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 …
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 …
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 …
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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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 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 …
What is a Family Charter? The Family Charter is a good starting point for family business governance. It can set the tone for all future governance discussions and often forms the foundation for all family governance. A Family Charter will cover the views and attitudes of the business owning family on matters such as What are …
What is Family Business Governance? Governance is often held out as the solution to all challenges in a family business. Whilst this may be partially true, it can be difficult to know firstly what is meant by the word ‘governance’ when discussing family business, but also to understand what forms of governance may be useful …
What is a Family Business Consultant and how can one help you? Have you ever wondered what a family business consultant is and what they actually do? Probably not, but in case you have I have written a blog about it. Most, if not all of you will employ professional advisers to help you with …
