Posts

Longevity crisis: Why entrepreneurs should act now to shore up retirement savings

It’s supposed to be the time of life when you enjoy the fruits of your entrepreneurial labour—taking the time to travel, enjoy hobbies, spend more time with the family—activities that were often impractical or outright impossible when you were working day and night to operate and grow your business. But a recent CIBC poll sheds […]

Chrysler CEO Sergio Marchionne’s death offers business succession lessons for entrepreneurs

It’s a nightmare scenario for any organization whose brand or operational structure is largely built around the expertise and industry standing of a charismatic owner or leader: that individual’s sudden, untimely passing. Fiat Chrysler (FCA) was forced to deal with just such a crisis in recent weeks when longtime CEO and turnaround wizard Sergio Marchionne […]

Business Succession Planning, Part 2—How to select and groom a successor

If building a succession plan is one of the most important business considerations for entrepreneurs, the question of who takes the reins is a close second. That’s particularly relevant for business owners who hope to pass their business to one, or more, family members. As I highlighted in my last post, a 2006 report by […]

Business Succession Planning, Part 1—Key considerations when building a plan

For entrepreneurs, there are few more important considerations when building and growing a business than their eventual exit—either by choice upon retirement, or by some other inevitable circumstance such as their passing. Many CEOs hope that their eventual line of succession leads directly to family members, perhaps an ambitious son or daughter, or a management-minded […]