Five Women in Family Business Who Inspire Us

 

This month we wanted to highlight some truly influential women in family businesses. From Australian start-up founders to multinational directors, their stories are both unique and inspirational.

 

Sue Ismiel founded waxing company, Nad’s, after experimenting with hair-removal formulas at her kitchen table in 1991. It has since expanded into a $42 million empire and she aims to list the business within two years. After recently appointing a CEO to handle the day-to-day running of the business, Sue has been freed up to concentrate on philanthropy through her foundation, Sue Ismiel & Daughters. When her three daughters inherit the company, she will be one of the first Australian female business founders to hand over the reins to a second generation of women.

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Easy Tips for Family Business Leadership

Easy Tips for Family Business Leadership

“First recognize that for any group or organisation to be successful it needs to be led, managed and governed well”  John A Davis,PhD Harvard Business School


Most family businesses fail because they lack the discipline, governance structure and leadership to handle all of the challenges they are going to face. They mishandle or fail to plan for succession transitions. They do not communicate effectively in both family and business. They ignore the need for innovation in a fast-moving world.

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Creating a Family Constitution

Family Constitutions? A quick heads-up


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.

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Your Family’s Future Lies in the Next Generation

Your Family’s Future Lies in the Next Generation

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.

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Family Business Values

Values in Your Family Business


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”?

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Stuck? Not Progressing Your Family Business Challenge?

 

“You do not need the best possible organization while you are alive; you need the best possible organization that can survive.”

 

Every family business faces challenges. Some are easily resolved, but others, especially those involving several family members, can take years to make headway on.

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Women in Family Businesses

Women in Family Businesses - Invisible Giants

The importance of women in family business cannot be understated. From the late ‘90s to 2015, the amount of women running family companies has quintupled.

 

Despite this progress, less than a quarter of the average family firm’s executive team is composed of women. While women wait for greater acceptance as equals in the business world, many are hard at work behind the scenes.

 

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Look at the Data: Family Farms Have a Problem


Australia’s family farm owners are five times more likely than the average person to still be working over the age of 65, and that could be a problem. Too many family farms are ignoring succession planning and appear unprepared to pass on their business to the next generation.

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Want Your Family Business to Survive?

Want Your Family Business to Survive? Start Innovating.

Here’s How:

If you operate or work in a family business, you’re part of a very Darwinian food chain. Everyone knows the statistics: fewer than 1/3rd of family businesses make it to a second generation. Approximately 10-15% make it to a third generation. Less than one-in-twenty make it to a fourth.

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Online courses for women in family business

Women in Enterprising Families: A Call to Action

 

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.

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Long Lasting Family Business

The Family Business: Make it Last 100 Years

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. 

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Australia's Richest Families

Australia’s Richest Family and Other Cautionary Tales

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.” 

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Women in family business need to be encouraged

This is why you should help your daughter succeed in the family business.

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.

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