| 10 Rules for Family Businesses March 13th, 2022 by Bill Boyajian |
 1) Potential successors of a business should work somewhere else first. 2) Don’t cripple the younger generation by making it too easy, or too hard, on them. Find the right balance. 3) Learning to let go of more decisions in the business isn’t a sign of weakness, but rather strength, mainly because it hurts. 4) Earning the right to take over means being prepared, taking responsibility, exercising patience, and working like an owner before you are one. 5) The better the personal relationships in a family, the better the family business transition. Learn to get your ego out of the way. 6) Don’t let “family baggage” creep into the family business. If it does, use honesty and “tough love” to eliminate it. 7) Any transition result must first serve the financial needs of the outgoing generation, but must also be good for the incoming generation. 8) Everyone must agree that the best interests of the business come first, not the individual desires of family members. 9) Good communication and clarity of expectations are key to a business transition process. 10) Family businesses can be the envy of every other business form if led and managed effectively. Tags: Advice, Balance, Business, Business Development, Business Tips, communication, Decision, Developing Leaders, Earn, Effective, Family, Family Baggage, Generation, Individual, Knowledge, Learn, Manage, Patience, Potential, Prepare, Relationship, Responsibility, Rule, Strength, Strong, Success, The Mind of a Leader, Tough Love, Transition, Weak, Work |
- Home
- About Bill Boyajian
- Family Business Succession Planning
- Developing the Mind
of a Leader - Consulting
- Speaking
- Coaching
- Business Transition &
Succession Planning - Blog
- Associates
- Store
- Contact
“I needed help orchestrating a succession plan for our business. I had heard that Bill Boyajian specialized in assisting owners to transition their business to the next generation. He knows how to bridge the generation gap and deliver what each needs to hear. I would recommend Bill to any business owner who needs advice on succession planning from a trusted outside professional.”
–Charles Denaburg,
Managing Partner,
Levy’s Fine Jewelry
Birmingham, AL
"Our family needed some guidance on business transition and succession planning. We asked Bill Boyajian to help us because we knew we could trust him to tell us what we needed to hear. Bill became a valuable resource for our company and our entire family. He has the ability to meet each of us where we’re at and it has served us very well."
–Ceylon Leitzel
Leitzel Fine Jewelry
Hershey & Myerstown, PA
“We needed a plan to transition our business to a non-family member and we asked Bill Boyajian to help us. His experience in the area has really paid off, but we didn’t expect the added value of putting us together with a financial planner who helped organize our retirement needs. We now have the fundamentals to transition our business successfully, and we have Bill to thank for it.”
–Ernie & Debbie Cummings
Kizer-Cummings Jewelers
Lawrence, KS
Connect with us at:
