The Family Business – some Questions to ponder
As globalisation and electronic commerce create significant change for local businesses, enterprise survival is becoming a national obsession. Some organisations want the best and often are ruthlessly dismissing those who do not meet the grade. An ability to adapt to change, to empower staff and to be flexible and global in outlook are a few of the attributes required of the new millennium owner and executive.
This is particularly important for the Family Business as the baby boomer Family entrepreneurs contemplate the previously unthinkable – exit!
The issues that could be considered to survive and thrive in the new millennium are:
- Personal and business goal setting for Owners to avoid conflict between personal aspirations/values and business decisions
- To appreciate the business and what has been built
- Professionalise the management flowing from a focussed Leadership
- Resource and fund growth and retirement.
- Managing transition to exit, succession and future Ownership.
Therefore the Key Planning Areas to question and further consider are:
- Will Your Business Survive You?
- How to make you as a Family Business Owner happy
- The Family dynamic – Family Meetings
- Family Team Building
- Finding Gold in Family Talent
- The Non-Family General Manager
- Strategies to Deal with Conflict
- Forging Third Party Advisers into a Team
- How to Manage the Business’ Biggest Threat
- How Professional are you as Leader?
Are you prepared? Would you like to have your business pulse checked?
The life of the family in business – A family business health check
- Do you want to identify and prioritise your business, personal and family goals?
- Do you want to gain an understanding of Growth, Transition and Succession Planning for you and your business?
- Do you want to complete a self assessment of your business performance and determine a value for your business?
- Do you want to maximise your business performance and examine your growth and succession options?
If you answered “yes” to any of these questions you should consider completing a Family in Business Life Assessment.
CMG’s Family in Business Life service is an effective way of addressing the growth and transition issues facing you in your business. During our work together, you will respond to matters about your personal and business life including your journey, life changing events, lifestyle, best practice, finance, growth, succession and estate planning and you will be challenged to discuss and address these difficult personal, family and business issues.
Family in Business Life is a proven process which enables you to develop a clearly documented strategy which takes into account your business, family and personal objectives.
Features of CMG’s Family in Business Life include:
- One on one consultations with you and key Family members
- A simple process that ensures a complete assessment of your current position
- A tailored Family in Business Life plan outlining your growth, transition & succession opportunities
- Follow up to help you and keep you on track to achieve your action plans and timelines.