“We were never thinking long term like that,” dad Bill admitted of the 25-year milestone. “We were just taking it one day at a time. I was thrilled to be able to hand it off to Peter.” ... See MoreSee Less
"Organically grown through word of mouth," said Parker. "Person walks through a gym with these on and the next thing you know the gym wants to put them in their pro-shop, or a personal trainer wanting to offer them to their clients." ... See MoreSee Less
"Family businesses are a huge part of America’s economic landscape. But some 70 percent of family businesses do not outlast the first generation, according to Harvard Business Review. And of the 30 percent that make it to a second generation, only 12 percent survive to be passed down to a third generation." ... See MoreSee Less
"Inspired by their parents' mantra that people should do more in life than just exist, the brothers wanted to build a campus in Sri Lanka that would help fellow orphans. Their flip-flop firm would help to fund it, with 10pc of profits going toward the Gandys Foundation, which supports their "Orphans for Orphans" initiative to help underprivileged children with education, medication and nutrition." ... See MoreSee Less
"While all businesses have a lifecycle, a business that’s competitive at one stage of an industry could need a vastly different scale in management style and skill, technology and capital to compete well in another stage of the ‘game’. If a family wants to remain in a particular business, or game, over several decades, it needs to have the necessary talent, adequate financial resources and a certain measure of flexibility. When the business stops adapting to its industry, it dies." ... See MoreSee Less
"Whether you’re an entrepreneur, an individual, or an organisation, this series is packed with plenty of tips and tricks that you can apply to your own thinking - to disrupt the way you work and the world around you." ... See MoreSee Less
This year we’ve been lucky enough to be joined by disruptive and creative thinkers from so many different walks of life on the Virgin Disruptors Podcast, who have share some truly unique perspectives on life. Here are five of our favourite... Whether you’re an entrepreneur, an individual, or an ...
"When the business runs into a rough patch, the external experience tends to help turn it around. Working in an environment away from the comfort of the family business helps build character." Read more at buff.ly/2EOgsf4... See MoreSee Less
“Survivability capital” is a term associated with family businesses and their ability to endure adversity. Going above and beyond is often a feature of those who work in family firms, due to family businesses’ innate ability to connect staff to the family mission in a tightknit working environment. ... See MoreSee Less
"The problem is, business owners are busy running and growing their companies and often too busy to think about how they might exit the business. “Retirement” is not a frequent word in their vocabulary, which often results in a lack of retirement-planning, both for the future of the company and with the family finances." ... See MoreSee Less
With a unified succession plan in place, business owners can approach the switch with confidence, helping to reduce the anxiety of the owner, employees and family, writes Jason Whong of U.S. Bank Private Wealth Management.