Insights Family Business Blog
Family businesses account for around 70% of all businesses in Australia. And it seems women are leading the way, doing far better in leadership and management positions in family businesses than those in the non-family business sector. For example, 80% of family-owned businesses have at least one female director whereas only 17.7% of companies in the FTSE 100 have female directors.
Many family business leaders eventually confront the reality that simply doing more of the same to get more and more wealth is not the best use of their efforts. When this happens, what should they do next instead? It's different for everyone, but shifting their focus to the questions relating to the proper transition of all their family wealth to the next generation is often a good way to move forward and begin to look at what's truly important to leave a lasting legacy.- Steve Legler
‘You won’t get anywhere without an education!’ It’s catchphrase countless parents have used over time and rightly so. But when it comes to your own family business, do you apply the same line of thinking? In this post, we explore some key ways family business education can enrich your working life and family.
At Insights we are committed to producing resources that equip and inspire the families behind family owned businesses to increase their effectiveness and success. Our latest offering is an e-book presenting family business through the eyes of the women who lead and work in them – across diverse ages, cultures, roles and ownership models.
At Insights, we know first-hand that communication is at the heart of every successful family business. Many families dread the thought of a formal meeting, but we greatly admire those families that take bold, decisive action to encourage healthy communication.
This month we wanted to highlight some truly influential women in family businesses. From Australian start-up founders to multinational directors, their stories are both unique and inspirational. Sue Ismiel founded waxing company, Nad’s, after experimenting with hair-removal formulas at her kitchen table in 1991. It has since expanded
“You do not need the best possible organization while you are alive; you need the best possible organization that can survive.” Every family business faces challenges. Some are easily resolved, but others, especially those involving several family members, can take years to make headway on.
Unfortunately, many families become so involved in the day-to-day running of their business that they lose sight of their long-term aspirations. Investing the time to develop and maintain a shared vision is crucial, as it ensures there are coherent beliefs in place to unify your family and business for the long term.
The importance of women in family business cannot be understated. From the late ‘90s to 2015, the amount of women running family companies has quintupled. Despite this progress, less than a quarter of the average family firm’s executive team is composed of women. While women wait for greater acceptance as equals in the business world, many are hard at work behind the scenes.
“… if you want a happier company, team, unit ,organization or family, you need to capture their core identity by creating, refining and retelling your story. That act alone may increase the odds that your family will thrive for many generations to come”