Today I talk to Barry Banther about succession planning for your family-owned business and how to exit gracefully with the proper plans in place. He also shares with us the top problems that are unique to family businesses, as well as the skills that are needed to lead a successful family-owned business.
“In a family-owned business, it’s imperative that you do the exit planning. It’s necessary to make sure you’re ready for any contentions. It takes about five years to put not only the plan in place but also to prepare all the people that are involved to prepare those people.”
Listen to the podcast below:
This week on SmallBizChat Podcast:
- Helping families thrive in business and live in harmony.
- Separating the business and the family to make sure both succeed.
- Success planning, not succession planning.
- Problems that family businesses have.
- Ways to exit a family business.
- Having plans in place for disagreements and clear communication channels.
- The five skills needed for leading a successful family business.
Resources Mentioned:
- Use SBL50 to get 50% off all online courses at: http://smallbizladyuniversity.com/
Connect with Barry Banther:
- Website: https://barrybanther.com/
- YouTube: https://www.youtube.com/channel/UCwglzsDbdcwsc6AJ2WFDM4w
- LinkedIn: https://www.linkedin.com/in/barrybanther/
- Twitter: https://twitter.com/BarryBanther
- Facebook: https://www.facebook.com/barrybanther
- Book: http://aleadersgift.com/
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