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.”
Similarly, David Smorgon pointed out in his Business Review Weekly article this week that the health of the family, “determined by family dynamics and family relationships” is just as key as profits when it comes to “today’s definition of a richer life.” This is an interesting insight considering the Smorgon family top BRW’s recently released Richest Family list for another year.
Insights agrees wholeheartedly with these sentiments, and in that same vein, we suggest that you and your family check out the following videos. Access is free, and it takes only seconds to sign up (name & email address is all you need!). These videos will give you a great way to re-focus and start some important conversations this weekend.
- How do you establish boundaries between work and family time?
Scott Carr is a next generation family member of Pharmascience and gives great perspective on this. He offers two tips; firstly, delineate between family time and business time and have rules for each. Second, make sure you continue to build common interests beside the business in the family group.
- Addressing the importance of family.
“You can build a business any time you want but to repair the damage in a family takes a lot of time” Rafael Tejeda is CEO of his Mexican-based family owned company, R & C Telecommunications. This 4 minute video explains why he believes family should always come first and the impact that open, honest communication has had on his family group.
- Women making family business stronger.
“You have to deal with family issues even if they are hard”. The Raphaely family runs a female dominated media and publishing family business based in South Africa. They publish global magazines such as Cosmopiltan, Marie Claire and O the Oprah Magazine. Here, Julia and Vanessa Raphaely chime in on how theydeal with family issues in order to effectively work together.
- A Healthy Family Supports a Healthy Business
“If you put the business first and you think that will make up for family happiness you will be wrong……. The money was good but it will never heal the differences in the family”. Annie Kohis the Academic Director of Business Families Institute in Singapore. She has some cautionary tales on why failing to prioritizing the family can lead to problems not only within the family unit but within the business itself.