Family Business Succession
Baby boomers are starting to retire. Many of these boomers run their own businesses and have given little if any thought to the best way to continue their family business legacy and transfer wealth to the next generation. Without proper planning, much could be lost in respect to family dreams, ambitions, wealth and relationships. Here is a shocking fact: less than one-third of family businesses survive into the second generation, and only 13 percent will make it to the third.
And what about those 30 and 40 year old entrepreneurs who think they are going to live forever, making no contingency plans for the worst-case scenario? This is irresponsible behavior especially if family members and employees are not protect to weather the storm.
Succession planning can address all of these issues and provide for smooth sailing through potentially rough waters. Let us work with you to reduce the risk to both your family and business.
Achieving Business Success
Successful organizations understand their people. They know how to put people in the right jobs, how to motivate, develop and retain them. They can communicate the company’s vision and mission and get their employees to fully buy into these values and work hard to achieve them. Their future is bright because their employees are proud of their company and treat it like their own.
Unfortunately, most companies struggle to connect to their employees. The work environment is not conducive to high levels of productivity and employee engagement. The results are costly: low morale, turn-over, lost productivity, work-related stress, poor customer service, lack of teamwork, poor leadership, and the list goes on.
Lohoff-Gaida Consulting, LLC helps organizations achieve success by better understanding and employing their most valuable asset: their people. How do we help you meet these business challenges? By working with you to create excellence in the areas of:
And, if you are an international company, we have over 25 years of foreign experience to help address any international human capital issues / opportunities that you may be facing.