Family Business Central Blog

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.

Sexually Transmitted Disputes

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.

What is the ‘business of family’?

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.