Insights Family Business Blog
“… 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”
Australia’s family farm owners are five times more likely than the average person to still be working over the age of 65, and that could be a problem. Too many family farms are ignoring succession planning and appear unprepared to pass on their business to the next generation.
“First recognize that for any group or organisation to be successful it needs to be led, managed and governed well” John A Davis,PhD Harvard Business School Most family businesses fail because they lack the discipline, governance structure and leadership to handle all of the challenges they are going to face. They mishandle or fail to plan for succession transitions. They do not communicate effectively in both family and business. They ignore the need for innovation in a fast-moving world.
Here’s How: If you operate or work in a family business, you’re part of a very Darwinian food chain. Everyone knows the statistics: fewer than 1/3rd of family businesses make it to a second generation. Approximately 10-15% make it to a third generation. Less than one-in-twenty make it to a fourth.
An old saying goes: “Families are equal; Businesses are equitable.” If you run a family business, however, the ideas of fair and equal may not always match up.
Here it is! Whether the original dream was yours or was born from inspiration generations ago, the vision is likely the same. Make it exceptional and make it last 100 years.
Effective communication in family businesses is essential. As the number of stakeholders increases, so does the complexity of the family business. A family constitution is a way of managing that complexity. Here are a few reasons you should consider developing a family constitution.
Women have always formed the heart and soul of the Australian family businesses and, excitingly, are assuming more leadership roles than ever. It’s great to see that kind of progress, but we also know that the greatest challenge faced by female business leaders is often balancing the roles of leader, co-worker, wife, daughter, and many more.
Family Businesses untapped resource When you've spent a lifetime building a successful family business, it is natural to have concerns about its future.Planning for the future is difficult enough, but planning for the success of your family business once you hand over to the next generation presents unique challenges.It is not uncommon for the founder to wonder if the next generation will be able to handle the challenges that running a successful family business needs. Quite often that means worrying about the changes that next generation will undoubtedly implement.
A Family Business Survival Kit When all of the complications and distractions are cleared away, isn’t that what we are all actually striving for? Whether the original dream is ours or was born from inspiration generations ago, the vision is likely the same. Make it exceptional and make it last 100 years.