Management Consultants Peoria IL

This page provides relevant content and local businesses that can help with your search for information on Management Consultants. You will find informative articles about Management Consultants, including "Succession Planning For Family Businesses in the Aftermarket". Below you will also find local businesses that may provide the products or services you are looking for. Please scroll down to find the local resources in Peoria, IL that can help answer your questions about Management Consultants.

CGN & Associates
(309) 672-6400
415 SW Washington Street
Peoria, IL
RSM McGladrey, Inc.
(309) 671-8715
401 Main St. #1200
Peoria, IL
ELM Consulting, LLC
(309) 673-7648
60 State St
Peoria, IL
Mangieri Companies, Inc
(309) 688-6845
7308 N. Willow Lake Court
Peoria, IL
Mindock Counseling and Consulting
(309) 696-4697
3100 N. Dries Lane
Peoria, IL
Bartley Consulting
(309) 676-0506
331 Fulton St
Peoria, IL
Fayette Companies
(309) 671-8005
P.O. Box 1346
Peoria, IL
VisionShift, Inc.
(309) 648-4969
1925 W. Courtside Dr
Peoria, IL
MRM Consulting
(309) 637-4528
3419 W. Shoff Avenue
Peoria, IL
The Excel Leadership Group, LLC
(309) 370-5040
145 Fleur de Lis Drive
East Peoria, IL

Succession Planning For Family Businesses in the Aftermarket

According to the Small Business Administration, about 90% of American businesses are family owned or controlled. Ranging in size from two-person partnerships to Fortune 500 firms, these businesses generate about half of the nation’s Gross National Product.

Family businesses face a unique set of management challenges stemming from the overlap of family and business issues.

• Only 40% of family owned businesses survive to the second generation, 12% to the third and 3% to the fourth.

• Family owned businesses account for 60% of total U.S. employment, 78% of all new jobs and 65% of wages paid.

• Among the companies listed on the Standard & Poor’s 500 Index, 34 percent are family businesses.

• Nearly 40% of family businesses in America will be passing the reigns to the next generation over the next 5 years.

• There are 1.2 million husband and wife teams running companies today.

55% of CEOs Due to Retire within 5 Years Have Not Yet Chosen Their Replacement
Often, business owners are busy dealing with day-to-day issues and end up failing to attach enough importance to planning for their succession. Common reasons include resistance by the owner to let go of the reins, fear of retirement or inability to find or choose an effective successor. Transferring ownership can be highly emotional and complicated, which is why often it is ignored until it becomes a pressing issue.

It’s Never Too Early to Begin Planning for Succession
This one day seminar will assist in various aspects of succession planning. Clearly, the longer the succession plan is in place, the smoother the transition will be. Unforeseen events often cause a rapid (and frequently poorly planned) transition of the family business. A family business owner’s decision to retire is not as simple as no longer going to the office. Key questions need to be answered before the family owned business owner can “leave” the business:

    • Will he or she have enough money at retirement?

    • Who is going to own and manage the business?

    • How will ownership and management be transferred?

    • Should the business be carried on or sold to a third party?

A proper business succession seeks to alleviate or lessen these issues by setting up a smooth transition between the current business owner and the future...

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Babcox Media •
3550 Embassy Parkway
Akron, OH 44333
330-670-1234 • (FAX) 330-670-0874