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Families in Business Blog

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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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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