Positioning the Family Business for Growth
As our family businesses grow, we need to begin introducing more formal structure and organization while retaining the unique benefits of being a small business. Some of the issues include, formalizing the organization structure, stricter financial reporting, recruiting non-family executives, and openly sharing strategy with employees. Understanding what outside investors find important when valuing a private business can help us develop and grow the business in a like way even if we aren’t planning to sell.