Estimated read time: 2-3 minutes
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
This is Chris Redgrave for Zions Bank Speaking on Business.
Stop and think about the impact of family-owned business. For example, Wal-Mart is the world's largest retailer and is known as the most successful family business of all time, often topping the list of the most profitable companies in the U.S.
Family businesses tend to lean toward informality and unwritten procedures and policies. Around 52 percent of family business owners believe they'll be passing on the business to the next generation. And approximately 30 percent of family businesses have actual written succession plans. And the success rate of transferring ownership without a plan is not very high. For reasons as important as these, Zions Bank has launched Family Business Services to work with our small business community in Utah and Idaho.
Supporting business structure and culture with strategic services can strengthen your overall operation and provide peace of mind. At times, non-related key employees can have more passion for the business than the children. This is the kind of information that would encourage you to have a leadership succession plan in place for the continuing health of your business.
Programs offered by Zions Bank Family Business Services address not only how to handle the on boarding of family members, but also how to create a successful experience as the new generation earns respect and builds the positive connection to the staff. Zions Bank Family Services develops a unique plan that helps prepare the management team and family members with strategies designed for them specifically to cope in the work environment more effectively. Think about the pressure in following the founder or coming up though the ranks of a legacy fifth-generation business.
It can be challenging for up and coming family members and that's why Zions Bank Family Business Services wants to help.
For Zions Bank, I'm Chris Redgrave, speaking on business.
Zions Bank Family Business Services Talk to your local Zions Private Banker or Wealth Management Advisor for more information.
