Our succession process began without a formal plan. I eventually realized that the do-it-yourself approach had lost traction on both the business and family fronts. Was it too late to create a proactive succession plan? I often refer to myself as the “illegitimate” third generation of Ostbye & Anderson, the Minneapolis jewelry manufacturer founded by my wife’s family in 1920. My father-in law never liked […]
What does a son, daughter, cousin or in-law think about the business owned by a family member? Platinum Partner Steve Coleman answers this question and more in the February/March issue of Upsize Minnesota. As Steve wrote, “Whether or not they are involved daily in that business, a family business does affect the entire family. Yet many business owners of privately held companies do not usually […]
Enhanced forecasting can help firms take action before exhausting their cash
Ever feel on the brink of cash flow exhaustion? You know the signs: an abrupt change in the marketplace, a failed ownership transition, mismanagement or simply the failure to make your sales forecast from month to month. The result is the same in each case: running out of cash.
Platinum’s Tom Hubler has drawn from more than 35 years of his experience advising family businesses to author a new book called “The Soul of Family Business: A practical guide to family business success and a loving family.” Packed with family best practices and practical tips from managing conflict to succession planning, “The Soul of the Family Business” is an essential guide for family business […]