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Family Business Leadership: The Importance of Versatility

Running any business is hard, and the complexity of overlapping systems in a family business makes that environment particularly challenging. A family business leader’s response to a challenge will be influenced by all the roles he or she plays: CEO, owner, parent, spouse… If the manager in the case above is your son, and you are unhappy with his response to the crisis—are you reacting as his boss, as a concerned shareholder, or as a parent? You likely have all three of these perspectives swir

 

Please Welcome to the Stage, in their New Role...

By Stephanie Brun de Pontet To quote a classic rock song: "Who.... are you? Who, who, who, who..." - The Who It is hard to answer that question simply. Most of us play many roles: mother, lawyer, spouse, sibling, church elder, etc. There are roles we aspire to take on, such as business leader, and there are other roles we are stuck in by virtue of history or reputation, like the "difficult one." There are still more roles we earn or are assigned, like doctor or "peace maker."

 

Letting Go, Stepping Up: Leadership in Transition

Leadership transitions in a family business are influenced by and affect a lot of stakeholders. How each stakeholder perceives the process-and their role within it-will have an impact on outcomes. Perhaps the two stakeholders who often play the most central roles in this process are the incumbent, or controlling, CEO and his or her successor.

 

Creating a Culture of Accountability in Your Family Business

Creating a Culture of Accountability in Your Family Business By Mike Fassler Accountability is a regular discussion topic with our family business clients. When accountability is alive and well, individuals, the family and the business may share in success. When accountability is mostly non-existent, however, a pervasive attitude of entitlement may exist that can lead to the demise of the business and perhaps the unraveling of family bonds. More often, we find accountability is present w

 

Developing Next-Generation Leaders in Family Business

Developing Next-Generation Leaders in Family Business By Stephen P. Miller Engineering a successful generational transition is often the issue that most concerns entrepreneurs who hope the businesses they have created will thrive through multiple generations of family ownership. In a survey of family business owners, Family Business Consulting Group co-founder John Ward (1997) found that weak next-generation leadership was perceived as one of the top three threats to long-term family firm su​

 

Emotional Ownership

Emotional Ownership By Kent Rhodes & Dana Telford "Let's go to work!" Dad would call out through my bedroom door. I'd rub my sleepy eyes and tumble out of bed for another Saturday morning of work at our family-owned resort. Some might say this was demanding too much of an 8-year-old like me, but looking back on it now I see that these weekend work sessions were more than chores leading to an allowance. My dad was instilling in me an ethic of hard work and helping me to understand

 

Mindfulness Brings Calm, Compassion and Creativity to Family Enterprises

By Amy Schuman & Stephanie Brun de Pontet Families in business together need skills in managing both emotional and financial demands. They must remain calm and focused in the face of high stakes situations. They need to let go of baggage from the past while not being overwhelmed by the uncertainty of the future. While some families struggle with these skills, many become masterful in focusing their attention on the demands of the present moment without being distracted by the past and future.​

 

Getting Non-Operating Shareholders Appropriately Involved

By Steve McClure Over time and generations, a family business usually encounters increasing obstacles to shareholder unity. As the family grows, members will become geographically dispersed and some may never set foot on the premises. Greater numbers in each generation means share ownership dilution and typically an associated decreased economic interest for each shareholder. They are generations removed from the founder and may not have had direct interaction with their entrepreneurial...​

 

Governance Beats Avoidance for Long-Term Family Business Harmony

By Otis Baskin Most successful business-owning families have a common fear: "How do we keep the next generation from fighting over the business?" This fear is well founded, as the survival rate for family businesses from founding generation to second generation and beyond is low. Further, most of us know tragic stories of ruined family relationships and lost fortunes because a group of siblings or cousins - who were to be the beneficiaries of a wonderful blessing - could not get along...

 

Don't Think of it as 'Succession Planning...'

By Kelly LeCouvie & Jennifer Pendergast Succession planning is an important process for any business, and particularly for family owned businesses. While family businesses often outperform nonfamily businesses, their succession planning can be more complicated due to the family dynamics that may overlay both ownership and leadership transitions. Jennifer Pendergast and Kelly LeCouvie share their wisdom from years of experience guiding families to successful generational transitions in...

 
 
Results: 707 Record(s) Found.

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