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Families in Business Blog

Too many family business owners are living with stress in their daily lives and are battling on their own.

Stress in the workplace is the largest segment of work cover claims for employees. Who is looking after the business owners who are at their wit's end trying to cope with the daily issues in running a business? They are heading for major health problems
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You can achieve harmony with a family transition from one generation to the next when the founders learn to stick their nose in and keep their fingers out

How do the next generation and baby boomer founders work in harmony with each other when the next generation want to take control and Mum and Dad don't know how to or don't want to let go.?
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A SMOOTH TRANSITION FROM ONE GENERATION TO THE NEXT IS ALL ABOUT MULTIPLE CONVERSATIONS

Watch this video to understand how I work with families in business to assist in a smooth transition to the next generation

https://www.youtube.com/watch?v=4tfqSxmNhbs

Highlight this link, right click and click on 'go to'
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ATTRIBUTES OF SUCCESSFUL FAMILIES IN BUSINESS

The key to a successful family in business is effective communication, early communication and honest communication. Once that has happened you can start succession planning with a common purpose.
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IN 2018 SUCCESSION IS THE MOST PRESSING ISSUE FACING FAMILIES IN BUSINESS

The issue of succession and the transfer of leadership, ownership and business accountability has reached a critical stage in Australia as many founders are now in their seventies and eighties. The next generation is sitting in the waiting room and hopefully they will not be a Prince Charles and take over by the time the third generation is also ready.
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Most reliable research on Family Business says that those with an advisory board out perform those without one.

If your family business is only listening to other family members then you are missing out on the experience, knowledge and wisdom of others. You need to add advisory board members who add value and not just a different skill set.
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How should a family business choose an external advisor?

Look for someone who adds value to the family and the business. Most successful families in business understand that they do not have all the skills to be successful in the long term. Many set up advisory panels or boards after conducting a skills gap analysis
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If your family members don't know what your future Vision looks like, how will you achieve it?

I don't believe I have ever come across a business, especially a family business, where all owners or stakeholders can tell me exactly what the vision or purpose of the business
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The language you use when talking to older family leaders is important

When conversing with long term family leaders you need to be aware of the expressions and language you use. I have compiled the attached chart to highlight some of the terminology used in 2018 that might not resonate with baby boomer founders.
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I keep coming across families in business who do not have a succession strategy or plan

You cannot deny the published research. Nearly 70% of families in business do not have a succession plan for the next generation. Many family business leaders have never had a conversation regarding succession with their children. Without the conversations taking place confusion and emotions will hinder a smooth transition.
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