Speakers: Planning Eases Transition of Family Businesses

By Weigand, Jodi | Tribune-Review/Pittsburgh Tribune-Review, October 29, 2009 | Go to article overview

Speakers: Planning Eases Transition of Family Businesses


Weigand, Jodi, Tribune-Review/Pittsburgh Tribune-Review


Jobe Funeral Home in Monroeville is 114 years old, the product of cooperation and careful planning between generations.

Establishing a succession plan like the one it has can be key to whether family businesses continue to thrive after changing hands, experts say. But many times that's not a priority.

"There are a lot of times when it's survival on a day-to-day basis," said attorney Bill Otto, with Sebring and Associates in Monroeville. "Sometimes, you run into it and you say, 'How can people who are so intelligent be so unprepared?' But it happens so often that you stop being surprised."

Otto was among speakers at a recent Monroeville Area Chamber of Commerce seminar where owners of family businesses learned the importance of establishing a succession plan and ensuring the next generation is capable of managing things.

"Some people know there are things they have to do but aren't sure what they are," said Greg Brunnhuber, who owns a human resources consulting firm in Monroeville.

Family businesses account for about 25 percent of the Monroeville chamber's membership, said executive director Chad Amond. There are at least 2,000 in Pittsburgh, according to the University of Pittsburgh's Small Business Development Center. The Small Business Administration says an estimated 90 percent of U.S. businesses are family-owned or controlled.

Two of the main points in succession planning are tax avoidance and ownership transfer, but those things won't ensure continued success, said Joseph Astrachan, executive director of the Cox Family Enterprise Center at Kennesaw State University in Georgia.

Family businesses, he said, should hold family meetings at least once a year, do continuous strategic planning, and have a board of directors composed of people who feel free to speak their minds.

"The days of waiting until the day they die to inherit it are over," said James Jobe, 35, of Monroeville, who co-owns Jobe Funeral Home with his parents. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

Speakers: Planning Eases Transition of Family Businesses
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.