Beyond the Founder: Beating the Odds in Family Business Succession
Manage episode 444522624 series 3513258
In this episode of The Disruptor Podcast, host John Kundtz discusses the challenges and opportunities facing family-owned businesses with guest Lowell Mora, CEO of Impact CFO.
Together, we explore why 50% of family businesses fail after the owner's death and how Lowell's "disruptive" approach can provide invaluable insights on avoiding common pitfalls and ensuring lasting success across generations.
Key Topics Discussed:
- The alarming statistics behind family business failures
- Common mistakes in succession planning
- The importance of early planning and overcoming ego
- Key financial practices often overlooked by family businesses
- The value of fractional CFO services for small to mid-sized companies
Highlights:
- Only 1 in 3 family businesses survive to the second generation, and just 1 in 8 make it to the third
- 40% of family business owners consider themselves financially illiterate, yet 81% handle their own finances
- The benefits of implementing basic financial reporting and budgeting practices
- How to approach succession planning 5-10 years before intended exit
Lowell's Key Advice:
"Check your ego at the door and realize that you're not going to be able to run the business forever. Put a plan in place and say, 'Hey, I'm not gonna be around forever.'"
Deep Dive Opportunities:
Want to unlock the secrets to preserving your family's legacy?
Contact Lowell for a free consultation and access to his 13-week cash flow forecasting template.
- Email Lowell at: Lowell@impactcfo.net
- Visit the Impact CFO website
- Call (847) 212-4081
- And don’t forget to connect on LinkedIn
Comments or Questions? Send us a text
***
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Разделы
1. Avoiding Mistakes in Family Business Succession (00:00:00)
2. Financial Planning in Family-Owned Businesses (00:11:18)
25 эпизодов