By Pavlo Phitidis
Building a family business, and passing it down as both a legacy and an asset, is seldom achieved. A mere 30% of family businesses passed on to the next generation survive, and only 12% making it to the second generation. A tiny 3% survive to the third. This week, on The Money Show with Bruce Whitfield, we outlined the ways succession plans go wrong, and how you can ensure your family business enjoys not only longevity, but long-term success too:
Smart and successful businessmen have faith in their vision for their companies, but they need to be aware of their limitations and see themselves and their situations in the proper light.
A failure to do this leads to the business blind spot, a place where we can’t see what is going on around us. It’s also a place where we see things not for what they are, but what we perceive them to be. It grows from a history of how things have always been done in the business and a narrow view of what the business needs going forward. On The Money Show with Bruce Whitfield this week, we discussed business blind spots, how they develop, what they cost your business and how to prevent them.