Australia and New Zealand’s Leading Family Business Advisers
Align the family and the business will follow
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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Don’t Break the Christmas Dinner Rule. Keep disagreements and conflicts in the family to a level so that when you sit down to celebrate the year, everyone is comfortable being with each other and enjoying each other’s company.
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Being a director is an incredibly important position with both heavy responsibilities and penalties if things go wrong — it is not small thing to be a director. For family businesses, the added complication of balancing fairness of succession of directorship — especially across extended family lines — can be challenging.
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Timing is everything when it comes to succession planning in family business.
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Taking any company from start-up to a successful business is an enormous challenge; it can be even more challenging in a family business as there are many unique considerations to address if the business is to evolve and grow.
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