7/12/2021
Lessons Learned From a Family Business | Barry Kornfeld | Family-Owned & Operated Businesses
a Lessons Learned From a Family Business by Barry Kornfeld | Jun 28, 2021 | Barry Kornfeld, Family-Owned & Operated Businesses
From startups to corporations, there is no more challenging and fulfilling business than a family business. The first breed of entrepreneurs, those who begin a family business, will deal with incredible challenges that lead to shared success. Other businesses can learn a lot from family businesses and are a wonderful example of building something from the ground up to ensure it flourishes into something successful and sustainable. Realities of Succession One of the biggest lessons any business should learn from a family business is to have a succession plan in place. More often than not, a family business will have this plan set in motion decades before the owner will retire. Many businesses that are not family-owned or operated will put off a succession plan, which can hurt the longevity of the business. It’s essential to always know who will be handed the ownership of the business and to have time to prepare them for when the time comes. Time Building Expertise https://barrykornfeld.com/lessons-learned-from-a-family-business/
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