Success in family business comes more easily when you have the ability to hold the difficult and emotional family member conversations. I facilitate conversations with all members as a trusted external advisor.
Do you want to take your business to a higher level of performance? It's more difficult if you are working on your own.
Past research from a leading USA University highlights that family businesses with an advisory board/panel out perform those without one.
In 2021, most family business include two or more generations working in the business. Often emotions run high as ambitions, dreams and family circumstances are different for each individual. No one size fits all. Real one-on-one conversations become important for each family member. Following on, whole of family meetings can follow.
Therefore, the success of families in business is driven by everyone having an agreed business vision for the future. You need to allow for each family member's differences and values, accepting that compromise is important.
However, the business must come first when planning for the future.
Right now, survival in family business will depend on change and innovation as the next two years are going to be challenging. Leadership is key to future survival providing the ability to thrive as a business. Who is going to drive that in your family business? I facilitate family forums to resolve internal family issues.
Most successful leaders have a mentor as it can be lonely being a business owner, CEO or general manager.
I have walked in the shoes of many family business owners and leaders. I know how this feels. I have sat on family boards as an external non-family member in a variety of business segments and experienced all the emotions that drive family meetings. The benefit to the family business is to have someone who can build trust and confidence, play devil's advocate, listen a lot, offer options the family cannot see and sometimes, I have had to ask the questions that families don't like answering. Often the family is too close to the day-to-day issues in the business, they lose sight of the bigger picture and the future opportunities. The net effect to you as a family business owner is the ability to make better decisions and all members will own the decision.
My ability to add value to your business has been been honed by an extensive exposure in a variety of business in many industry segments. Business may change as evidenced by COVID. However, family member emotions do not.
Business mentoring is a proven method to help business owners and managers and is a passion of mine. When I owned my own business, we did not have access to formal mentoring programs. After my brother and I sold our business, I joined a couple of listed companies for about 12 years. I realised I had been operating my business based on my own self taught experiences. I saw the benefit of systems and processes etc , much of which I did not have as a family business owner. I was a typical baby boomer business owner. Self taught and working non stop in the business. I hardly ever took time to look up and work on future strategy and planning.
My hard earned experience as a large company CEO and general manager was my wake up call to find a way to add value to families in business.
Only twelve percent of family business make it past the second generation. If you want to keep the dream alive, I believe that compromise and honest conversations are necessary. It may be that not any next generation members wants to work in the family firm. That is not a problem if you set up the right structures and governance overseen by a board made up of family and external specialists. Then the family can enjoy the benefits long into the future as shareholders.
In 2021 the next generation are better educated, and have skills relevant to today's economy which is largely driven by technology. However, they lack many of the people leadership and management skills that build great internal cultures.
In most family enterprises the next generations can benefit from being exposed to what I call expert knowledge and experience. Sometimes in a family business, the only business methods the next generation know is what they has seen and learnt from their parents.
Call me and let's talk about how I can add value to your family and business.
Mobile: 0411 536 424
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No one ever achieves real success working on their own. We have been engaged by many families and business owners over a wide range of business segments.
As a trusted advisor and business coach/mentor I have proven to be a safe pair of hands.
There is a saying that real knowledge and experience equals wisdom. With this, comes the ability to challenge and ask the right questions. In 2020 business and families have been through a year like no other. There are so many questions and decisions that need to be made about the future.
My role is to ensure relevance across all generations.
The aim of any family business should be to manage as the custodians for ongoing inter-generational future success.
Once second and third generation family members enter the family business, the internal family dynamics change as different personalities start influencing a push for change.
I have been there and seen it in other family business. When family members fall out, it's time for robust conversations and sometimes tough decisions. That's when a third party facilitator is required.
We want to give each of you the time and guidance you deserve to ensure sustainable success beyond 2020.
Call me on 0411 536 424 and let's have a no obligation meeting to clarify what is keeping you awake at night and decide how I can add value to your family business.
From family business member at a young age and learning about business through real experience, to now enjoying a reputation as a trusted family business consultant, mentor and confidant. It's all about adding value.
Life experience and up-to-date knowledge/skills enables me to add value in many ways to family members of all ages in business.
The lessons learned by being a business owner, large company CEO, lecturer, mediator, author, board member of NFP organisations and facilitator of strategic visioning and planning add value to others.
The most soul destroying issue in any family business is when individual differences become untenable and internal culture become unbearable for all family members and employees. The first action in any family business is to facilitate honest conversations. You know, the ones that are never held. Credible research shows that very few families have system in place for whole of family meetings and open conversations.
I have experienced situations when a family leader dies and there is no prearranged process for the business to carry on. The conversation were never held on succession. I have stepped in and
facilitated a smooth transition for continued success.
I have chaired, family business boards, mediated internal family business issues, and sat on family business boards.
Call me to find out more : 0411 536 424