I read an article recently about communication in family business. According to the article, family business managers spend almost half of their time on communication. Frankly, I was surprised the number was not closer to 90% if you take into account both direct and indirect communication. Positive, effective communication is the key to success in […]
Developing Leaders: The New Age of Family Business Management
A substantial number of family-owned businesses do not have a clear plan for succession when the founder is ready to retire. Up to 42 percent of family-owned businesses have not chosen a successor for when the patriarch or matriarch leaves the business. Often this is because the family leadership perceives the next generation as unready, […]
Conflict in the Family Business and The Role of Forgiveness
Conflict within any business can be troublesome, but in a family-run business, conflict can be downright crippling. On the other hand, healthy relationships in a family-run business can lead to greater long-term success. So, what differentiates family businesses that operate peacefully and without major conflict from those that run into conflict regularly? Having an effective […]
Family Business Team Building – What Is It?
Simply put, a team is “a group of people working towards a common goal.” “A family-owned business may be defined as any business in which two or more family members are involved and the majority of ownership or control lies within a family.” (INC.) Therefore, Family Business Team Building is a process that enables a […]
Next Generation Planning in Family Business
As the patriarch or matriarch of your family business, you are probably already managing other family members from Generation X (born between 1963 and 1980) and Generation Y (born after 1980). The differences between our generation and the new generations must be considered in current family business management and next generation planning. Key topics for […]
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