Australia and New Zealand’s Leading Family Business Advisers
Align the family and the business will follow
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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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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