Did you know that family-owned firms account for 66% of businesses around the world yet only 16% of them have succession plans? That's a scary thought. 

In the U.S. alone, family firms comprise 80%-90% of all business enterprises, generating 64% of the GNP and employing 62% of the workforce. Clearly, family firms are incredibly important to the global economy, which is why the issue of succession should be approached very intentionally to ensure the ongoing health of these businesses, as I write in a recent article for Daily News.

As a corporate anthropologist, a culture change expert and a daughter raised in a family business, I have a particularly strong interest in helping family firms successfully prepare for their succession.

A terrific Vistage International colleague of mine, Elisa Spain, published this insightful and very timely blog about the best way to respond to disruptive change. (Hint: it's not to run and hide.) I re-post it below but you can also read it here.

Vistage economist, Alan Beaulieu, CEO of ITR, issued a simple warning in recent days: “It’s been a good year, but there is a change coming,” he said. “Things are going to slow down.”

For those of us who follow ITR, we know the recession Beaulieu expects next year is one that he’s been forecasting for some time. To be clear, he is forecasting a normal cyclical downturn, not a deep recession.

Beaulieu expects the modestly improving economic climate will continue until February, but, he expects the U.S. industrial production index to peak in the second month of 2018. When that happens, look for things to taper off the rest of the year before turning more sharply downward in 2019.

And, here is Beulieu’s most important message, “When the downturn happens, smart company executives will use the slowdown to invest in your business, from equipment to ERP systems, from talent to technology.”

At Simon Associates Management Consultants, we have led over 300 workshops and dozens of client engagements to help companies “see, feel and think” with fresh eyes—so they can step out of their current mindset and see new opportunities.

Recently, we presented the workshop “Who will be your customer in 3 years? Maybe they are all around you?” to a group of mid-market CEOs who are members of a Vistage International group led by Ozzie Gontag. A terrific, inspiring coach (and marathon runner), Ozzie reminded me and his members that growing a business means engaging in a daily battle between leading and lagging indicators.

As Ozzie said in his opening remarks, "Every day you have to challenge your assumptions about what makes your business successful today and what will make it sustainable into the future. These are two different questions."

How true! Unfortunately, CEOs of growing companies all too often focus on the past and the present and forget about the future. As Blue Ocean Strategists, our job in these workshops is to open up people's minds to see what is often right in front of them. When they finally "see" the possibilities, it's fantastic, as I describe in my recent Huffington Post article. 

The essence of Blue Ocean Strategy: finding and then filling unmet needs 

Did you know that 10,000 Baby Boomers retire every day? That's right. It's estimated that of the 76 million people born between 1946 and 1964, 4 million retire every year, which works out to about 10,000 a day. That's really a stunning figure.

I guess I'm bucking the trend, because although I'm well into my 70s, I have no plans to retire anytime soon. I'm having too much fun! Plus, working stimulates my brain, keeps me strategizing and running the numbers, and requires that I stay current with all the technological changes taking place these days.

Are you like me, still working past retirement age? If so, you might enjoy this podcast interview I recently took part in, co-hosted by Richard Henderson and Sherilyn Colleen for Home Business Magazine. Listen in by clicking on the box below:

Thinking about starting a business? 10 things to consider

Andrea and Andrew (more commonly known as Andi and Andy) Simon are no strangers to change. In fact, as culture change experts, change is right up their alley. Recently featured in WAG Magazine, the Yorktown Heights couple are proof positive that change, though hard (and often painful), can be a good thing for individuals and businesses. (Read the full article here.) Specializing in helping businesses take a fresh look at their organizations, the Simons believe that "the way forward is all around you." 

"Our mantra is that we take observations and turn them into innovations,” Andi tells WAG Mag. Earning her Ph.D. in anthropology, then going into academia and banking before founding Simon Associates Management Consultants (SAMC) over 10 years ago, Andi explains that she and Andy "both enjoy working with people. We also are very curious. At times it is hard to help someone see things in new ways, much less change their behavior. Our approach is designed to help us better understand why people do things, then we find ways to help companies take this knowledge and add value innovatively.” 

Turning their clients into explorers

One of the ways the Simons help their clients "see with fresh eyes" is to take them out exploring. Together, they “hang out” and observe customers and non-customers using (or not using) their clients' products or services. They watch what is happening, then find unmet needs to be solved.