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Families in Business Blog

My best advice to Geelong family business owners is to establish an advisory board or panel

It does not matter the size of your business, no one can achieve success working on their own. Family businesses with two or more generations working in the business are too close to what is going on and emotions can run high .
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Some Family Business Patriarchs just don't get it when it comes to working as a team

Emotions run high in family business when there is disconnect between generations. Too often I see the patriarch with a leadership style that was more suited to the 1960's . They are control freaks and will not let go or acknowledge that the next generation is most likely better educated and more in-tune with consumer and employee behaviour in the year 2015
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What do Icebergs have in common with organisational change and internal culture?

John Kotter and and change specialist Torben Rick have both used an iceberg to highlight important keys to implementing effective change and improving internal culture
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Inability to delegate is poor leadership and frustrates your family and staff

When a business leader, business owner or manager believes no one can do it better than them and they micro manage what people do you can be sure it will eventually lead to frustration for you and your staff .
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Don't wait to plan when its too late - it was not raining when Noah built the ARK

Time and time again I come across business struggling to find a way forward as they have been rambling along doing what they have always done in the past, This is more dangerous when there are two generations in the family business and the baby boomers are reluctant to change.
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If you sell your business to investors - sell 100%

When investors buy into your private company and they have the money bag, You will never adjust to the way they want to run what was once your life and passion. The culture will have changed for ever.
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Every employee wants to be recognised for doing their job

Family company founders and owners often fail to get it right when it comes to recognising the key issue that repeated research says is the most important motivator for employees
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An agreed family business vision of where you want to be in the future is vital for success

If you cannot paint a picture of where you want to be in the future and what the family business will look like, then family members will go about working in their own direction and everyone will end up confused. Employees included.
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Families in Business - employing the next generation

There must be rules and an earned right of passage for new family members to be allowed to work in a family business. It is for the good of the business in the long term.
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Advisory board members add value to private companies

Research by PwC and FBA highlights that those companies with advisory boards and external non-family members out perform those who don't have such a board.
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