Success or Succession?
Success or Succession? On this weeks episode of the show I discuss the fact that often the definition of success for a family business is its ability to pass the legal ownership of the business between generations. This is obviously a fantastic part of a family business, if that is what everyone wants. But, what …
Professionalising the Family Business
What is Professionalisation? I have to be honest and say that I am not a huge fan of the phrase “professionalising the family business”, for me it could suggest that there is an element of unprofessionalism. For me the term “professionalising” in the context of family business is more akin to the formalisation of processes …
Ownership Philosophy
What is Ownership? For me there are two types of ownership legal and emotional. You can own something emotionally without it being a legal owner of it and in my experience, this is very often the case with a family business. Businesses as a legal concept have been around for a while in terms of …
The Importance of Clarity
The Importance of Clarity When I am asked what it is that I do for a living my response can often be met with a slightly confused look. What does a family business consultant actually do, are you a business consultant for family owned businesses? The answer is no to that question and I explain …
Family Business Consultant vs Business Consultant
Family Business Consultant vs Business Consultant One of the questions I often get asked is what the difference is between what I do as a Family Business Consultant and what a business consultant would do? It can often be really difficult to know whether bringing in a business consultant is what you need or whether …
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Family Business Lifeboat Drill
Back in the olden days when I was a Chartered Financial Planner, one of the exercises that the family businesses I worked with was the lifeboat drills we used to do. This blog and podcast covers a little more about what lifeboat drills are and why they are a useful exercise for you and your …
Why are you in Business Together?
Why are you in Business Together? When was the last time that you asked yourselves the question, “Why are we in business together?” As a family in business together it can be easy to assume that everyone is in business for the same reasons, however in my experience this is not always the case and …
Motivation Versus Commitment
Motivation versus Commitment Most of my New Year’s Resolutions have fallen by the wayside by the end of January, and yet I am, when sufficiently committed to be able to train for Marathons and Lands End to John O’Groats bike rides. I have often felt that it was motivation that was lacking with my New …
What is a Family Assembly?
What is a Family Assembly? A Family Assembly is a gathering of you and your family where you get to socialise with family that you may not have seen for a while, discuss what is happening within the family business and can also be used as a forum to provide educational and developmental support to …
What is a Family Council?
What is a Family Council? A Family Council can form an effective and impactful communication bridge between the Family Enterprise and the family itself. When do you need a Family Council? As your family and business grow it may be necessary to introduce more formal communication forums to ensure that there is effective and efficient …
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