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Families in Business Blog

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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Mentors or Business Coach - Family Elders generally have a closed mind ?

In many family companies the next generation of family members coming through the system will benefit from being exposed to external mentors
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Why do so many companies fail to get their internal culture right ?

The right internal culture is the glue that ensures business success. Regardless of the importance of communication on the internet , business is about people doing business with people
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Who do you blame when things go wrong ?

I recently sat in a board meeting of a company when a problems come up for discussion and the senior staff immediately blamed someone who used to work there. What caused me some concern was that the problem had been allowed to continue under the current management.
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If an offer arrived, is your private company ready for sale?

Sale opportunities are delayed and missed if your business IP and assets are sitting in all sorts of trusts and in different family member names. You might also decrease the value someone is willing to pay.
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