When I began my career in family business consulting nearly 20 years ago, I met Dean Fowler, one of the early thought leaders in the field of family business and author of several books, most notably Love, Power and Money.

On March 27, the President signed the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, into law.  The CARES Act added the Paycheck Protection Plan to the Small Business Act at Section 7.  15 U.S.C. 636(a)(36)(A)(viii).  

The madness of this year, 2020, has revealed an acute need for leadership.  Great leaders recognize that certain leadership qualities are being tested now like never before, and the strength of the following qualities will have extraordinary impact far beyond the direct setting in which one currently leads:

The vim and vigor of a patriotic spirit can easily transition to entrepreneurial pursuits. Military veterans and entrepreneurs require dedication and drive, along with faith and optimism. These all-too-familiar characteristics are what carried many veterans through their daily military routines and duties.

Business owners and executives considering the sale of a company have important decisions to make at three different phases: Before Negotiations (the swim), Purchase and Sale (the bike race), and Closing and After (the run).

Members of the AEC (Architectural, Engineering & Construction) industry are looking ahead to 2021 and realize the year ahead looks challenging. However, 2021 will present opportunities for leaders who are anticipatory and think strategically. Those leaders will look for the hard trends and soft trends, identify the disruptors in the industry and subsequently define the opportunities that will exist for them.

The room has a cautious, yet optimistic energy as everyone settles into their seats. Family members and non-family members on the leadership team have gathered and are about to have a discussion that most have never been a part of before.

I remember reading about David and Goliath as a child and wondering if such bravery was real. At the time, my world was vast and unexplored… the notion that the impossible could be made possible was motivating and energizing.

However, smart leaders are in the midst of planning for 2021, evaluating the lessons learned over the past eight months and devising strategies to succeed. Here is how small business leaders can plan for the new year.

A recent family business survey conducted by the National Bureau of Economic Research’s Family Business Alliance indicates that only 15% of the family businesses have developed and documented anything appearing to be a succession plan. This is troubling because succession of ownership and leadership is a critical issue for the long-term success of a business.