Specialty Fabrics Review April 2024 - 47

around age 70 that business owners
are finally prepared to set the gears in
motion and start a conversation about
transitioning the business.
Transitions aren't easy
You might think that transitioning the
business is a simple process. For those
of us not in a family business, it's easy
to think that an owner just " moves on. "
But in reality, this process can feel like
giving up one of your children. If you
have raised children during times of
significant stress, doubt, fear, anger and
uncertainty, you may have momentarily
been tempted to give up your child
(I said momentarily!). But of course,
you're not serious. Transitioning a
family business is, in some ways,
similar. The difference is that you really
do have to give up your " child. "
Now, I sincerely believe that
children are more important than
a business, but I am attempting to
convey the emotional angst and depth
of feeling that owners feel toward their
family businesses. For them, a business
really does feel like a family member,
and the thought of giving such a family
member away is unimaginable. On
some level, giving up the emotions,
time, journey, joys, fears, dreams,
aspirations and energy invested in the
business just seems overwhelming.
This is why an entrepreneur needs
to be ready and willing to start this
conversation earlier rather than later;
this can be a lengthy process. And
it's also why engaging an outside
consultant with no emotional ties to
the family or business is so important.
Work with a professional
Family business advisors are invited
into the family, which is both exciting
and intimidating. They are given
access to personal and deeply moving
stories and experiences. Often, some
of these stories are also new to the
adult children and their spouses in the
family. Generally, the business attorney
and accountant know these stories,
but often the family members do not.
Engaging a consultant is an important
part of a successful business transition
that acknowledges and respects the
interests of all stakeholders.
If you are a business owner, is it
time to reflect on the next steps in
your own business transition? Is
it time to set the gears in motion,
consult a professional and start your
own succession planning? Successful
planning allows you to relax, exhale
and understand that you grew your
business into a beautiful enterprise,
and the opportunities for you going
forward will have meaning and
purpose as well.
Bob Gazich is a visiting assistant professor in global
business leadership at the College of St. Benedict
and St. John's University in Minnesota. Along with
his academic pursuits, he is a partner with Kingshuk
Mukherjee at Global Impex USA, a mill-direct supplier
of textiles based in St. Cloud, Minn.
U.S. family-owned
business facts
From " The Family Business-
Successes and Obstacles "
* Family-owned businesses
employ 60% of the U.S.
workforce and create 78%
of all new jobs.
* Family businesses generate
64% of America's gross
domestic product (GDP).
* 1.2 million family-owned
small businesses are run
by married couples.
* 30% of family businesses survive
the transition from first to
second-generation ownership.
* 12% survive the transition from
second to third generation.
Want more? We have it!
Search " succession planning " at
SpecialtyFabricsReview.com
* Only 13% of family businesses
remain in the family more than
60 years.
* 47% of family business owners
expecting to retire in five years
DO NOT have a successor.
Source: score.org
From Fishnet to Fine Lace
Made in USA - Since 1982
info@supertex-inc.com
336.622.1000
supertex-inc.com
TRICOT & RASCHEL - PRODUCTION IN THE USA
Flat, Tubular, Fishnet, Geogrid, Erosion, Agricultural,
Sports, Industrial, Medical, PPE, Ticking
GERBER LASER CUTTING & SEWING
Knitting, Dyeing, Finishing, Coating to 230 inches
SpecialtyFabricsReview.com 47
http://www.score.org http://www.SpecialtyFabricsReview.com http://www.supertex-inc.com http://www.SpecialtyFabricsReview.com

Specialty Fabrics Review April 2024

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Specialty Fabrics Review April 2024 - 1
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