chapter  10
14 Pages

Putting the pieces together

ByScott Holmes, Michael T. Schaper

The key constants between the tribes are: independence and control; lifestyle and satisfaction; and the lack of clear succession plans. Having the right level of control over a business can also generate a huge dividend in terms of personal self-satisfaction and ability to be master of one's own life. Family support is a sub-set of both control and lifestyle aspects of business ownership. Businesses may be an extension of the individual owner, but they in turn are a reflection on the needs and subsequent support of family members. A small business is often not only a source of employment for the owner, but also members of their family. The execution of a succession plan is done formally and on a contractual basis: the process is spelt out in writing and documented, and decisions are made by a formal vote or resolution of affected family members. This chapter also presents an overview of the key concepts discussed in this book.