An old saying goes: “Families are equal; Businesses are equitable.” If you run a family business, however, the ideas of fair and equal may not always match up.
Insights Family Business Blog
Effective communication in family businesses is essential. As the number of stakeholders increases, so does the complexity of the family business. A family constitution is a way of managing that complexity. Here are a few reasons you should consider developing a family constitution.
Women have always formed the heart and soul of the Australian family businesses and, excitingly, are assuming more leadership roles than ever. It’s great to see that kind of progress, but we also know that the greatest challenge faced by female business leaders is often balancing the roles of leader, co-worker, wife, daughter, and many more.
Family Businesses untapped resource
When you've spent a lifetime building a successful family business, it is natural to have concerns about its future.Planning for the future is difficult enough, but planning for the success of your family business once you hand over to the next generation presents unique challenges.It is not uncommon for the founder to wonder if the next generation will be able to handle the challenges that running a successful family business needs. Quite often that means worrying about the changes that next generation will undoubtedly implement.
A Family Business Survival Kit
When all of the complications and distractions are cleared away, isn’t that what we are all actually striving for?
Whether the original dream is ours or was born from inspiration generations ago, the vision is likely the same. Make it exceptional and make it last 100 years.
Are they your connective tissue or weakest link?
It is critical that family and business values be reconciled in a family business. In “Fostering Family Value(s)”, Olof Bik and Michel Adriaansens point out that there are two sides of the values coin, regardless of where those values originate. How does one “embed and preserve the integrity of core values,” yet avoid the pitfall of a “strong culture turning into a repressive culture”?
Four Videos that can help family businesses
Dr Lee Hausner is an internationally recognized family business consultant and clinical psychologist. In her keynote speech at the National Family Business Australia conference in August this year, she opened by saying, “There is the business of business and the business of the family. If the business of the family is fine, the business will be fine. So we need to focus on the family.”
Could you use some help?
Communication is one of the most difficult and important skills any business family has to learn. At Insights, we have a range of communication resources available for free.
Women, Family, and Business: Enabling Women to Succeed in Family Businesses
The number of women-owned businesses increased 74% from 1997 to 2015, whereas the total number of businesses only increased 51%, according to the latest State of Women-Owned Businesses Report, produced by American Express. What’s more, the number of women leading family businesses has increased five-fold since the late 90s.
Family Office Exchange shows specific family business education is the key.
For children, growing up in a wealthy family comes with certain challenges. Many such children have difficulty conceptualising the value of money, or take their family’s wealth for granted. On the other hand, they may feel a sense of guilt or even shame for enjoying wealth they didn’t earn, and a sense of pressure to “make the most” of the fortunate situation they were born into. Indeed, research shows that adolescents from affluent backgrounds are more prone to depression, substance abuse and anxiety.
Try Our New 15 minute Online Tutorial
Here at Insights we are constantly updating the information we provide to family businesses and family members. Each week we add new videos to our catalogue of over 300 short videos designed for and by successful global family businesses.
The Next Generation
In 2014 Price Waterhouse Coopers released the findings of their Family Business Survey- Bridging the Gap. They interviewed 207 next gen family business leaders. They found them to be ambitious with big ideas and eager to make changes, hardworking but knowing they always have to prove themselves and the majority identified gaining the respect of their co-workers as their biggest challenge.
Wondering how other family businesses address it?
It seems that two of the most difficult issues for family groups in business are firstly identifying their challenges and secondly taking that huge leap to start talking about those challenges together.
The Center for Family Business at the University of St. Gallen, Switzerland has just published a new list of the 500 largest family-owned companies by revenue. If you are passionate about the family business sector like we are, you will find this fascinating. If you are just starting out in your family business, I think you will find it inspiring.
Facing a communication breakdown?
If you’re encountering a conflict in your family business, it may not be for the reason you think. It is said that 10% of conflict is because of a genuine difference of opinion, but 90% is due to simple miscommunication.
Gain new insights into your family business.
Our courses and tutorials cover everything from communication, conflict management and family meetings to decision-making processes, balancing family and business, and leadership. Chances are, you’ll gain a new way of thinking about an aspect of your business.