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The Family Business Forum hosts and sponsors are experts in family business.

We hope that you find articles from these experts to be of value.

It's a Family (Owned Business) Affair

For the Love of Your Family, Plan Wisely for Your CEO's Successor

Article by Warner Norcross & Judd (Sean Cook)

 

The good news: firms that are deliberate and clear about their leadership selection processes energize their workforce and land the best external candidates. Several attorneys in Warner Norcross & Judd’s Trusts and Estates Practice Group have vast experience assisting family businesses with proper succession planning. We produce the necessary documents, facilitate productive meetings and work to build consensus among diverse stakeholders. Click here for the article.

How to cultivate entrepreneurship in the next generation by Donald Levitt, Ph.D. as published in Crain's Detroit Business,

 

Many family business owners want to transfer their business to their children. But if they don’t also transfer
an entrepreneurial mindset – the ability to grow a business and generate new economic opportunities – the
business is likely to stagnate. The owners need to transfer both a business and a legacy of entrepreneurship.

 

 

12 Steps for Successful Exit Planning by Jeffrey F. L. Smith.

 

As an owner of a family business, there is one absolute certainty – at some point you will

transfer your business interest. Planning for this eventuality can be complicated, and

even a little intimidating, because this is far more than just a business and financial event.

Family members, employees, other owners, and your own future are all at-risk. Your

professional advisors – accountant, attorneys, financial planner, insurance agent – may

each be great, but they may actually be adding to the confusion and cost because they are

not working in a coordinated manner.

 

Ten Rules for Success in a Family Business  by Donald B. Levitt, Ph.D.

 

Even if you have an MBA from a prestigious business school – you’re probably totally unprepared for the unique challenges of running a family-owned business. If you practice these ten “rules”, you’ll increase the likelihood of your family business lasting for generations. 

 

 

 

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