Australia and New Zealand’s Leading Family Business Advisers
Align the family and the business will follow
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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Solid business governance and processes are an important area for all family businesses as they look to grow the business. This is all part of what we call the Evolution of Family Business.
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Core themes for any family business. For a family business to effectively manage succession, each generation needs to be “their best” and this means two things… Communication and Leadership.
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