I’m pleased to announce the launch of my new book, Defusing the Family Business Time Bomb! This isn’t just another family business book. Why? Because family businesses are facing the most explosive challenge in a generation.
The reason? While it is quite normal for a typical family business to be inundated with challenge and change, seldom have so many potential threats been evident:
- Demographic factors. The majority of aging Baby Boomer business owners do not have a succession plan and don’t appreciate the reality that there are a limited number of potential successors.
- Disruption of key industries. New, complex business models and rapid digital/technological advancement have the potential to reduce valuations and make transition to new ownership either irrelevant or much more costly.
- Dramatic change in the global economy. Makes strategic planning difficult, increases competition, and could escalate the cost of doing business, thereby shrinking profit margins.
- Uncertain financial times. Complex tax changes, restrictions to family income sprinkling, and a new clawback of the small business deduction all impact profitability, investment opportunities, and access to capital. This challenge could be especially difficult for young entrepreneurs or successors.
- Typical family business problems. The conflict, apathy, sudden or emerging illness, or control issues can affect relationships, decision-making and, ultimately, the health of both entities: the family and the company.
Business leaders are under siege, but do they know it? These issues are significant and very much present in the current business environment, with additional evolution and challenges occurring with each day that passes.
Whether you are a long-time business owner getting ready to transition out or a new entrant to the “gig economy”, poised to grow and expand, you will appreciate this book for its contemporary and practical advice. It brings a common-sense approach to the challenges associated with building a company that has the potential to be sold to someone else in the future. This from two experienced authors and business leaders who have helped the owners, executives, investors, and professional advisors with whom they work to prepare for the most explosive challenge in a generation: the retirement of the Baby Boomers and transition of their companies to a new guard, who face pitfalls and opportunities of their own.
Join me and Evelyn Jacks on this important journey for your business and your family. Pre-order your copy here!