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Families in Business Blog

Family business succession issues will not be fixed by magic

Why don't many family businesses survive past the second generation? It's because they don't know how to have the tough family conversations
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Employing an external CEO or General Manager

If you are not sure about employing an external leader in your business. Families have engaged me to review and trial the concept.
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Why do family businesses need an external trusted advisor? Family are often run on emotion

Many heads of family companies call on their legal representative or accountant to resolve internal conflicts. I challenge this as the professional advisor will always look after the interest of the person who engages them as their primary priority.
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Harvard Business Review's most read articles in 2018 were on internal culture

An internal culture is like a fog. It is pervasive and touches everybody and everything in your business. Make sure you are aware of all issues.
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Family business are more successful when they engage an external mentor to work with the next generation.

Why do successful people use a mentor? Because it works. Family business should consider engaging professional mentor for the next generation working in the business. They sometimes only know one way and that is what they learn from their parents. Mentors bring a different perspective through their wide experience and knowledge.
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Key issues Families in Business neglect to address in detail

Often families in business have grown well past their original capacity to manage key areas of the business that are key drivers and enablers for the business to be successful into the future. Business founders need to accept that they don't have a mortgage on important compliance and essential people dynamics.
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A new award winning family business started by an Irish backpacker who came here in 2011

Andrew and Denise Harte arrived as back packers in 2011 looking for work and started by taking anything they could get. Then from their one bedroom flat they started a business which now is heading towards many $ million turnover with 150 employees. Belief in themselves and a never give up attitude, typical of many family business founders.
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Has your family business out grown your capabilities to manage everything?

When your family business becomes a large small business it is essential that you recognise as a founder that you no longer have the ability to stick your nose into everything. You have to change your business model and let go and delegate.
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Successful Family Companies Have Advisory Boards

Is opening the family board or establishing an advisory panel to non-family members going to improve your performance? Yes – definitely!
In any family enterprise, commercial, manufacturing or agribusiness, you should take the position that you are custodians for future generations. Good governance, policies and planning is about building wealth in the long term.
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Some next generation members of family companies cry 'poor me' when things don't go their way

In some family businesses I have meet over the years you come across the Golden Child. They have never had to want for anything and believe that have a right to take from the family business and not give back. I often wonder how this happens when the founders started with nothing and gave their all for little return.
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