“Every 57 seconds another small business owner gets ready to retire, or scale back on their involvement in business.
You’d like to think that, similar to large, Fortune 1000-type companies, these business owners are thinking ahead, making plans for the continuation of their businesses after they exit. Yet, even though 95% of small business owners acknowledge the importance of exit and succession planning, only one in eight have a written plan for leadership continuity, or sale of the business; without such plans the odds that the business will disappear along with the current owner is far too high.” – FORBES
“…over 60% have neglected to position their companies to attract the right buyers to take advantage of the best possible price, and 53% of business owners feel they have a “good understanding” of the tax ramifications and the impact on maximizing the money they ultimately take out of the business.” FEUSA-2011
Socius Business Advisors – Family Business Consultanting
Learn how we can help you.
While each family business is unique, these are the most common challenges facing family business today:
- Business Improvement
- Optimizing the day in, day out policies, procedures, business philosophies, and actions of leadership
- Conflict Management
- Using proven methods to work through complicated issues and differences of opinions that threaten the business
- Business Strategy
- Developing a shared vision of the future using modern management tools and philosophies
- Determining the most appropriate governance structure with the best matched people in your organization
- Understanding how substance addiction plagues family business
- Financial Transactions
- How best to restructure ownership and capital and sort through the issues and consequences of different alternatives
- Succession Planning
- Every business and ownership group will change. But passing a family business to the next generation is a process fraught with challenges. Family business leaders face the difficult decisions of when and how to pass on the reins with the least harm to self, business and family.
- Selling the Family Business
- In addition for succession to the next generation, there are only three methods for disposing of a family company:
1. Close the doors and shut it down.
2. Sell the business to outsiders.
3. Sell the business to insiders.
Since most family business owners have most of their net worth tied up in the family business, shutting the doors and walking away from the business is usually not an attractive option. In our experience, 65% of business owners are NOT in a good position to sell for one reason or another. And over 60% have neglected to position their companies to attract the right buyers to take advantage of the best possible price, and 53% of business owners feel they have a “good understanding” of the tax ramifications and their impact on maximizing the money the ultimately take out of the business.
Socius Business Advisors is a Family Business Consultant
Learn how we can help you.
Socius Business Advisors is a leadership coaching and consulting firm headquartered in the greater Chicago area, with advisors in Atlanta, Philadelphia, Denver, and Hong Kong and serving clients around the globe.
Strategy, Planning, & Execution
Executive Coaching & Executive Peer Groups
Executive Team Alignment
Turnaround & Crisis Management
M&A &Post Merger Integration
Domestic & Asian Procurement
Family Business Center
Workshops & Seminars
Succession Planning & Exit Planning