Australia and New Zealand’s Leading Family Business Advisers
Align the family and the business will follow
Family business adviser and CEO of Family Business Central, Philip Pryor, chats with Deb Croucher in the inaugural episode of the Brilliant Podcast.
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Family businesses are complex entities. They have the potential to be extremely profitable and deeply rewarding, both professionally and personally.
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Philip Pryor meets with Minister Nash to raise awareness and get information and support to family businesses, so they can grow and prosper.
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Succession seems to be equated with ‘retire’ and that really scares the living daylights out of business owners.
So instead, think ‘transition’. Think about what role you want to transition into, in your business.
Rule number one is – ‘No surprises, ever!’ It sounds simple, and it is. Have the conversations, because no matter how worried you might be about them, they are never as bad as you think.
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There are three core elements of an effective family business: honesty, fairness and transparency. These qualities are key to the longevity of an effective family business.
How these traits are recorded and communicated down the line is not only important but necessary. It’s easy … and it’s called a Family Charter.
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We spend a lot of time talking to family-owned businesses about the importance of developing a Family Charter together.
“Why?” you ask. Or, “What’s a Family Charter?” you might be wondering. Put simply, a Family Charter is a written agreement between family members.
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Normally people talk about STD’s especially in that embarrassed, sotto voice, ‘I can’t believe it happened to me’ way…. However in this blog I’m talking about a different STD: Sexually Transmitted Disputes, how families pass on the same fight currently happening with the current generation for the next generation to battle it out with one another.
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Probably the biggest decision a family-owned business will make is whether to sell or to continue to build a legacy.
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At Family Business Central we believe the secret to a great family business is to get the ‘business of family’ sorted out before anything else. Mixing family and money together can be a pretty lethal undertaking—we’ve all heard of the various disaster stories. The toxic mix of greed, love, loyalty and money can be pretty powerful.
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