Transitioning Family Businesses to Successive Generations
How can a family business succeed for generations? This is a concern expressed often in the Trade and Professional organizations with which Telecom Strategies has affiliate memberships.
We recently spoke to a statewide industry group which included many owners of second, third and fourth generation businesses. These were businesses that parents had either created or matured which relied on practices that had generated success in the past. The current owners suspected that their operating model might not be the best path going forward. However, they lacked the staff and/or financial resources to make this assessment and potentially implement improvements to sustain and grow the business.
In the telecommunications arena, it is the mission of Telecom Strategies LLC to assist businesses by providing guidance at no cost - thereby preserving those resources.
A recent case…
We were working with a business that was transitioning from father to son and from a single location to two offices in neighboring states. The business required the owners be primarily on the road. As a result, the lack of real time communication with their clients prevented them from functioning as an efficient operation. Our common goal was a smooth transition to the next generation using appropriate, cost effect technologies.
Our solution was to install a cloud based “hosted” system that fit their budget. It enabled them to:
access all client interactions to transition accounts to the son in a seamless manner.
always be available to existing clients for support.
retain their current, advertised business phone number across locations.
never miss a call!
In this scenario, manageable changes in technology resulted in a working plan to transition a family business to the next generation efficiently and effectively, with no negative impact on clients.
Technology was a welcome enhancement, not a burden.
For further information, contact Telecom Strategies staff at: