“The Odds Are, You Will Destroy Your Family’s
Legacy by Killing Your Family Business,
Whether Or Not You Want To Admit It”
I can hear what you're thinking:
"How dare I provoke and sensationalize something as sacred as your family business and blame YOU for its demise!"
Who am I to make such claims and accusations? I'll get back to that later, but right now believe me when I tell you what you NEED to hear rather than what you WANT to hear.
Family Firm Fatality Statistic:
If you are an heir, this means that the business will fail in the middle of your career, in your prime earning years — a financial disaster many people take a lifetime to recover from, if ever.
Only 3 out of 10 family businesses survive into the second generation.
Even if you do make it past 24 years, the odds are still against you making a go of it.
Only half of those make it into the third generation!
And in a way, this is understandable:
- After all, there are very few resources available to help family firmscope with succession challenges. As you'll see below, succession outcomes for family firms are very different from those of corporate firms. You can't read up on "corporate succession" and hope to understand the key factors for successful family firm succession.
- Then there's the fact that most lawyers, accountants or other professional experts charge prohibitive fees ($300+ an hour) just to explain the groundwork and background information associated with succession planning -- that's BEFORE they've even looked at YOUR specific situation. In no time at all you can rack up thousands of dollars in fees just to understand the "lay of the land."
- Adding insult to injury, while most lawyers and professional advisors have excellent knowledge of the legal, taxation and regulatory aspects of succession, they may NOT be well-versed in the cultural and business planning aspects that are a big part of the solution.
All this makes it very difficult for family firm owners and heirs to dip their "toe in the water" to understand how to cope with the very real threat of a non-existent or bungled succession plan. Until now...
Now There's A New Way To Put SUCCESS Back Into Family Firm SUCCESSION
This edge is not available anywhere else, at this or any price, because to my knowledge I'm the only person in the world who has studied family firm succession in such depth - investing over 1,250 hours reviewing more than 300 peer-reviewed articles and studies, producing 131 references which allow you to delve deeper into any aspect of succession, quickly and easily.
The result of this intensive research and study is the book,Succession: The Biggest Threat To Your Family's Legacy, containing a succinct comparative analysis of key succession issues in family firms, plus a step-by-step action strategy for ensuring better succession outcomes.
You need this book if you are:
- The founder of a family firm wanting to hand over the reigns of the company to your son, daughter or other heir.
- The second-generation owner of a family firm who needs to plan for the transfer of control to the next generation
- The heir to the family firm and are apprehensive, timid or unsure about the process
This comparative format gives you substantial insights into what YOU can do to mirror the successful succession processes in corporate firms in YOUR own family business.
The 6 Key Differences Between Corporate
And Family Firm Succession
- THE PROCESS
- By understanding HOW corporate firms address the challenge of succession, you'll be able to replicate it yourself with ease.
It often is a critical, life and death decision or event that triggers the process in a family firm. By KNOWING the correct process components, you'll be in a position to preemptively reduce the impact of the inevitable transfer of power and control.
Rational / Analytical
Irrational / Emotional
Rite of Passage
Critical Event Decision (Life & Death)
Relatively Minor Issues
Often a Major Issue
The Family Business Suicide Prevention Guide
- INITIATION & OUTCOME
- There is typically resistance to the initiation of succession planning in family firms because it deals with the founder's mortality, power and control issues that are very emotional and personal.
Borrowing from the working corporate model, you'll come to accept that there are several ways to initiate the process without confrontation and conflict.
- LEVELS OF ANALYSIS
- Succession in a family business has been recognised as the most complex, frustrating and demanding business management challenge any executive will face in their business career.
Knowing the multiple levels of the problem, like peeling an onion layer-by-layer, will help you deal with each one methodically. Without such a systematic approach, it all becomes overwhelming and chaotic, which is why so many firms fail.
- In contrast to corporate companies, this dimension is mission-critical to a fruitful transition. The added complexity is often ignored with disastrous consequences.
- Hiring from within comes with the territory in a family business, but not so in a non-family corporate culture. This aspect is of primary importance for the heir to grasp if he or she is to maximise the chances for a seamless ascension to the top position.
- FIRM PERFORMANCE
- In the corporate world, performance before and after the succession event is well researched and reported - especially in the case of public companies, where analysts and academics number-crunch the stats to incredible levels of detail. As the successor, keeping track of your internal metrics is vitally important so you can pin-point areas of weakness or fragility during the process and transfer.
13% Of Business Owners Stumbling Across It?
That is one of the many contributors to family firm succession failures. With this all-inclusive, non-nonsense guide, you'll know exactly how to proceed for a smooth transition into the next generation and the next one after that.
1,250 Hours were invested reviewing over 300 academic research reports and articles, producing 131 references that are listed in the Appendix so that you can delve into more detail of any aspect of succession at your discretion, quickly and easily.
So why bother with a book like this?
But family business is a passion of mine — I know the skills, toil and pride that goes into creating a business that nurtures an entire family and creates a legacy for the future.
So I want to ensure this book gets into the hands of as many family businesses as possible and access to this information shouldn't be an obstacle.
I have invested the time to identify the critical issues from thousands of pages of research and real-life experience summarised and analysed for you in one easy-to-read volume.
Consider this the first vital step in the process of protecting your family's legacy well into the future.
By reading this book, you can AVOID paying hundreds or thousands of dollars for "background information" from expensive pay-by-the-hour attorneys and accountants eager to charge you big bucks.
The Clock Is Ticking… Give Yourself As Much Time And Options As Possible - Get Started NOW
Why you can't afford to wait to get this book.
- The longer you wait, the worse the situation will get. It is well known that the death of most family businesses is preventable - GIVEN ENOUGH TIME. Give yourself the gift of time. it's the most powerful component you can leverage to your advantage.
- With more time, you have more options. If one strategy doesn't work, with time you have the choice to try something else. More choices equals a better outcome.
- You NEVER have as much time as you need. The process always takes longer than expected.
- You don't know when the "life and death" situation will present itself- Don't become a martyr to circumstance - get control and become master or your destiny. There are countless heart-breaking stories of people who "never saw it coming... One day he's there and the next minute he's gone and so was the company, because it was all in his head, there was no documentation, systems…"
Since you're determined to be part of the small minority of family businesses that survive and thrive through the succession process, grab this book right now and be well on your way to a long and prosperous business legacy.
The sad thing is, by the time MANY family business owners or heirs realise they need the business-saving information included in The Family Business Suicide Prevention Guide it will already be TOO LATE.
Too late to make a smooth ownership and management transition.
Too late to maintain unity and cohesion among family members while treating everyone fairly AND safeguarding your legacy.
Too late to plan for significant financial and tax considerations that surround the transfer of business ownership in all developed nations.
Too late to avoid stress and anxiety about what needs and must happen.
Too late to prevent bankruptcy.
It's a shame, but it's also reality.
It's a shame BECAUSE this is all preventable. IF you know what to do and what NOT to do. Fix the odds in your favor, and become one of the success stories.