As I move about and work with families in business and other private business operators I see a diverse range of internal business cultures within many of them. There is such a disparity between those who have got it right and those who fail to understand what is really going on in their business with their people. It’s been the greatest challenge of my advisory work in this segment and the most rewarding when we get it right and everyone embraces change
The benefits of understanding why culture is so important as a driver of success is a given when you find examples of leaders and companies who are enjoying sustainable growth and ongoing profits through a positive internal culture.
I find that one of the key issues is the relationship between the generations, especially in a family 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. READ THIS POST
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. READ THIS POST
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. READ THIS POST
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 READ THIS POST