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Families in Business Blog

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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Too many family business owners are living with stress in their daily lives and are battling on their own.

Stress in the workplace is the largest segment of work cover claims for employees. Who is looking after the business owners who are at their wit's end trying to cope with the daily issues in running a business? They are heading for major health problems
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You can achieve harmony with a family transition from one generation to the next when the founders learn to stick their nose in and keep their fingers out

How do the next generation and baby boomer founders work in harmony with each other when the next generation want to take control and Mum and Dad don't know how to or don't want to let go.?
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A SMOOTH TRANSITION FROM ONE GENERATION TO THE NEXT IS ALL ABOUT MULTIPLE CONVERSATIONS

Watch this video to understand how I work with families in business to assist in a smooth transition to the next generation

https://www.youtube.com/watch?v=4tfqSxmNhbs

Highlight this link, right click and click on 'go to'
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ATTRIBUTES OF SUCCESSFUL FAMILIES IN BUSINESS

The key to a successful family in business is effective communication, early communication and honest communication. Once that has happened you can start succession planning with a common purpose.
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