October was the month when our CFO, Doug, would be making his rounds with all of the leaders in our business to begin to forecast their income and expenses for the upcoming year. The best run, long-term sustainable family businesses know that having an annual budget “process” is an important step on the road to […]
Put Self-Interests Aside in Your Family Business
In 1985 I was a young, straight-commissioned salesman in our 65-year-old office furniture business. We had a hot new product and I was positioned to have a great year selling it. Uncle Tim called me into his office and informed me he was hiring an additional salesperson and splitting my territory in half. I was […]
Why You Want Independent, Strong Family Members
The 4th of July always reminds me of the importance of independence. Having a successful, strong family requires a delicate balance of both cooperative and independent people. Too many families think everything will be great if, “We can all just think alike and get along. We should keep doing what we’ve been doing in order […]
Top Ten Benefits of Having a “Coachable” Family
You need to constantly improve if you want to win in today’s hyper-competitive market. No one, I mean no one, can sit back and rely on their past successes as a guarantee of future success. Nowhere is that more risky than in a family business! So many families believe their family’s reputation and success will […]
4 Steps to Build Sound Judgement in the Family
Learning to use sound judgement is like most other qualities of great leaders and successful people — it comes with thoughtfulness, discipline and practice. As family leaders it’s your job to create the right learning environment for your family. Here are four simple steps: Model the Behavior The family is always watching its leaders. Opportunities […]
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