Regardless of how your business was formed, or what your family system looks like, the family dynamics, culture, traditions and collective personality will permeate the business. As a family business you should embrace that and make the family and the company better because of the relationship. You will best do that by having the necessary discussions around both the kitchen and board tables to forge the right connection. Having those conversations will eliminate future conflicts and add tremendous good will to your balance sheet.
Some see the family business as a golden goose whose eggs they harvest and pawn, but want to take no responsibility for the health of the goose. Here’s how to develop good practices and maintain family harmony while working together toward common goals.
If good boundaries are established and maintained, then the typical borders that cause family business war – love, hate, greed and jealousy – will remain good reading in novels and not be the basis for real life soap operas.
Finding the point where the family decides that the business is not for sale is the point when things begin to change. Family business expert Richard Segal shares how families and businesses can grow with success.
Establishing a board isn’t easy, but it is so very valuable for family businesses, where decision making is often complicated and convoluted. Family business expert Richard Segal offers key points in a two-part series.
Best practices for family firms give the best results. These include creating a governance structure, holding family meetings, and a drafting a family constitution.
There is a delicate balance between family and business in decision making. So, what processes can be installed to examine those decisions and offer the best outcomes? Boards offer a process and structure that should offer the ability to improve decision making. First in two-part series.
“Is the business for sale?” and “Whose decision is it?” are two questions that deserve deep understanding for family businesses to be successful.
If you are a family business the groupthink theory has to scare you. Can groups get to good decisions if the main goal is harmony and conformity?
You are at a restaurant and a phone rings loudly at the table next to you. You are hoping that the person either declines it or excuses them self and steps away. No such luck, they take the call! To make matters worse, she has a loud shrill voice and the call is upsetting her. […]