Radio Interview with Rachel Owens & Bill Sornstein
Rachel Owens and Bill Sornstein, Owners of Succession Strategies, talk on the show Critical Mass with host Ric Franzi about the issues and opportunities of succession planning in a family-owned or closely held business.
Among the topics we discussed in this wide-ranging 45 minute interview are
Our background in business and succession planning
The challenges that family businesses face keeping the business in the family.
Our process in working with a family business client.
Why we take a "holistic" approach to family business succession.
How and why to get all the stakeholders involved in the process.
The "iceberg" of issues in the family and business and why it can sink the family business if you only deal with the "tip of the iceberg".
How to balance the (often) conflicting needs of the family members and a growing business.
The "final test of greatness" for any CEO.
The low success rate of businesses moving into the 2nd or 3rd generation.
How to keep the family business moving in a positive direction.
The long term planning horizon of successful family businesses.
How successful family businesses are coping with the recent economic events.
Building an effective Board of Directors to help you get to the next level of success.
Why the succession planning process often takes 3-5 years to implement.
Why it is so important to work "on your business" rather than "in your business".
Helping your successor gain the necessary experience and to "build your bench".
Why a Family Council makes good sense for many family businesses.
The impact of Social Media on family businesses, especially with the 2nd and 3rd generation.
How to unlock some of the illiquid value in your business and create a "liquidity event" to fund retirement income.
Why "transfer at death" is the worst way to pass on your business to the next generation.
Maintaining passion in the business and the kinds of roles that entrepreneurs can take on after succession.
How we help women owned or "disadvantaged" businesses build their business.
Our newest organization, the Business Growth Alliance, and how it helps connect local business owners.
Click on the player below to access this interview. It originally aired on www.octalkradio.net on February 24, 2010.