One of the biggest challenges for a business owner looking to transition their business to the next generation is figuring out who to transition the business to and how to know when that next generation is ready to take over. What does it look like when someone is ready to take over the company? Will you just know it when you see it? Should you have the next generation just follow you around for six months or a couple of years to learn by osmosis?
Family can be a blessing and a curse. That’s true whether you are talking about real life or your business. At times we can become too “familiar” with each other. Usually when that happens with family in the business we will overlook things that we wouldn’t otherwise overlook in our employees or business partners who aren’t family. Too often, it comes to the point where someone needs to leave. So what do you do?
We are joined in studio by Alex Gertsburg, owner of The Gertsburg Law Firm), a law firm that is quite unlike other law firms you’ve encountered. In fact, The Gertsburg Law Firm is the result of lessons Alex learned earlier in his career working for a combination of big law firms and then going in house where he had to hire outside counsel. In short, Alex couldn’t find the right firm to work for or hire so he created it
Tonight is the second part of a show we started last week to talk about how to transition the business from one generation to the next. These two shows are geared to the current owner and questions and concerns they have. Net week we will get into questions from the next generation’s standpoint, but this week and last week’s shows should be helpful for you as well.