Your Personal Growth is Vital to a Harmonious Family Business

Family business is just that… a family affair. The journey of each individual family member towards personal growth is not just a path to self-improvement but a critical component of business success and family harmony. Have you or your family members really thought about the importance of each individual learning to bring their best self to both the family and the business? The Importance of Personal Development in Family Business Harmony In the unique realm of family businesses, the significance of personal development cannot be overstated. Emotional intelligence, self-awareness, and ongoing self-improvement are crucial for maintaining harmony within the enterprise. Emotionally intelligent family members foster better communication and resolve conflicts more effectively, essential skills in a business with complex personal …

Navigating Parental Interference in Family Business Succession

Family businesses are unique entities, often blending deep-seated emotions with critical business decisions. One of the most challenging aspects of succession planning in such businesses is managing parental interference. While parents usually act out of love and concern, their involvement can sometimes hinder the smooth transition of leadership to the next generation. In this article, we delve into the intricacies of parental interference and offer insights to navigate this complex dynamic. 1. Natural Instincts: Parents, by their very nature, are protective, loving, and concerned about their children. In the context of a family business, these instincts don’t merely fade away. It’s essential to understand that most parental interference stems from a place of genuine concern for their children’s well-being. Parents …

Developing Future Family Business Leaders: How 360 Assessments Can Help

Family businesses are crucial to our economy, and one of the essential components of their longevity is proactive development of rising family business leaders. However, family businesses face unique challenges in this area. Being able to assess and develop next gen and rising leaders in the organization– both family and non-family– is often hindered by complex family dynamics, communication issues and lack of clarity around next gen capabilities. In this blog, we’ll talk about how to use 360 assessments to address some of these challenges, why 360’s are valuable, and how to put the information gathered from 360’s to use. The Benefits of 360-Assessments According to Harvard Business Review’s article, “What Makes a 360-Degree Review Successful?” by Jack Zenger and …

The Family Business Pre-Succession Planning Checklist

Don’t Leave Your Family’s Future to Chance! As the leader in a family business, you already know that succession planning or eventual transition is somewhere on your horizon. There’s no getting around it. It may be looming directly in front of you. It may be somewhere far enough down the road that you haven’t given it much thought. If either are true for you, keep reading.  The truth is, ensuring a smooth transition of leadership is a long-term project. Preserving the legacy of your company for future generations and stakeholders begins long before most families think it does. Beginning your pre-succession plan even five to ten years before the transition of leadership is ideal. Yes… five to ten+ years early.  …

Why Company Culture Work Stalls at the Top

There’s a lot of talk these days about company culture and the need for change in order to improve organizational health and retention. Many progressive organizations are doing company culture work in an effort to increase engagement, fulfillment, and work-life balance. We’ve had quite a few clients come to us who have already done company culture work. They have even utilized Patrick Lencioni’s “The Five Dysfunctions of a Team” . Still, they have not been able to implement permanent changes. Despite their effort, they slide back to old patterns or find themselves stuck in the same place they were before. The reason for this lies at the top – company culture only changes to the level of its leaders. Let’s …