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Lonely at the Top

Posted in: Business Succession
October 25th, 2016

By Bill Sornstein

man-alone-on-mountain-v2You started your own business.  You wear all the hats and are expected to have all the answers.  This is what you do when you are starting out.

There is probably one thing that you are really good at such as sales or product development.  You started with a vision and a “particular set of skills”.  As your business grows, it becomes more difficult to keep all the balls in the air.  Many businesses never grow beyond the ability of one person to manage everything.

Like it or not, family business owners must develop an ability to delegate and begin to train others to do some of their work.  A strong middle management group is critical to the growth of any business.

Many family businesses also suffer from a lack of business acumen or skills in one or more key areas.  It could be in finances, operations, management or sales.  While it might be prohibitively expensive for a small business to acquire a top notch employee with the necessary skills, there is a solution.  It is called a Family Board.

In our experience, there are many successful and highly qualified individuals who are more than willing to serve on the Board for a local small business.  They are often retired or semi-retired entrepreneurs and “C Suite” executives who want to give back to their communities.  For a small fraction of what it would cost to hire a full time executive, you can get the benefit of their expertise.  If you are looking for someone to help you create reliable systems in your business, why not get the help of someone who has done it before?  If you want to grow your business, why not find an executive who has run a company of the size you would like to become?

A formal Board is there to assist, advise and serve you as owner.  They can help you build and professionalize your management team, evaluate key employees and serve as a sounding board (pun intended).  They will provide perspective and make your leadership responsibilities seem just a little less lonely.

For more information, visit our Business Succession page at http://www.tricirclefinancial.com/services/business-succession/ or contact me at bill@tricirclefinancial.com or 714-560-1679.

About the Author

Bill Sornstein has over 35 years of experience as a financial advisor helping individuals and small businesses build and protect wealth for the benefit of their families, businesses, heirs and employees.  He lives in Santa Ana, CA with his wife Camillia and their dogs, Zack and Ella. His other interests include teaching Aikido and playing trumpet in a blues band. Link to full bio.

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Rachel Owens and William Sornstein are Registered Representatives with and Securities and Financial Planning offered through LPL Financial, a Registered Investment Advisor, member FINRA / SIPC. The LPL Financial registered representatives associated with this site may only discuss and/or transact securities business with residents of the following states: California, Arizona, Iowa, Nevada and Texas.