Australia and New Zealand’s Leading Family Business Advisers
Align the family and the business will follow
The “shirt sleeves” story isn’t a prophecy. It’s a warning. With the right mindset, it can be the wake-up call your family needs to thrive beyond three generations.
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For succession to work well, each generation must be ‘their best generation’ — at the right time, in the right way, with the right mindset.
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Running a family business is hard work, combining two of life’s most intense and important elements. Our job is get both in sync so they both grow and prosper.
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A family charter is essential for any family business that wants to build and maintain good family relationships and build a successful long-term business.
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We recommend gathering the family around a table to write a family charter, but the first question that has to be answered is: “Who is family?”
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One question that all family business have to ask themselves is: “are you actually ready to do a Family Charter?”
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How do you, as a family member working in the family business, manage the expectations and perceptions placed on you by your colleagues and the expectations and responsibilities your family have of you?
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As experts in working with family businesses we have worked with a lot of in-laws. In this blog we’ll explore some of the ways to manage the contradictions and complexity of in-laws.
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Getting the Next Generation ready and up to speed to be able to take on a senior role within the business is critically important to the succession process. By formally setting up a plan that everyone agrees and is aware of, provides a high level of transparency and helps manage perceptions of fairness across the family.
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In the final of our series of three blogs on succession within a family business, I want to look at succession of leadership. As we said in the previous blogs, succession is in three parts: ownership, directorship and leadership. They are obviously linked, but may happen in different ways and at different times.
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Learn how to avoid the mistakes that quietly undermine family businesses — and build a stronger legacy across generations.
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