Why 50% of Family Owned Business Don't Survive

Yep! You read that subject line correctly and I know it's shocking.

This is a future I never want to see any business go through and especially not yours. And, before you walk away shaking your head while professing "this will never happen to our company", I'm in agreement with you 100%, let us talk through a few items to help support that goal.

When I read this article in Forbesas painful as it was to hear, I knew it was accurate. 

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However, what I do know is that this is 100% avoidable. How? I'll share with you what I walked a client through earlier this week during an audit session. 

"Success and failure both start and end with the leadership"

She sighed, deeply and I knew there was more to the story. You see we have been working together for a few months on a strategy to scale the business. With each new set of deliverables assigned to their team, along with the support of my team, this client would pause before executing the task. When I asked them why the delay in moving forward a a wide array of responses would be given. Can you relate to any of these?

  • "If I make the change in that department it will upset this family member."

  • "Family member 'X' has been in charge of that department for years and I trust that they're doing the right thing" 

  • "Every time I make a suggestion the team tells me I'm being defensive, I would rather not say anything at all.

Can you see that if these type of objections are allowed to continue my client's company could end up in the 50% that don't make it? Thankfully, this client is committed to change and I wouldn't let them off the hook that easy.

Whats the commitment they've made? The new motto is "Success and failure both start and end with the leadership and they will be the leader that wins"

How can you make the same change within your organization? I invite you to join me next Thursday, March 14th at Noon EST for a private online webinar "The Business of Family- Increasing Revenue, Resolving Conflict & Expanding Market Share for Family-Owned Companies"

Click here to reserve your seat 

I'll see you at the training. 

Know of someone that this training might be a good fit for? Use this link to share the event with them >>> www.ladawntownsend.com/familybusiness