Turning Your Business Into A Family Business

The Business Behind Small Business

#79. Starting with the story of today's spotlight entrepreneur Franklin Clarence Mars, founder of the chocolate candy company Mars Incorporated, Sevana and Tiffany talk about the complicated dynamics of doing business with family.

Topics in today's episode includes:

- How to get your kids involved in the business and when

- How to pay our kids through your business

- What are proven ways to work with family, especially if you plan to have your kids inherit your business

References:

Gary Vee: Should you go into your family business?

https://www.youtube.com/watch?v=QkHKxyvVqsg

BuildWitt/Jocko Willink: How to take over the family business - https://youtu.be/PysHDg935zM?si=5dMP00Ka1E3UUxqq

For more on the Mars' family business:

https://www.madeinchicagomuseum.com/single-post/mars-inc/

https://www.mars.com/about/history

https://en.wikipedia.org/wiki/Franklin_Clarence_Mars

"Keeping the Family Business Healthy: How to Plan for Continuing Growth, Profitability, and Family Leadership" by John L. Ward:

• This book offers strategies for ensuring the long-term success and continuity of family businesses.

"Family Business Succession: The Final Test of Greatness" by Craig E. Aronoff, Stephen L. McClure, and John L. Ward:

• Focuses on the challenges and best practices in family business succession planning.

"Succession: Are You Ready?" by Marshall Goldsmith:

• Provides practical advice on preparing for and managing the succession process.
  

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Got questions or have a topic you want Sevana and Tiffany to cover? Email us at [e-mail] and see your question answers or topic of interest discussed on a future episode!

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About BBSB - We are two business owners with two very different perspectives on building business, and the business behind that in order to achieve your goals. One of us built to sell, and will continue on the serial entrepreneur path, which means your focus and drive should include very particular tools and tips in order to achieve your goal. The other, is building a generational business, one that can go on long after she’s let go of the wheel. This type of business also requires very specific tools and platforms to achieve this goal. Both women have been successful in their own right, but in honesty - haven’t scratched the surface!

Sponsorship Opportunities - Email us here: [e-mail] Website - Check out our website! https://www.thebusinessbehindsmallbusiness.com

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Disclaimer - Details of today’s story was inspired by true events but are not based on proven facts. Also, we are NOT licensed financial experts, nor do we give financial advice. Anything we share with you here on our podcast, whether it be a personal experience or submission, or advice/tips that have worked for us, or that we believe would work for you should not be viewed as either financial, business, or tax advice. We ask for you to do your research, have open and honest conversations with your company’s own support providers and make decisions based upon that. Throughout this broadcast we will share our knowledge and give suggestions and hope you will receive them as part of your overall research to better your own company.

#smallbusinessadvice #entrepreneurship #familybusiness #businesspodcast

Alternative Titles:

How to run a business with family

Do's and Don'ts of a family business

Keeping the peace in a family business