If you’ve been a part of a family business, even for a little while, you know that unexpected things happen. Plans get changed or derailed. Disagreements arise. Founding family members, being so used to running the business on their own and calling all the shots, get side tracked in pursuit of opportunities that no one else is aware of.
There are many factors that contribute to the overall success of a family business, but there are two critical components that impact the long-term direction and the long-term viability of a family business. These two are: Common Goals and Shared Values.
Family and business don’t mix together, or do they?
In today’s blog, we’ll focus on setting three simple boundaries in order to protect both the family as well as the business from interfering with each other’s purpose and objectives.
If you’ve ever attended a leadership seminar or a team development workshop, values were most likely discussed as key component of building an effective organization.
Most businesses spend hours or even days strategizing over values, posting them all over the office and laminating value cards for all the employees. But are values, in and of themselves, all they are cracked up to be?
Succession planning is easier said than done. Among family-owned businesses succession planning conversations often happen too late, and lack necessary details and preparation in order to make it effective.
Without a solid, effective governance, family-owned businesses stand a high chance of falling victim to unique challenges that other, non-family owned organizations don't face on a day-to-day basis.
It’s a dreaded word that wreaks havoc among family-owned businesses. No one sets out to engage in it when building a business, yet it’s an inevitable part of every family-owned business.
That dreaded word is conflict.
Building and maintain a family business takes hard work. There is often the expectation that the next generation will take the business to the next level.
As we all know, expectations and reality don't always coincide. I’m here to tell you that it’s OK!
Special Agent (SA), Scott E. Augenbaum, of the Federal Bureau of Investigation (FBI),started his career with the FBI in the New York Field Office in 1988 as a support employee.In 1994 he became a Special Agent in 1994 and was assigned to the Syracuse, New YorkOffice, where he worked domestic terrorism, white collar and hate crimes, and all computer crime investigations
Business, in its various forms, has been an essential part of societies since the beginning of mankind.
Today, over 50% of U.S. GDP is generated by family businesses. Some data suggests that it’s even as high as 64%.