The winning recipe for family business best practice
Are you winning…
If you know where you are going, you can look forward to a future of peace and prosperity – and a legacy of opportunity for future generations.
Or are you losing?
If you are struggling with day to day management, or don’t know where you want to be, you face an uncertain future. There may be ongoing conflict within your family and the business – hard times ahead.
As an accredited Family Business Adviser (Family Business Australia) I will work with you to create a practical, realistic plan and solution. I will help to establish business processes that you may not have considered necessary. For example, does your family undertake the following activities for the business?
- Regular family meetings to facilitate team building, communication, conflict management and resolution of challenging issues
- Ensuring that each family member has a very clear focus of what they see in store for the future – for themselves, the family and the family business
- Consider in depth, well thought out and reviewed Vision and Mission Statements – both for the family and the family in business, including frequent analysis of whether you intend the business to remain in the family
- Identify the overall guiding principles of the business, based on what is best for the family and what is best for the business – the Constitution
- By way of a Family Council (or Board), consider and prepare policies for conduct, growth, entry into and exit from the business
- Written business and strategic plans, including having an up-to-date business valuation
- Criteria for family members joining the business, including outside experience in an allied field before they join
- Market-rate salaries for all staff – including family members
- Business transition and succession plans which address both ownership and management succession, particularly with other family members involved in the discussions
- Development and mentoring programs for young family members – the next generation
- Strategies and processes in place to ensure compliance with all relevant statutory and regulatory requirements.
If you have answered ‘no’ to any of these, you may need some assistance.
Family Business Best Practice Solutions
To get where you want to be is about creating a solution specially for your business. Please consider your situation – of the following, where does your family enterprise’s needs broadly fit in?
- The Family in Business Winning Recipe – to improve each family’s prospects for peace and prosperity, no matter what state the family, or the business, may be in.
- The Family in Crisis – to stabilise the situation, calm conflicts and soothe fears. Change focus from current problems to future possibilities. Facilitate the process of developing shared visions and agreed withgo forward plans.
- The Family with Challenges (eg. Transition, Succession, Renewal and Exit Issues) – Establish and facilitate a process to satisfy everybody’s needs. Produce clarity and consensus and develop appropriate strategies and structures for the family and the business.
This is most crucial if you think you need help to avoid damaging family relationships or losing your business – and don’t wish to wait any longer. Contact me.