growing & expanding your family business
DESCRIPTION
In this highly informative webinar, our experts explained how to develop an operational, business, and strategic plan for growing your family business. They discussed: - Steps that should be taken to guarantee “managed growth” - How to assess your team - How to plan for and assess growth - What the growth opportunities are - Determining your business vision - Top 10 considerations for a family businessTRANSCRIPT
Welcome to Today’s Webinar:
Growing & Expanding your Family Business
Candace Enman, CPA, CAPresident, WelchGroup [email protected](613) 236-9191 x195Twitter: @welchgroupca.linkedin.com/in/candaceenman/
Presenters
Bruce FischerChairman, WelchGroup Consultingbfischer@w-group.com613-228-9410www.w-group.comca.linkedin.com/in/bfischer
1. Family dynamics
2. Family/employee skillset
3. Do you have a plan for growth?
4. Right infrastructure for growth
5. Capital requirements
To Grow or not to Grow
Is Everyone on the same page?
• Is this something the whole family wants?
• What is the motivation behind growth?• What are their risk tolerances?• What metrics define success?
Family Dynamics
Do you have the right skillset for growth?
• Team• Clear roles & responsibilities• Succession
• Are you okay if they fail?• Do they need a mentor?
Family/Employee Skillset
• Vision – where do you want to be
in 5 or even 10 years
• Strategic Plan – 3 to 5 years goals
& objectives
• Business Plan – 2 years – current
situation, market, environment• Operational Plan – rolling 12
months (internal use, management goals & objectives, details)
Do you have a plan for Growth?
• In a perfect world a business should
have a “Vision” of where the owner
“want to go or who they want to be”
“We will have the largest market
share of long term battery
technologies for mobile devices”
Where are you going?
• Strategic Plan - how will this “Vision” be achieved – at a high level
• Management Team• Market Potential• Risks• Financial Requirements• Technology development
goals• Business ownership
structure
Do you have a plan for Growth?
Business Plan• Your business objectives have
been set in the Strategic planning process
• The current health of your business & changes to achieve goals
• Business ownership structure (if changing)
• Convincing lenders to believe in you & your vision for your business
Do you have a plan for Growth?
Operational Plan• What do you need to meet your short
term operational business objectives• Resources - people, financial,
support etc.• Goals & objectives for key players
and staff• External support – advisors, any
structural changes• Marketing & Sales – with specific
objectives for sales team• Operations (manufacturing &
delivery) – any changes and/or
new equipment etc.
Do you have a plan for Growth?
1. Open another location
2. Franchise
3. Sell on the internet
4. Look at complimentary markets
5. Strategic alliances
6. Diversify
7. New markets
Growth Opportunities
StrategicManagement
Financial
Operations/
Delivery
HumanResources
Need for Alignmen
t
Marketing
Information
Technology
Right Infrastructure for Growth
Assessing Growth – 18 CoreValue, Value Drivers
Sources of capital
1. Bootstrapping2. Line of Credit3. Loans4. Management of
working capital5. Grants6. Alternative
• Factoring• PO Purchasing
Capital Requirements
1. Run your family business like a business.
2. Create a succession plan.
3. Develop leadership among all employees.
4. Don’t play favorites
5. Separate business and family expenses.
6. Set boundaries.
7. Communicate openly.
8. Don’t guarantee employment.
9. Learn to resolve conflicts
10. Get outside input.
Top 10 Considerations
Business Diagnostic
For More Information
Candace Enman, CPA, CAPresident, WelchGroup [email protected](613) 236-9191 x195Twitter: @welchgroupca.linkedin.com/in/candaceenman/
Bruce FischerChairman, WelchGroup Consultingbfischer@w-group.com613-228-9410www.w-group.comca.linkedin.com/in/bfischer