Family businesses are an important driver to the US economy. According to the Family Business Center, they account for 64 percent of US Gross National Product and more than three-fourths of all US job growth.
However, only 30 percent of all family-owned businesses survive to the second generation, and only 12 percent make it to a third generation. Why do 70 percent of family businesses fail to transition? The No. 1 reason is problems with communication and trust, followed by a lack of preparation for the next generation to take over.
Enter McArthur Executive Development. Dan McArthur understands that most family businesses have their own unique personality and value set that derives from the founders themselves. These unique qualities inspire great pride and energy for everyone involved, but if not managed properly, these same values and legacy create challenges and negative results for family businesses.
Dan knows that the development of family businesses needs someone equally skilled in both family and business issues. It requires respect for the boundaries between business and family – no matter how faint those lines might be – and a high level of confidentiality.
Dan has created a document called the Family Business Covenant, which he customizes for each client to define key elements of family business operations, communication, and leadership between family and non-family members of the business. He also facilitates discussions for developing a succession plan that settles who takes over and on what timetable.
Let Dan put his experience as a Certified Counselor and Master’s degree in organizational psychology to work for you overcoming the roadblocks to successful succession planning and other issues that can lead to the failure of your family business.
Contact McArthur Executive Development today to receive a free assessment of your family business, and let Dan help you increase the likelihood of your business surviving for many generations to come.
How Dan Facilitates Transition
McArthur Executive Development facilitates the change process and brokers deep trust commitments from each partner by utilizing healthy dialogue, appropriate accountability, and increased competence in managing the inevitable pushback.
Consulting with McArthur Executive Development will be the best investment that partners can make to get their business back the right track.
“I believe your greatest strength is the pragmatic way you approach a problem. Most of the issues you dealt with at Compli involved the relationship between people and people or people and a role. You were capable of analyzing the people and could articulate the differences between their capability and their desire. Your comments were similar to ‘this person wants to do the job, but they are going to need a lot of support and help’ or ‘this person cannot grasp the task and the importance based on their own values.’ You bring a new dimension to decision-making for conflict resolution, promotion, performance concerns.”
David Childers, CCEP, CIPP, OCEG Fellow
“You have the ability to predict how someone will respond in work situations simply based on how they are ‘wired’. In most cases, you absolutely nailed it!”
Kristine Loucks – Partner Pittman & Brooks CPA