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Family Businesses: The Secrets of Successful Succession Part 1

Monday, February 28th, 2011
Mandy Farmer, President of Accent Inns

Mandy Farmer, President of the family business

I personally love family businesses, and not just because I am in one!  I love how it can give people the opportunity to fast track themselves to their full potential.  I love how family businesses seem to have more values, ethics and personality rather  than the faceless “Big Boys”.  I love how family relationships can turn exponential when a father becomes a friend, a colleague, a business partner.

Of course, family businesses can go the other way. I can’t think of anything worse when family relationships turn sour because of the business. I’m a firm believer that the family has to come first.  As for myself; we are a 3rd generation family business and I confess, we’ve gotten darn good at succession issues.  I continually get asked how we did it, so here are my Secrets to Successful Succession, keeping not only the business in tact but more importantly our relationship. (more…)

 

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