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Did you know that 85% of businesses (globally) are family-owned?

And did you know that family businesses, on average, last twice as long as non-family businesses?

Turns out entrepreneurs like to keep their success in the family.

That doesn’t make it a walk in the park, though. On the contrary, running a company with your mom, dad, sister, brother, cousin, uncle, or [insert relative] adds a layer of complexity that few understand.

How do you maintain professional, productive working relationships during business hours, and then slide into loving and nurturing family relationships the rest of the time?

How do you keep your responsibilities to the company separate from your role as parent, son, or daughter?

Then comes the question of succession planning. Who is going to run this thing when the older generation retire? How do we structure and prepare for that transition?
For answers to these questions and a bunch more check out this week’s episode of Contractor Evolution with David C. Bentall

00:00:00 - Intro
00:02:41 - The Bentall Family Story
00:07:57 - Next Step Advisors
00:10:33 - What's the success rate of parents transitioning businesses to their kids?
00:15:00 - What are the challenges unique to family businesses?
00:18:46 - Why do some family businesses fail at succession?
00:23:38 - How can wealthy parents keep their kids hungry and motivated?
00:29:21 - What should parents do proactively for a successful transition to their kids?
00:42:28 - Family Business Best Practices
00:46:56 - The Benefits of a Board of Directors
00:54:46 - Conflict Resolution Mechanisms
01:01:35 - Shotgun Clauses