Sandler Training - December 2018

SANDLER TRAINING HELPS TAYLORED RESTORATION REMODEL THEIR BUSINESS

Depending on the study, family businesses comprise 50–60 percent of the United States’ gross domestic product and 63 percent of the workforce. They make up the spine of our job market and contribute to the overall success of our communities. Many of you reading this may work for a family business or own one. You might even be employed by one without realizing it — Walmart, Oracle, and Ford are all family-run operations. In spite of the fact that these organizations are considered to be industry leaders, they are still subject to the same pitfalls other businesses face. In some cases, they can be even more

volatile than non-family-run organizations. This vulnerability is never more apparent than when a family-run company transitions from one generation to the next.

According to Aileron, a nonprofit dedicated to helping private business owners, less than one-third of family businesses survive the transition to second-generation ownership. And 50 percent of those don’t make it to the third generation. It’s an extension of the motto “Shirtsleeves to shirtsleeves in three generations.” Financial planners explain this idea by showing how the first generation makes money, the second generation spends money, and the third blows it. At Sandler Training, we help businesses through this adjustment so they come out stronger and more prepared for success than ever. If you remember past case studies, companies such as Gaspar’s and Cougar Mountain Software brought in Sandler Training to help make sure they didn’t end up on the small-business scrap heap. Taylored Restoration of Alaska is another example.

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