Family Business Central Blog

Family Business Legacy Journey

We have worked with family businesses for many years. And over these years we have seen clear patterns emerge within businesses as they grow, evolve and develop from their initial starting point.

Honest conversations – the heart of the family

We have all heard that honesty is the best policy, and we also know that this is often far easier said than done. However, honesty is a critical component of a positive culture within a family business.

Christmas Dinner Rule Family Business

Ten years ago, a father decided to give 100% of his shares in the family business to his oldest son. He barely discussed this with his family and other children, a son and daughter.

The Benefits of a Future Focused Family Council

Creating a Family Council can be extremely beneficial for a family business. Whether the council is initially formed in order to manage succession plans, or it is set up with the intention of developing the next generation, the key is to always have a focus on the future.

The Brilliant Podcast featuring Philip Pryor

Family business adviser and CEO of Family Business Central, Philip Pryor, chats with Deb Croucher in the inaugural episode of the Brilliant Podcast.

The Different Hats in Family Business

Family businesses are complex entities. They have the potential to be extremely profitable and deeply rewarding, both professionally and personally.

Raising Awareness of Family business

Philip Pryor meets with Minister Nash to raise awareness and get information and support to family businesses, so they can grow and prosper.

No one’s interested in succession planning…

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.

Family Business Number One Rule

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.

The core elements of an effective family business

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.