You’re not alone if you inherited the family business with no formal succession plan in place. About 64 percent of family companies don’t have a written succession plan, while another 19 percent have one “in progress.” Use these tips to find your footing after you’ve suddenly inherited the family business.
As David Sperstad learned more about the basics of small business ownership and the ins-and-outs of running a bike shop, he and his wife thought they might like to start their own shop.
Gidgette and Ken Moshier decided to draw on their love for traveling and tea, as well as their small business backgrounds, to open the English Garden Tea Room.
Creating a new business can be a tough journey. Doing so while working full-time may seem tougher, but this route actually offers several benefits. You can continue earning money to put towards your startup. But even if you only work an hour a week building your company, you still need a business plan.