ASI Power Summit - Video About Compensation, Succession at Family Business Panel
Wednesday November 14, 2007 | Filed under:
The final day of the inaugural ASI Power Summit featured the “Family Business” panelist session, with industry experts Chris Vernon of The Vernon Company, Matthew Cohn of ASI Show!, Jeff Lederer of Prime Resources Corp., and me as the moderator.
Our group tackled prominent topics related to running a family-owned company, including:
- the vital process of creating a succession plan and managing transitions - about 95% of distributors and suppliers in the audience said they don’t have a succession plan.
- the importance of providing structured and fair compensation plans for family members and non-family members
- and instilling a system to handle disputes among staff
- We also discussed some of the benefits of doing business with family-owned companies, and, as an audience member and one of our panelists pointed out, distributors and suppliers benefit every day from the commitment, personalized attention and ideas that professionals at family-owned companies provide - citing that their dedication comes in part from their family values.
[flashvideo filename=wp-content/uploads/videos/PSTim_family.flv /]
Also, you can see pictures from the ASI Power Summit at www.asicentral.com/powersummit.
Tell me what you think anytime – post now on the blog or email me at tim.andrews@asicentral.com.
Regards,
TA