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Families in Business Blog

Why I will drive 2 hours there and back for a one hour family business meeting meeting

Family business meetings are often full of emotion. Especially when you have a diverse mix of individual family members in the meeting
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Families in business must not fall into the trap of believing what has happened in the past is right for the future

Failing to innovate and researching for ways to anticipate your customers future needs means you are content to just keep doing what you have always done. The end result will be a declining family business that will not survive the next generation.
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Family business leaders need to set a use-by date. However, many are not prepared to let go.

Much of the commentary and research around succession in family business suggests that there is a lack of preparation and a failure to plan early. Succession is also highlighted as a key issue of concern for the fture sustainability of the firm.
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Family leaders think they are invincible when it comes to their health. They are just like a Frog in a pot.

You would not neglect to service you car or maintain your business assets. The key driver of any family business are people. How often do you do preventative maintenance on your own health?
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Whole of family conversations are necessary to ensure a smooth transition from one generation to the next

An insightful article from the UK by Howard Hackney LLP a specialist in family business. No matter the country, families in business have the same issues
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I am not sharing our secrets and I don't need help from outside the family

I couldn't tell you how many times I have heard this from older family business owners who will not let go and it frustrates the hell out of the next generation. To overcome this roadblock found with many family business owners, robust conversations are necessary.
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The sudden death of a family business leader is an extremely emotional time for family and staff.

Facilitating family business succession conversations is proving to be worthwhile by enabling the business to continue within the highly emotional period following the sudden and unexpected death of a senior family leader.
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A family business leader must command and not demand respect

Many older family business leaders tell me they are struggling with the concept of emotional intelligence. My answer to them is to read a book written in 1936 and if apply those principles you are on the way to understanding that it's not new but common sense
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Decision making is less stressful when you have a trusted mentor to use as a sounding board

It's extremely difficult to run a family business by consensus. In fact I think it's impossible.Someone has to take on the role of leadership. That could then place you in a position of isolation within the family group. Who is protecting you?
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Sometimes a difficult decision in Family Business is deciding if you need to get bigger

Many years ago our family business was faced with a problem. My Brother and I were experiencing rapid growth and had out grown our facilities. We had an external review of the business done and concluded that we were 'Growing Broke". We could no longer finance the growth from cash flow. Fortunately we had developed systems and reports that made it easy to see what was happening.
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