There’s an undeniable emotional appeal to the idea of a multi-generational business. For many people, even just hearing the phrase “family business” implies parents, children, and even grandchildren working together, with younger generations taking over control of the business and continuing its success after the founders retire, die, or otherwise pass the torch. While this business setup can be beautiful and intensely meaningful, it can also be dangerous if assumed as a default and not given proper, intentional consideration.
It’s been two years since we last wrote about the concept of defining and leaving your legacy. With so many independent and family run businesses undergoing significant changes, restructurings, or even closings during this economic crisis, it seems important to revisit this idea, which is one of the most vital and personal lessons all entrepreneurs must learn as they age and begin thinking about retirement. Coming to terms with your life as you’ve lived it and how it relates to your identity, your business, your personal values, and even your personal belongings is no small feat, and it’s impossible to even begin quantifying how many people have retired and even passed on without feeling comfortable with the legacy they left behind. Fortunately for entrepreneurs and those who run family businesses, Tom Hubler has put together his own model for how to map out the legacy you want to share with your family and with the world. Hubler’s Legacy Model™:Tom Hubler says he has “come to look at Legacy as your gift to the future to help others find their own success.” In other words, if you feel you’ve lived a life well-lived, your legacy is the roadmap that others can use to discover their own lives worth living. Hubler’s Legacy Model™ is made up of five different areas and aspects of life--both financial and non-financial--that should be considered when defining the legacy you want to pass on as a business owner and entrepreneur. The five areas are as follows, in no particular order (as they all interrelate):
According to Tom Hubler in his book The Soul of the Family Business, “Fine-tuning a legacy system requires implementing all five aspects of the model. It’s important to capture stories that relate to family and history, and to consciously voice life and family values.” For a lot of us, these aspects of our legacies are things we understand intuitively--but the difficulty comes in bringing them to the forefront and considering them with mindfulness and intentionality. Doing so enables us to truly build and define our legacies, rather than leave them as nebulous hopes and dreams. For stories of successful legacy planning, pick up The Soul of the Family Business by Tom Hubler. Through personal anecdotes, real-world case studies, useful tools and frameworks, and more, Hubler offers an in-depth look at how entrepreneurs can leave a lasting impact on the world around them. You can pick up The Soul of the Family Business, available in hardcover form on Amazon.com, directly through Itasca Books, or at a bookstore near you. And of course, if you’re ready to take the next steps, you can always contact Hubler for Business Families today. Originally posted by Conservis (farm management software system). Families are complicated. Farming is complicated. Family businesses are complicated. So family farm businesses? One might say they’re the most complicated. Tom Hubler is a well-known expert in family businesses: he's appeared on television and has been quoted in places like the Wall Street Journal and the New York Times. He lives in St. Paul, MN, and we were fortunate to have him present at our 2020 Customer Summit. Last month, we started our discussions of Inside-Out Succession Planning™, a framework for creating plans to move the business from a current (and often original) owner. Transferring a business from a founding generation to new ownership is a hurdle at which many otherwise successful businesses fall. This is not necessarily due to incompetence on the part of either the new ownership or the founder, but rather a failure to take into account all the complexities involved in smooth, financially and emotionally healthy transfer of power and leadership.
One of the single hardest aspects of maintaining a successful family business is transferring it from one generation to the next. Only a third of family-run businesses will survive the transition from the first generation to the second, and while this is often attributed to the founding member’s singular vision, singular leadership style, or singular business mindset, the truth is that many of these failures are not due to a new generation unable to live up to the founder’s ideals but rather the founding generation failing to adequately create a smart succession plan.
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Family Renewal Retreat™SCHEDULE YOUR FREE ORIENTATION MEETING.Take this risk-free first step in ensuring the continued success of your family business now. There is no charge for the orientation meeting other than out-of-pocket expenses for travel.
TOM HUBLER WILL GIVE YOU A FREE ORIENTATION.Does your family business need help with succession planning, conflict resolution, management or other issues? If so, we'll arrange a one-on-one orientation meeting with you and Tom Hubler to help you explore the possibilities of working with us. If you choose, your family and business associates can also attend. Here, in a relaxed environment, you can talk about:
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