Lion Street’s Post

Family-owned businesses form the cornerstone of our communities, but too often, they lack succession plans. In this video, Casey Jorgensen, CFP®, RCC™, Dynasty SVP, Relationship Management, shares how advisors can empower these businesses to flourish through generational transitions, preserving their legacy and elevating their firm's growth. Our advisors are independent but not alone. Independence is #PoweredByDynasty #wealthmanagement #independentfinancialadvisor #RIAs #financialadvisor #financialplanning #businessplanning #practicemanagement #businessmanagement #thoughtleadership

Only one-third of family businesses make it to the 2nd generation, according to Harvard Business Review. → How do we improve that? I’d argue that Succession Planning is one of the best ways. A documented plan that outlines who will take over leadership–and just as importantly–what the process will be for transitioning those roles and responsibilities. This is what I specialize in at Double Iron Consulting. I’ve done this myself and I help others do the same by serving as an Independent Board Director. If you’re a 1st-generation family business, let’s talk about how to create your  lasting family legacy. https://lnkd.in/eHHqRB2G

Key point at the end (2 min) re: Wesco. VERY often a business is more important than it’s current leader. As sooner or later a monkey will run it, inevitably. Think hard about the business itself and it’s unique competitive sustainability, long-term. This will allow you to perceive bargains in quality businesses when others are fleeing for the exits yelling fire!

Are you familiar with any of the following scenarios? “My business unit leaders never set realistic budgets, I have to push them and prod them to get growth—did I hire a bunch of chicken hearts? How can I get them to be more entrepreneurial?” “I am tired of the head of sales coming in here and giving us completely unrealistic sales numbers for our budgeting process.” “Why does our business keep promising and never delivering? I think we are owed a little return on our family business ownership.” In a recent FamilyBusiness.Org article, Generation6 founding member and Board Chair, Joe Astrachan, shares his 40+ years of witnessing the complexities and frustrations of budgeting in family businesses. Joe examines the dual purpose of budgets as both planning tools and expectation-setting mechanisms, noting their impact on incentive compensation. The piece traces the historical development of budgeting and sheds light on how conflicting motivations, from Sales to Finance, complicate the process. Joe emphasizes the necessity for balanced and pragmatic budgeting practices that support sustainable operations and strategic growth. Read part one of this two-part series at bit.ly/4bQxN7b and stay tuned for part two coming soon. Join us in conversation. generation6.com #generation6 #buildingfamilycapacity #familybusiness #familyenterprise #familyowned #familyoffice #wealthmanagement #familydynamics #familycohesion

As the great John Wooden said, “When the opportunity comes it’s too late to prepare”. This is why working towards a solid exit plan and maximizing your company’s valuation should be top of mind from day one. A few simple principles to keep in mind are: 1. Committing to work ON the business, not IN the business 2. Committing to growth 3. Executing a solid exit process 👇 Join me this month to get a copy of The Valuation Checklist. Register below 👇 #scalingup #entreprenuership #leadershipdevelopment #teambuilding #salescoaching

Check out one of the great speakers for this year’s EDSymposium24!!! It’s our one and only Deborah Gill! Sure she will have a lot of great information to share. For more information on the speakers and topics, checkout the SDA National page.

Ever wondered what makes family businesses tick differently from the rest?  There’s generally a deeper connection… a long-term vision… and a level of trust that’s hard to beat. 🥁 But lessons remain to be learned if you’re not a family business. 🧠💡 Some family businesses, like Li & Fung, have been around for nearly 120 years. 😲 Their shareholders get that next week’s stock price doesn’t matter — they’re playing the long game. Decisions are made with sustainability in mind, looking ahead to what will benefit the business and its partners in the future, not for the next shareholder’s meeting. Li & Fung’s exceptional capability to adapt seamlessly to fluctuating market conditions ensures they can do so in real time. They also recognize that long-term relationships are key to their longevity. In a family business, everything is based on trust.  Li & Fung and businesses like it have built their success on relationships extending far beyond transactional deals. While MU Group may be younger, we are guided by the same enduring principles and learn from them. And although MU Group and Li & Fung are technically competitors, we continue to be friendly and learn from each other. Each has taken cues from the other, constantly pushing each other forward to be better. But the real question is… How can you apply these lessons to your own business?  Trust and loyalty are the foundation of every business. (Family or otherwise…) Investing in building an actual relationship when working with a family-owned company or with a newer company like MU Group is paramount. And lastly, above all, think Long-Term! Don’t get caught up in just hitting short-term targets.  Are there any differences you think I’ve missed? 🤔 I'd love to hear your comments below! 👇 ❤️ 🙏 Video Credit: Li & Fung Content Copyright: Davy Shi #Familybusiness #Value #Corevalues #Longterm #Sustainability #Relationships #Trust #Innovation #Business

Achieving success is a journey of building confidence while staying humble. Even with numerous deals and recognitions, I believe in the power of humility. Success isn't about showcasing wealth but about letting actions speak louder than words. Learn how we embody this philosophy at https://brnw.ch/21wG3D3. #Alliance #BenReinberg #CRE #commercialrealestate #realestateinvestment #investing #profitgeneration #medicaloffice #investingstrategy

How are top industry leaders driving business growth in today's fast-paced market? 🚀 Discover key insights and strategies from the experts to elevate your business and stay ahead of the competition. Dive into our latest blog to learn more! Learn more: https://lnkd.in/gJGkhgHd #BusinessGrowth #IndustryInsights #GrowthStrategies #BusinessSuccess #ExpertAdvice #EconomicTrends #BusinessDevelopment #MarketInsights #Entrepreneurship #Leadership Thabojan Rasiah CFP Peter Lee Nivashna (Niv) Maharaj Simone Murray Claire Abenes Danica Sescon Jessa Suarez

🌟 Success Story: Manhar Segal's Extraordinary Gain with Frank Taylor & Associates! 🌟 Discover the incredible journey of Manhar Segal, who astonishingly gained £685,000 more than anticipated through his partnership with Frank Taylor & Associates. 🚀 Dive into the details of this inspiring success story and see how expertise and strategic guidance can lead to extraordinary outcomes. ✨ Ready to unlock your own success story? Click the link to learn more! 👉 https://lnkd.in/eJ3jFzx2 #SuccessStories #BusinessGrowth #FrankTaylorAssociates #EntrepreneurJourney #FinancialSuccess