Skip Header Navigation


» Business Solutions
Resource Centre
  Business Tips
  Starting a Business
  Growing your Business
  Expanding a Business
  Why Expand?
  Risks and Rewards
  Getting Ready
  Plan for Growth
  Expansion Strategies
  Financing Growth
  Managing Growth
  Evaluating the Results
  Business Succession
  Industry Expertise
» Business Accounts
» Borrowing & Credit
» Investments
» Card Processing
» Payroll Services
» Online Banking
» Branch & ATM Locator
» Commercial Financial Services
» Contact Us
» Search
Business Resources - Expanding a Business

Why Expand?


Family Heritage

Family relationships are intense and deeply felt. They can tear the company apart or create the glue that makes it a joy to go to work.

Like any small business, a family business must plan, structure and develop strategies for its growth. But internal relationships complicate the dynamics.

Here are 5 basic points to consider in building a family business that you can pass on to future generations:

  1. Keep everyone informed from an early age onward, whether they're active in the business or not.

    • Develop an early pride in the family business - have children write histories, do odd jobs, participate in discussions about current business issues.
    • Talk money - don't make it a taboo. Make children understand the value of dollars spent and earned.

  2. Allow grown children to take on exclusive territories when they are ready.

    • Give them a piece of business to run by themselves if possible.
    • Encourage them to work elsewhere if they feel they need their own space - they will return when they're ready.

  3. Consider how to deal fairly with family members who will not participate in the business.

    • The business may not support all your children's families, or they may not be interested.
    • Don't let jealousies tear the family apart.
    • Consult family business experts for possible estate strategies.

  4. Prepare for your premature departure as leader.

    • Protect your legacy from the loss of its only leader.
    • Start executing a succession plan in your mid-fifties to early sixties.
    • Identify your successor. Don't make it a mystery. Who has the fire in their belly to run a vibrant business?
    • Hand over authority slowly and watch how it is handled. Enlist trusted outsiders as mentors or trainers.

  5. Hold regular family business meetings that include everyone, even non-active participants.

    • Everyone has an interest - only their roles are different.
Jump to
Economies of Scale
Sales and Exports
Why Not Expand?
Top 10 Reasons Not To Expand

Take Action
  Contact Us
  Business Banking Centres
  Apply Online

  Loan Calculator

Related Links
  Financing Options
  Deposit Accounts
  Payroll Services
  Merchant Credit & Debit Card Services

Learn More
  Starting a Business
  Business Succession & Transfer
12/23/2011 13:46:44