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Families in Business Blog

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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Family business - stay as you are or take the big leap forward ?

Successful families in business have meet the challenge at a point in time of taking the leap from where they are now to embracing a big picture vision of the future. They take the lead and everyone they touch along the way wants to be on board
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Smart business owners write it all down

One of the reasons that Franchising is so successful as a business format is due to the fact that the operating system for the everything that happens has been written down.
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Future generations are going to be very different in family businesses

As the leader of your family business are you able accept that they don't think like you, they don't dress like you, they don't work like you and that you could be the one holding back the success of the business
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Family business is slow to take up the advantages of "Lean Thinking"

This is a classic example of they don't know what they don't know. Many business owners believe that LEAN processes are for large companies. The savings become so obvious when you start with a different way of thinking.
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In 2014 you cannot drive strategy from the top down without enagagement

Often your employees know as much about your business as you do. You would be foolish to not engage them in your future strategic direction and ask for input.
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