This week I was interviewed by Susan Solovic of “It’s Your Biz” radio show! It was so much fun to talk about the book once again and share tips and strategies. She is nationally syndicated, so here is a list of where you can listen live:
- WSDR-AM Sterling, IL: Saturday 12:00 PM
- KJCM-FM Hobart/Altus, OK: Saturday 7:00 AM
- WBIG-AM Chicago/Aurora, IL: Saturday 1:00 PM (or immediately following Cubs games)
- KGFF-AM Shawnee, OK: Saturday 7:00 AM
- WPIQ-FM Escanaba/Manistique, MI: Saturday & Sunday 12:00 PM
- KGOZ-FM Trenton, MO: Saturday 6:00 AM
- WRHL-AM Rochelle, IL: Sunday 1 PM & 11:00 PM
- KARV AM Russelville, AR: Saturday 11:00 AM & Sunday at 9:00 AM
- KARV FM Russelville, AR: Saturday 11:00 AM & Sunday at 9:00 AM
- KMAR-FM Winnsboro, LA: Saturday 7:00 AM
- WHAR-AM Chicago/Harvard, IL Saturday: 6:00 AM & Sunday 2:00 PM
- KSIS-AM Sedalia, MO Saturday: 8:00 AM
- WKXQ Rushville, IL: Saturday 7:00 AM and Sunday 4:00 PM
- WHPO FM, Hoopeston, IL: Saturday 10 AM
- WLEM AM, Emporium, PA: Saturday 6 AM
- KROS AM, Clinton, IA: Saturday 10:00 AM
- WZWW, State College, PA: Saturday 5:00 AM
- KHUB AM, Freemont, NE: Saturday 6:00 PM
Did you know family businesses comprise 80-90% of all businesses in America? Family owned companies are responsible for 60% of total U.S. employment, 78% of all new jobs, and 65% of all wages paid. There are 1.2 million husband and wife teams running a family business. You know I love that. Let’s hear it for the family owned business!
Even though this is all wonderful, the truth is the average lifespan of a family owned business is 24 years. That may seem long to you, but it could be longer if there were certain issues that were taken into consideration earlier on. The truth is only 1/3 of all family businesses successfully make the transition to the second generation. A Pricewaterhous Cooper’s world wide survey of over 1600 family businesses found that 27% expect to change hands in the next five years, but 47% of those had no succession plan. So this begs the question….
What are your plans of succession?
This is definitely a process. Not something you wake up one day and decide, “Okay Junior, it’s all yours now.”
Most people think of transferring the financial portion, but what about the business philosophy, values, ideal clients, target market, and community involvement? Will the next generation be on board with that? And if they aren’t, do you care? What type of person do you want running your family owned company, which more than likely has your name attached to it?
In my coaching, interviewing and research, it has become abundantly clear that most of the family owned companies I talk to have no idea who will run the show when they decide to retire. Are you one of those? If so, take the time to consider getting these things in place:
- Consider who you are wanting to run the show for you – does their style reflect you and your company’s culture?
- Create a Strategic Business Plan – make sure your company has a sustainable business model that can be followed by new leadership?
- Create a Succession Plan
- Create an Estate Plan – not just a will
- How will the management of your company respond to your successor?
And the all important – what are you going to do when you pass the company on?
This of course is only the tip of the iceberg on this topic – but it gets you thinking. You don’t have to be Mrs. Field’s Cookies or any other large family owned company to be thinking of succession planning. Your family owned, couple owned business is just as important than any other company. You are in charge. Start putting the pieces in place to make sure your company goes on and you are properly compensated if you do pass it on.
For those of you that follow me, you know that I have been sharing an office not only with my husband, but our two children. Not the best environment for someone who does a lot of conference calls and webinars. Exiled to my kitchen table almost daily, I was determined to create a space that I could function properly in. Now I finally have it. We moved over the weekend and I converted a small bedroom into an office. I painted the walls a powerful purple and now I am on the hunt for a desk.
But not just for me. My husband is joining me in our new office, so he will need one as well. Looking for small and functional, but still have the ability to hide a ton a cables and wires – he does a lot of IT type stuff.
So not only are we dealing with a design challenge, but we are now facing each other while sitting at our temporary desks. I am hoping that we can still get work done. I am finding that I am chatting more! Oddly enough, I chatted less in the old office because I was trying to block out all the noise from my kids and not talking to anyone. Now, I don’t have to do that and I am finding myself not holding back with the chit chat. Interesting.
So I will keep you posted on our progress. Feel free to leave me some tips on desks, organization and so forth!
I recently read an article on ProBlogger.com written by Mr. Broke Professional: the husband in the husband/wife team behind Brokeprofessionals.com. I highly recommend following Broke Professionals blog by the way. I found it very entertaining.
I absolutely loved it. He does an excellent job of capturing a lot of the points I hit in my book. I know that over the years, my husband and I have collaborated on, edited and created a lot of writings and we went through all the same things he discusses.
He breaks up the advantages, like two heads being better than one and honest feedback/criticism as well as the disadvantages such as creative control issues and when personalities collide.
Would you consider writing a blog with your husband? Check out what Mr. Broke Professional has to say and let me know your thoughts!
Check out the full article here.
I recently put on my Facebook page update something awesome I was witness to. I was in a great goal setting workshop a couple weekends ago. This was an all day thing mind you. You went in at 9:00 and didn’t come out until 4:00. So many great business owners in there ready to take charge of their year. I met a lot of business owners – particularly ones working with their spouses. This does not surprise me because you are all out there!
At the end of the workshop, I was walking outside with a wonderful lady I had met that day and we were talking about – of course – the fact that she worked with her husband. She was excited to read my book and it was a nice conversation. We both approached our cars to find that someone mysteriously had left a single long stemmed red rose on her car window.
One guess who it was.
Later I spoke with her on Facebook and she told me her husband left her that rose in appreciation of her working hard on their business and taking time on a Saturday to get it done.
That is how it is done. Little things like that are so simple to implement to not only encourage one another in your business, but also to keep the spark alive. More often than not, you two are the only cheerleaders you have in the business. It is so important to maintain the balance of encourager, supporter, sounding board and even the romantic.
What small steps can you take today to show your spouse how much you support them in running your business together?
Just kidding of course. He did statistical analysis and data reconfiguration – this is what I found on a blog post when I did some research, because frankly, I had no idea either. This topic came up at one of my Mastermind groups. I used it as an example on how no matter how much you promote yourself or your business, the most unlikely people will have no idea what you do or who you are trying to reach…
So this holiday season when you are around your family, friends, neighbors, etc., consider cluing them in on what type of client you are looking for, any new programs you are going to be rolling out in the new year, and who your favorite client is. Arm them with business cards, or any other materials they are willing to give out. If they have a better understanding, they are more likely to send you just the person you are looking for. They are already your brand champion, they just need a little more training.
Lovely little question my husband put out there at dinner one night last week. I immediately followed it with a crack or two on my Facebook page – you know – just like a man to say that kind of comment and other quips like that.
However, she should be one of the role models of how to work with your spouse and not kill him. Or her (we are an equal opportunity blog)
Think about it. There has to be some major organizational skills going on in order to build, organize and wrap toys to deliver in one night. I am aware he has an army of elves, but someone has to make sure everything is running smoothly with the employees. Is it Santa or Mrs. Claus?
DIVIDE AND CONQUER TIP
Know your strengths and divide the duties based on those strengths.
If you are the one who can command an army of little people, then do so. If you are easily swayed by their sweet little faces, then maybe this job should go to your spouse. Either way, be respectful of the decision your spouse has made. If an elf has to go, they have to go.
Even if it means less cookies are being made while she handles the employees.
So excited to be kicking off this new blog and site especially made for soulmate entrepreneurs. My book has been a journey that has taken me through some tough topics not only for myself, but for the others I spotlight. I have come to notice that this book will not only serve husband and wife teams, but all business owners. I truly want this blog to serve a purpose of knowledge and support for anyone that owns their own business. Of course we will focus a lot on the spousal arrangement – duh – but I think so many things will apply that it will be easy for any entrepreneur to have some benefit.
But it only works if we all play together. So roll up the sleeves and get ready to post your comments to my thoughts, as well as others. It is only by working together that will will all learn and grow.