Telling a child that they will not be taking over the family business can be a difficult and emotional conversation for any parent!
A closer look at the 4Ls Framework for family businesses
Family businesses make up 40% of Fortune 500 companies and 60-80% of global enterprises worldwide, so it’s safe to say they’re the rule, rather than the exception. On top of the pressures of maintaining and improving business performance in an increasingly competitive world, family businesses bring with them the stress of managing family relationships. This overlap of family and business …
Ready to Retire? What happens to your business now?
I had a great time chatting with Chad about all things Succession Planning! Do you have someone in mind to inherit the business? Do your children even want the business? Lots of great energy and ideas flying around this conversation… give it a listen!
How to prevent sibling rivalry from ruining your family business
Sibling relationships can be complex and difficult, especially when siblings work together in a family business. Rivalry between siblings can lead to productivity problems, employee conflicts, and financial difficulties for the company. Families must find ways to work together effectively and peacefully to avoid these negative consequences. So, how do they do that? Let’s first look at what drives this …
5 things I’ve learned from being a family business succession coach
Something I’ve realised over the years is that the passing of a family business from one generation to the next can be a catalyst for either the success or downturn of the company. While studies have shown that family-run businesses perform exceedingly well, even more so when the family works well together, help is usually needed to make the transition …
Pat & Marie Shortt – The original founders of ETC Consult (and my parents)
In this episode, as it’s the very first episode of our first season of our new podcast about Family Businesses and Succession Planning – I thought it was only fitting to have the original founders of my own family business on to talk about their journey and what they’ve learned along the way. I knew most of the stories, having …
3 Signs You Need To Review Your Family Business Values
Core values are the foundation on which a business is built. They help define the company’s identity and govern its actions and decisions. Every business has unique core values that set it apart from other companies. They play an important role in shaping the company’s vision and guiding its day-to-day operations. There are many different types of values in business …
How to successfully transition leadership in a family (and other) business!
I had a great time chatting with Rob on the Learning from Smart People Podcast. We talked about my thinking around succession planning, both in a family business and in any kind of scenario where you want to take someone in to help you run your business.
Next Gen Prep: What should your kids study to join the family business?
Should you encourage your children to study a particular field to prepare them for working in your family business? It’s not essential, and the best approach is giving them the freedom to follow their passion. Inevitably, success will follow. Working in family businesses can be difficult. That’s why it’s so important that the people involved are passionate about what they …