If you want your family business to succeed and win in the long run, at some point it needs to embrace professionalism. A business has a life cycle like a person. It’s a toddler (learning to walk), a teenager (a bit rebellious), and a young adult (more stable). We all know people that never grew […]
What NOT to do in Family Business
Knowing what not to do in your family business is as important as knowing what to do. Learn the mistakes others have made and how to avoid them in your family-run company.
Coming up with a good process and solid plan for succession is probably one of the most important duties of a family business leader. I get to work with many professionals in the field of family business consulting. They come to me and ask for advice on how to help their family business clients. Here’s […]
Lee Watson started his equipment rental business, Kachina Rentals in 1974 in Sacramento, California. Lee has always prided himself on the fact that he has the largest rental fleet and the most competitive prices in the region. No one has a better rental business in the area. Lee is now in his mid-70s and is […]
The sooner you can learn to appreciate different personality styles the sooner you’ll be on a path to success in the family business. Everyone is wired differently. Introverts, extroverts, big picture thinkers, detail oriented, you know who you are. It’s amazing to me how consistently this issue causes such angst and friction in family businesses. I […]
Great championship teams are made on the practice field! Scientific research has proven over a 20 year period of time that a process called deliberate practice is the key to long term sustainable success. Yet the majority of family businesses resist the idea of needing to practice and instead rely on the theory that their past success […]