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Families in Business Blog

The frustration when some family members change decisions without consultation

There is a story that the oldest owner of a family business said 'Everyone is equal, just that some are more equal than others'
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The hardest conversation in a family business starts with 'Lets talk about death'

It is rare to come across a family leader, especially if they are over 60, who is prepared to sit down at a family dinner and talk about what happens in the business when they die.
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External CEO or family member CEO ?

This question has no definitive right or wrong answer. I have seen success and failure with both options and when it fails the business suffers along with other family members and your staff. Mostly I believe it comes down to the attitude and acceptance of the older family owners.
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Too many family business owners think they are indespensible

I often challenge family business owners to go away for three or four months. If your response to that challenge is to tell me I am crazy then I know you have a problem in your business .
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Why family business members should use a professional mentor. Think about why pro golfers need a caddy

Next generation family business members will benefit greatly with an external trusted mentor who can differentiate from family emotions and your real business decision making.
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Lack of a company vision hurts Families in Business

Recent research by accounting group MGI Australia was reported in the Herald-Sun business section stating that 90 per cent of business with a low growth rate do have a company vision.
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Failure to recognise that change is constant and families in business cannot rely on past performance is a proven fact

Henry Ford and Steve Jobs both had the foresight to see that change was going to drive their business to greater heights. They did not accept that what they were doing was going to be the way for ever.
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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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