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Families in Business Blog

Family Business Board Members need to understand OHS liabilities

When did you last conduct an OHS and environmental site walk around ? As a director/leader in your family business you face penalties that carry huge fines and potential jail sentences.
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Are you running your family business the same as it always has been in the past?

Some family businesses I meet have been operating with the same business model since inception. Meanwhile their customer's buying habits have changed and their competitors have become more innovative, efficient and smarter.
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Advisory boards are a secret weapon in the growing family business’ arsenal

The Australian Small Business and Family Enterprise Ombudsman, Kate Carnell says advisory boards are increasingly playing a key role in Australia’s small business’ success stories.
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It's too late when a sudden illness takes over all the emotion in a family business

On occasions I have come across Families in Business where the unexpected death of a key family member has resulted in panic, stress and short term disruption.
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Respect by different age groups in a family business is essential

No one generation is smarter than another. It's that they have different mindsets that add value
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Family business succession issues will not be fixed by magic

Why don't many family businesses survive past the second generation? It's because they don't know how to have the tough family conversations
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Employing an external CEO or General Manager

If you are not sure about employing an external leader in your business. Families have engaged me to review and trial the concept.
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Why do family businesses need an external trusted advisor? Family are often run on emotion

Many heads of family companies call on their legal representative or accountant to resolve internal conflicts. I challenge this as the professional advisor will always look after the interest of the person who engages them as their primary priority.
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Harvard Business Review's most read articles in 2018 were on internal culture

An internal culture is like a fog. It is pervasive and touches everybody and everything in your business. Make sure you are aware of all issues.
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Family business are more successful when they engage an external mentor to work with the next generation.

Why do successful people use a mentor? Because it works. Family business should consider engaging professional mentor for the next generation working in the business. They sometimes only know one way and that is what they learn from their parents. Mentors bring a different perspective through their wide experience and knowledge.
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