Barry Banther is a family business expert. He is a speaker and a gentleman, and he has been helping family businesses work together and live together in harmony for over three decades. He’s been a lead consultant on over 400 engagements to help improve small business performance. From strategy to planning to secession and exit strategies, Barry’s clients depend on him. A client and president of a 120-year-old family business described Barry this way, “Barry is a leader of leaders. His wisdom, encouragement, and knowledge have helped us grow personally and professionally for the past ten years.” If you want more information about Barry Banther, go to BarryBanther.com.
Today I talk to Barry Banther about succession planning for your family-owned business and how to exit gracefully with the proper plans in place. He also shares with us the top problems that are unique to family businesses, as well as the skills that are needed to lead a successful family-owned business.
“In a family-owned business, it’s imperative that you do the exit planning. It’s necessary to make sure you’re ready for any contentions. It takes about five years to put not only the plan in place but also to prepare all the people that are involved to prepare those people.” – Barry Banther
Listen to the podcast below:
This week on SmallBizChat Podcast:
Helping families thrive in business and live in harmony.
Separating the business and the family to make sure both succeed.
Success planning, not succession planning.
Problems that family businesses have.
Ways to exit a family business.
Having plans in place for disagreements and clear communication channels.
The five skills needed for leading a successful family business.
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Connect with Barry Banther:
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The post The SmallBizChat Podcast: Transitioning Leadership in a Family Business with Barry Banther appeared first on Succeed As Your Own Boss.