Expanding a Business

Strategies for Business Expansion, Our business account managers are committed to helping you grow your business, and strive to bring you the expertise and resources to help you achieve your goals.

Financing Your Business Expansion

Our flexible borrowing and credit solutions are designed to provide you with quick, easy access to credit to meet the needs of your business.

  1. Making the Decision
    • Why Expand?
    • Risks and Rewards
  2. Develop Your Strategy
    • Plan For Growth
    • Expansion Strategies
  3. Making Growth Happen
    • Financing Growth
    • Managing Growth
    • Borrowing & Credit
  4. After the Expansion
    • Evaluating the Results
 

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Why Expand?

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:

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

    • Everyone has an interest - only their roles are different.
 

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