Australia and New Zealand’s Leading Family Business Advisers
Align the family and the business will follow
The Edelman Trust Barometer™ is an annual trust and credibility survey. The project began in 2001 and originally surveyed 1,300 people across five different countries. In 2017 the Trust Barometer research included a special report on family businesses.
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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.
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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.
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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.
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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.
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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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