family Business Alliance, Bill Muir discusses how family-owned companies wrestle with talent concerns.

anemptytextlline
anemptytextlline

Is family part of your brand identity?

Article

Working with family can be tricky, but studies that 60 percent of consumers say that they prefer to buy from family businesses.

anemptytextlline

Resources

Resources for the different stages a business goes through from start up to decay or regeneration, across time.

616.771.0575