Beginning in 2018, the TV series Succession became a cultural phenomenon that appalled viewers with the antics of the Roy family as four siblings vied for control of their aging father’s company, worth billions of dollars.
While the drama won awards from an entertainment standpoint, it wasn’t funny. The show highlighted – in the extreme – some of the most difficult and most negative aspects of both running a family business and transferring leadership to the next generation.
Luckily, most family businesses are dealing with much smaller issues than depicted on TV. Yet, those challenges can still be significant.
In the real world, roughly 25% – 27% of all businesses in this country are family-owned according to the U.S. Small Business Administration.
Statistics reveal that about 40% of family businesses in the United States successfully transition to the second generation, and only 13% make it to the third generation. A mere 3% survive beyond three generations (combined 4+).
The data seems clear.
Family businesses can benefit from support and guidance as they navigate the unique issues created by melding business with family.
One possible solution is participating in the Wisconsin Family Business Center.
Resources & Benefits
Regardless of industry, most family businesses experience a lot of the same issues and concerns, such as:
- Educating and preparing future leadership
- Family dynamics and conflict resolution
- Best practices for transferring the business to the next generation
- General succession planning
- Growth and evolution of business operations and structure
- Building a network of peers
Some of the tangible and intangible benefits and resources of participation in WFBC include:
- Monthly speakers discussing issues and providing education on topics uniquely relevant to family businesses
- Peer groups assigned and facilitated by the WFBC Director to engage small subgroups that enable more in-depth confidential conversations
- Tailored networking with other leaders who understand the intricacies of the family business dynamic
- Discounts on leadership development courses that help provide knowledge and expertise as family members prepare for their next role and level of involvement
- Access to vetted experts and consultants who have pledged sponsorship via an application process
Currently a participating sponsor, Lake Ridge Bank has been involved with the Wisconsin Family Business Center in one form or another for more than a decade. Even as one of the vetted experts, we continue to learn and gain valuable niche expertise from our participation.
We can also attest to the supportive nature, collaborative attitude, and approachable personalities of our fellow members. The people who attend the monthly meetings and network with open minds between meetings make this organization even more worthwhile in our experience.
How to Get Involved
For the purposes of membership, a family business is defined as “two or more family members involved in the business via ownership and/or management either simultaneously or over time.” In addition, the family must have controlling interest. Membership is open to any family business with ties to Wisconsin.
Apply to join WFBC as a regular member on their website. If you would like to try-before-you-buy, as they say, feel free to attend one meeting as a guest for free.
In the end, Lake Ridge Bank succeeds when you succeed. We want you to have access to quality resources and industry knowledge for your best opportunity to achieve and maintain that success.
For more information about the programs, resources, and peer groups available through the Wisconsin Family Business Center, visit wufbc.org.
