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Families in Business Blog

Why do we keep hearing that you must have a vision for your family Business

A sporting team would not just turn up to play without having a team target in their minds highlighting the end result
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Getting too involved in family emotions will hinder the ability of family business to succeed

Family members who cannot separate their family related emotional ties when they need to make tough business decisions will end up just making things worse.
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My recent comments on Families in Business

Families in Business are the backbone of the Australian economy. Yet much of the published research in Australia indicates that very few make it past the second generation.
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Communication in family business is essential for survival

When one or more family members are left out of the loop and excluded from the family/business conversation you can be sure a mishap is coming that stops future progress
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Families with advisory boards out perform those without one

No one has a mortgage on smart ideas, especially family company owners who have only ever worked in the family firm
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Issues for next generation family business members.

It's important to understanding that siblings in family business are not clones of their parents and have different values and ambitions. I often find myself asking parents why they cannot let go and trust others.
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The Golden Child in a family business is a culture killer

Sometimes I come across a sibling in a Geelong family business who has an unjustified sense of entitlement and is not held accountable by their parents . It sends a really poor message to all employees.
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Over 95% of families in business in the Geelong region have not held an intergenerational meeting

There are some interesting stats that show over 40% of male family business founders have not discussed succession of the business their wife. In addition, a high percentage of next generation family business members have not discussed the subject with their partner. 60% have not had this discussion with their children.
Why are they so scared to have the discussion ?
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How you hold your director meetings set the standard for the whole company

Most families in business have directors. They either have a formal board or many successful family companies now have implemented advisory boards or advisory panels. Over the years I have attended board meetings in a variety of family companies of all size as an observer and experienced a huge variation in how they are organised and how they are held. Some are professional and effective and some leave a lot to be desired and are a waste of time and effort.
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In a family business, culture is the glue that determines success or failure

The behaviour of family members in a family business will dictate the behaviour of the employees. and will set the standard for the overall culture. Poor behaviour usually leads to employees who are not engaged in their work, lost productivity and poor customer service. The old saying Monkey See Monkey applies and the challenge to achieving progress and growth is to address how those family members who set a poor standard are brought to account.
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