Do you know that two out of three family businesses fail to make it past the second generation? Worse yet, six out of seven don’t make it past the third generation.

Surveys show 75% do not have a written succession plan and only 54% have chosen a successor.  And only 42% have written business plans or hold regular board meetings - and that’s probably an overestimate!

In this episode, our hosts, Lonnie Sciambi and Stan Simkins, also known, respectively, as “The Entrepreneur’s Yoda” and “The Family Biz Doc” will talk about family business and what it takes to continue a successful family past the early generations.. 

They’ll talk about how business succession planning often creates more problems than it solves because of the emotions not just generated by the business issues, but by interpersonal family issues.

They’ll also talk about “fairness” regarding compensation and equity for siblings in the business that can be clouded by historical family issues and intra-family competition within and between generations.

Family business is fraught with emotion and the dynamic duo of Stan Simkins and Lonnie Sciambi will touch on that emotion with this new session with your personal tour guides to business freedom. And, as always, they’ll regale you with war stories, that both carry a solid message, lesson or may bring a chuckle or two.

Find more resources and learn more about their monthly, 90-minute VIRTUAL roundtables at SBVirtualRoundtables.com

And feel free to shoot us an email at [email protected] with any feedback, questions, recommendations, or ideas for future topics of conversation.

Connect With Lonnie Sciambi

Website:        www.thevalueforce.com 

LinkedIn:        www.linkedin.com/in/lonniesciambisprofile

Twitter:           www.twitter.com/yodacanhelp

Connect with Stan Simkins

Website:     www.CapitalFamilyBusiness.com

LinkedIn:        www.linkedin.com/in/stanley-simkins-79399629