Australia and New Zealand’s Leading Family Business Advisers
Align the family and the business will follow
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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The Differences Between the Family Council and the Board in a Business. As a family business, it is important to have the proper systems in place to help keep the family and business aligned and ensure both business success and family harmony.
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The pitfalls of managing other family members, within the family business, when their performance is not up to standard, or they behave in inappropriate ways.
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For a long lasting family business, the family has to come first. The business is really a large and important tool that enables a family to come together to discuss how to protect and grow the family!
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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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