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Choosing a director for a family business is a complex and time-consuming process that necessitates a thorough examination of numerous factors. When a family business is looking to appoint individuals to its board of directors, it is critical to look for specific qualities and attributes in potential directors that align with the company’s values and …
The family business’s foundation is frequently built by the first generation of members. When a business is passed down to the second and third generation, it encounters divergent views among family members on how to manage and grow the business, as well as how to manage wealth, resulting in conflicts among family members. We delve …
Family businesses, which are often distinguished by a distinct blend of personal and professional dynamics, face a slew of difficulties in maintaining harmony and productivity. One of the most serious problems that plague such businesses is the tendency for individuals to become deeply entrenched in their specific job roles and functions, resulting in a lack …
The Transformative Power of Job Role Change in Family Businesses Read More »
Family businesses, which are often based on the founding members’ values and traditions, face a unique set of challenges as they evolve and grow. Limited resources force these businesses to rely on family members and employees with varying skill levels at the start-up stage. This necessitates an accommodating culture in which performance lapses may be …
Moving From an Accommodative to a Performance Culture in Family Business Read More »
The business world’s tendency to use the terms “strategy” and “planning” interchangeably poses a dilemma for companies striving for market dominance. To help you succeed in today’s cutthroat business environment, we’ll break down the complex link between strategy and planning and look at the reasons why the old-fashioned yearly planning model might not cut it. …
Strategic Planning – Is it Strategy or Planning or both? Read More »
The need to bring in skilled professionals with experience in the family business often presents a series of dilemmas. These challenges range from evaluating the suitability of candidates to justifying a market salary that may disrupt existing employee scales and familial relationships. Let us delve deeper into each point, providing more details and insights on …
Onboarding professionals to work for your Family Business Read More »
Opaque Finance is a potential threat to family businesses, which are often lauded for their resilience and longevity. This phenomenon occurs when family members entrust the financial management of the business to a relative, who is typically assisted by a family friend who is a professional and an external advisor. The warmth of familial relationships …
Opaque Finance: A Peril in Family Business Dynamics Read More »
The need for effective performance management is a critical aspect that is frequently overlooked in the dynamic landscape of family businesses. As these businesses evolve, so do the challenges associated with measuring and improving employee performance. The transition to a performance-driven culture introduces the concepts of Key Result Areas (KRAs) and Key Performance Indicators (KPIs). …
Performance Management: Moving Beyond Shallow Waters Read More »
The rise of silos and the decline of effective communication is a common phenomenon in multi-generational family businesses. This phenomenon, known colloquially as “The Lost Organisation,” encapsulates the difficulties encountered by family members working within the same enterprise who, over time, find themselves isolated in their roles, lacking a shared vision, and dealing with unspoken …
A pivotal role in every family business is that of the COO, or Child Of Owner. While the acronym suggests an inherent connection to the business, the reality is far more complex. The position of COO, if not carefully navigated, can be a double-edged sword, wielding both potential for growth and peril for the family …