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Families in Business Blog

Successful Family Companies Have Advisory Boards

Is opening the family board or establishing an advisory panel to non-family members going to improve your performance? Yes – definitely!
In any family enterprise, commercial, manufacturing or agribusiness, you should take the position that you are custodians for future generations. Good governance, policies and planning is about building wealth in the long term.
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Some next generation members of family companies cry 'poor me' when things don't go their way

In some family businesses I have meet over the years you come across the Golden Child. They have never had to want for anything and believe that have a right to take from the family business and not give back. I often wonder how this happens when the founders started with nothing and gave their all for little return.
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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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