Family Business Wiki's Town Square

Family Business Wiki's TOWN SQUARE

November 2011 Blog Posts (8)

Fostering Independence in Families

A family business leader recently expressed her concern to me about an advisor her family had met with.  He was focused on a long-term relationship, where the family would need his services on an ongoing basis.  She was concerned that if her family engaged him, they would become reliant on his services.  In her view, the role of a family advisor was completely the opposite:  to build skills and independence in the family and its individual members.           

Advisors play an…

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Added by Jennifer East on November 18, 2011 at 12:09pm — No Comments

Lawyers and accountants are from Mars? Families are from Venus?

 

Take a sample of legal and accounting advisors and family owners; how far do advisers perceive that they understand the particular needs and characteristics of family businesses and business families? And how far do the families agree with them? What is the gap?



STEP (the Society Trust and Estate Practitioners) is starting a process of trying to quantify family business…

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Added by David Harvey on November 17, 2011 at 8:20am — No Comments

The Entrepreneurial Mindset as a Competitive Advantage in Family Enterprises

What separates a thriving family enterprise from one that is merely surviving?  All too often family businesses struggle and stall during generational change.  The secret to those that thrive through transition and beyond may be in their ability to continue to embrace and support the entrepreneurial traits and mindset that were present in the early days of the business.

We now know that entrepreneurship can be learned and propelled with the right balance of supports.  Entrepreneurs…

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Added by Thomas Ulbrich on November 16, 2011 at 6:57am — No Comments

A Successor Grooming Tool: “The Management Table Concept”

Objective

Depending on the evolution of the family business and the nature of the family dynamics, the use of a “Management Table” (MT) approach as a grooming tool for the next generation can assist both the current owners/leaders and the future owners/leaders in ensuring an effective transition of the family business.

 

Assuming that the current owner (John) is willing to transition the ownership of the family business to the next generation (Mary, Paul…

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Added by Grant Walsh on November 15, 2011 at 4:00pm — No Comments

Family Business Issues: Letter to a Successor – Empowering Key Management

Some clients appreciate what I offer more than others. In many cases this occurs when a very social child follows a task master parent into the CEO position of a business without appropriate experience, effective accountability, mentoring or coaching.



In the absence of working for another business, successors lack the understanding or empathy of an employee. If a successor has never been a common law employee, it is very difficult for them to effectively lead or manage employees.…

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Added by Loyd Rawls on November 9, 2011 at 10:00am — No Comments

Passion by Dean R. Fowler, Ph.D.

by Dean R. Fowler, Ph.D.

Dean Fowler Associates, Inc.

www.deanfowler.com

 

While defining their employment guidelines, one of my client families concluded their discussion with the following:

 

 "Family employees must be both competent and passionate about business to be successful at our company.  Family employees who feel an obligation or duty to be…

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Added by Dean R. Fowler on November 8, 2011 at 1:51pm — No Comments

How to Keep Your Company in the Family for More than Five Centuries: Borja Raventos from Codorníu Explains His Keys to Success

Borja Raventos is a 17th generation member of the family that owns Codorníu for more than five centuries.  Codorníu is the world's largest producer of bottle-fermented  sparkling wine made by the traditional champagne method. Their winery was founded in Catalonia, Spain in 1551. Borja has spent most of his career outside of the family business, working on consumer products, but…

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Added by Carmen Lence on November 5, 2011 at 12:26pm — No Comments

Things to Consider Before Bringing a Child Into the Business

I want to bring my son, a freshly minted business graduate into the business. What are some of the things I need to consider? Specifically, what’s the best job description and how do I work out how to pay him?

First off, we assume you have:

a) had a heart-to-heart talk with your son to determine that he sincerely wants to work in your business and is not doing so because he feels obligated to you. You also want to rule out that your son sees…

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Added by Lauren Owen on November 2, 2011 at 1:47pm — No Comments

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