As the founder or next-generation steward of your family business, are you in the right "seat" to lead your company today and prepare it for tomorrow? The role of an owner-operator often has blurred boundaries, and this is not a simple question.
Today, we illustrate certain key factors you should consider when thinking about your scope of responsibilities today and tomorrow.
Some key considerations include:
Your own:
Skill set, capabilities, and expertise
Time available for the business
Short and long-term goals for the business and your family
Roles and responsibilities that you enjoy
Runway to retirement
Personality type
Your business's:
Available cash flow to hire additional family or non-family operational management
Relative efficiency and self-sufficiency of day-to-day operations
Existing leadership and management capabilities beyond yourself
Relative competitive positioning
Your family's:
Capacity, willingness and availability to take on responsibilities within the company
The external landscape:
Recent or expected competitor moves
Evolving markets
Evolving technologies
Based on these factors and others, are you in the right seat? How might you adapt your role when thinking about today and tomorrow? Food for thought.
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Welcome to our new family business blog, and thank you for joining us as we chronicle our journey!
Sincerely,
Greg Romero
Founder & Principal
Romero Solutions Group

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