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From monthly archives: May 2019

We are pleased to present below all posts archived in 'May 2019'. If you still can't find what you are looking for, try using the search box.

Family Business: Grooming the Next Generation

The final measure of an organizational leader’s success is not only how well the organization functions after his or her tenure but also throughout their succession process. In other words, did the chief executive officer (CEO) prepare a successor that could continue to grow and advance the organization? In a family business, this is critical for the engine or business that drives the family’s wealth and well-being. Ideally, the next generation includes multiple talented members, actively involved in the business, and committed to its long-term success. The time will come when the critical question is asked, “Which member should be the next CEO?” Often, the answer is apparent, and sometimes multiple family members vie for the position. It’s important to note, however, parents may not always be an objective evaluator of the talents of their children. In fact, a professional, individual assessment should be considered to provide an independent evaluation of strengths and wea ...

Downsides and Challenges to Growth

Typically, growth and expansion are indicators of a healthy business. However, there are typically many misconceptions and a greater story behind those growing businesses. It may be easy to get caught up in others success stories, especially when hearing that someone increased their revenue by 300% or they expanded their workforce to four times the size in the past quarter, for example, but that’s only half the story. Risk is the key element facing every business from the start, but that risk never goes away; it only multiplies. Risk is associated with growth, but it’s how you face the challenges of risk and adjust with growth that plays a key role in your business’s success. Get more information on the downsides and challenges business owners face as their business thrives, as well as advice on adjusting with these shifts: Cash flow management and the growth of reserves. Rick Sems, First Bank Executive Vice President of Commercial Banking, candidly explains that the biggest ele ...