Barry Banther is a family business expert. He is a great speaker and gentleman, and has been helping family businesses work together and live together in harmony for over three decades. He has been a lead consultant in over 400 negotiations to help improve small businesses. From planning to planning for separation and exit, Barry’s clients rely on him. The buyer and president of the 120-year-old family business described Barry this way, “Barry is a leader of leaders. His wisdom, motivation, and experience have helped us grow personally and professionally over the past decade.” If you want more information about Barry Banther, go to BarryBanther.com.
Today I’m going to talk to Barry Banther about succession planning for your family business and how to exit gracefully with the right plans. They also tell us about the top challenges that are unique to family businesses, and the skills needed to run a successful family business.
“In a family business, it’s important to plan for exits. It’s important to make sure you’re prepared for any conflicts. It takes about five years to put the plan in place and prepare all the people who are involved in the planning process.”
Listen to the podcast below:
This week on the SmallBizChat Podcast:
- Helping families succeed in business and living together.
- Separating business and family to ensure that everything runs smoothly.
- Good planning, not sequential planning.
- Problems faced by family businesses.
- Ways to exit a family business.
- Have policies in place for dealing with conflict and clear communication strategies.
- Five essential skills to run a successful family business.
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