Skip to Main Content

Helping Family Businesses
Prosper Across Generations®

Article Archive

Category:
 
Results: 760 Record(s) Found.
Pencile_graph

Understanding Profitability in the Family Business

Mixing family and money in business can be confidently accomplished when families take the time to educate themselves on the concepts and key issues surrounding profitability, build forums to gain alignment on their goals, and set policies to clarify expectations on profitability related matters.

 

Should Spouses Work in the Family Business?

We know of many family firms that allow spouses to be employed in the business. Outcomes tend toward the positive when there is a strong drive towards accountability; when the person is highly qualified for the job; when performance goals are set and reviewed regularly and feedback is given; and when there are rules in place that prohibit one spouse working for another or spouses being in the same department.

 
HR_in_the_FB_tools_icon

Managing the Complexity of Human Resources in Family Firms

Because your business’s performance is so highly dependent on your people, HR is a crucial contributor to the superior performance of family firms. So, maximizing the effectiveness of your HR systems and practices will help maximize your performance across the board. The ideal role for HR is as a true champion of engagement of all firm resources, not just the human ones. In many firms, that will mean taking clear, practical steps to transition HR into a more strategic role.

 

Developing a Winning Strategy for Family and Business: The Parallel Planning Process

The parallel planning process, originally advanced by Randel Carlock and John Ward in “Strategic Planning for the Family and Business” (Palgrave, 2001), links these two powerful forces to recognize the real potential of family business. By helping both family and management create a business strategy that supports the interests of the family and the potential of the business, a powerful synergy can result.

 
Compass10

Getting Started with Family Governance

Family governance is a process or structure to educate and facilitate communication between family members. It also provides a forum for constructive discussion, problem solving and decisions about the family as it relates to the business, as well as, how the business relates to the family.

 

Understanding the Differences Among Family Governance Forums

What is a family council and how does it differ from a family assembly or a family meeting? To help answer that question, below are brief definitions adapted from The Family Council Handbook that provide distictions among the different types of meeting forums.

 
bullseye-1419896-1600x1200

What it Means to be an Investing Owner and Why it’s so Important

Owners have both a right and responsibility to ensure their investment performs well. If perpetuating the family business across generations is the family’s aspiration, owners need to ensure that the business will not only survive but thrive. Our experience is that families take great pride in holding productive discussions around expectations, precisely because they are difficult conversations to have.

 
The_FB_Boardroom_Logo

How Board Evaluations Drive the Planning Process

One of the responsibilities of the board is to ensure there is a credible plan in place to guide the future of the business. Reviewing the planning process and plan content and holding management accountable to plan goals and timelines all fall within the purview of the board. The benefits of the planning process – clear goals, defined accountabilities, alignment of resources, prioritization of efforts, and ensuring focus on critical issues – apply to the board as well as management.

 
stick_man103

15 Lessons Family Councils Wish They Knew Before They Started

Whether you are just starting a Family Council or have had one for years, much can be gained by considering the lessons others have learned in making their Family Councils work. What follows are 15 guidelines Family Councils often wish they had known sooner.

 
Two Sides of the Same Coin

Shared Vision and Effective Next-Generation Leaders: Two Sides of the Same Coin

By Stephen P. Miller, Ph.D. A survey of family business owners conducted a number of years ago by John Ward, co-founder of The Family Business Consulting Group, found that lack of a shared vision for the family business and weak next-generation leadership were two of the top three threats to long-term family firm success. John’s finding was one of the inspirations for my own research on developing next-generation leadership talent in family businesses.

 
 
Results: 760 Record(s) Found.

8770 W. Bryn Mawr Ave., Ste 1340W, Chicago, IL 60631
P: 773.604.5005 E: info@thefbcg.com 

© 2018 The Family Business Consulting Group, Inc. All Rights Reserved.

close (X)