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 […]
Weekend Reads: Coaches Roundup for July 10, 2015
Each week, Coach Pete seeks out strong players in the family business world in order to bring you real stories of real family business professionals to inspire, drive and lead you forward. From the stories of legacy builders to examples of outstanding succession planning, the star players Coach Pete comes across are navigating the game with confidence and wisdom. […]
Don’t Use Family Dynamics As An Excuse For Poor Performance
Family dynamics can be extremely frustrating and hard to deal with – I get it! But too often, family members can use the “family dynamics” card as a convenient excuse for not performing like strong business professionals. One of the most common family business challenges is learning how to perform at a high level consistently. Part of […]
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