Understanding Both Sides of Family Business Management
To help you understand the issues of family business management, we've developed a working model of the family business. It consists of two intersecting circles. The first represents your family; the second, your business.
UNDERSTANDING THE NEED FOR BALANCE IN FAMILY BUSINESS MANAGEMENT.
What issues are you facing in your family business? Do they lie in the family circle, the business circle, or in the overlap? The answers may surprise you. An organizational problem in the business, for instance, may be mistaken for interpersonal problem in the overlap of family and business. We can help you identify and locate the real issues. Then, together, we can build a family business management plan to resolve them.
The decision to step down and retire is one of the hardest a family business entrepreneur ever makes. When that time comes, entrepreneurs don’t have to retire and leave their companies. Instead, they must change their job description. Read More
In Part 1 of this article series, we discussed how lack of gratitude is the single biggest obstacle to succession planning. Here, we'll explore how the philosophy of gratitude can help family businesses and the advisors who serve them. Read More
Why is it so important to learn gratitude, not just voice it? Because at
that level it is a business asset. In my experience, the single most
troubling obstacle in family-owned businesses is that appreciation,
recognition and love are so rarely expressed. Read More
Trust is the central component to the development of a family firm's social capital according to Pearson and Carr's "The central role of trust in family firm social capital". Their work raises the questions of what trust is and how to sustain it as the family business evolves. Over the past 30 years I have worked with family businesses in the area of transitions, succession planning, and managing what I describe as emotional breakdowns of trust in either business or family relationships. As a result, I believe building trust in the family and in the structure of the business are mutually beneficial to family harmony and a successful family business. Read More
Working with family businesses as a consultant is one of the most awesome responsibilities I can imagine. It incorporates managing family issues and concerns as well as business issues and concerns and the interrelationship between the two. The impact of choices made by the consultant can have far-reaching effects for both family and business that can impact generations of family members. Read More
The way we see it, the overlap between family and business is an organizational problem, but people within the family business experience it as an interpersonal issue. That's why family members commonly blame each other for the situation. Read More
The defining qualities of a business contrast starkly with those of the family. While a family is nurturing, a business must be productive. It values competency and candor in order to embrace change and create success. Of course, the skills and sensibilities of business can play a positive role in your family. Business discipline and financial savvy, for instance, positively influence families and their success. Read More
The family-run business faces unique obstacles. Business differences can tear apart families because the family and business have different (even opposing) goals. While family is protective and loyal with strong emotional ties, these positive qualities can lead to resisting or minimizing change in a business setting. Read More
To help you understand the issues of family business management, we've developed a working model of the family business. It consists of two intersecting circles. The first represents your family; the second, your business.Read More
Here is my list of ten important things younger generation adult
children can do to smooth their transition into leadership in the
family-owned business so that everyone involved feels positive and
vital. Read More
Does your family business need help with succession planning, conflict resolution, management or other issues? If so, we'll arrange a one-on-one orientation meeting with you and Tom Hubler to help you explore the possibilities of working with us. If you choose, your family and business associates can also attend. Here, in a relaxed environment, you can talk about:
- Key family business issues - Plans necessary for the success of your family-owned business - Possibilities and expectations - Terms of the relationship