Career planning strategies can help mentors - parents, grandparents, uncles, aunts, senior business leaders and advisors in preparing the next generation for their roles in family business. Here are six ideas that can help the mentors in effectively guiding the next generation of family members. Understand career development The younger generation may realize what they […]
Here are some ways to prepare next generation for eventual participation in the board: Hold shadow or junior board meetings for the next generation that simulate board experience. These meetings usually follow the official board meeting where management presentations, topics discussed, background information and decisions taken are shared for the benefit of next generation. It […]
Most family business leaders realize that at some point the business has to transition to the next generation, it could be to their own child / children, niece or nephew, other family members or even to an external resource. The process of transition can be overwhelming to some but it can be handled well by […]
Before inducting the next generation kids into the management of a family business, many entrepreneurs spend sleepless nights as they worry about the following: Whether next gen kids are interested in joining the business and are capable, If more than one joins the business how to pick the leader, How to objectively evaluate their performance, […]
Most family business founders dearly hope and desire that the ownership of the enterprise remains and flourishes through several generations. So it's not surprising to note that successful generational transition is a cause of concern. Unfortunately, in many family owned businesses, succession planning merely focuses on ownership structure, wills, trusts etc rather than on the […]
Compiled from articles written by Angela Booth, Gabe Wahhab, Donna M. White and Jane Collingwood IDENTIFYING THE TIME STEALERS Either the day runs you or you run the day. Poor time management can reduce productivity and create stress. It should be crystal clear by now that the most common time stealers are: Not knowing what […]
Family Business Boards often play an important role in Corporate Governance. Such Boards operate as platform for decision making process and structure that will improve the decision making. The board should be a true board and not a rubber stamp deal. If a true board is developed and such board meets regularly then good dialogue […]
Consensus decision-making is a group decision-making process that seeks the consent, not necessarily the agreement, of participants and the resolution of objections. Consensus is defined by Merriam-Webster as, first, general agreement, and second, group solidarity of belief or sentiment. It has its origin in a Latin word meaning, literally, “Feel together.” It is used to […]
The Oxford Dictionary defines Decision making “as the action of carrying out or carrying into effect". A decision may be defined as "a course of action which is consciously chosen from among a set of alternatives to achieve the desired objective. Decision making pervades all management action. Management effectiveness will reflect in the quality of […]
Achieving unanimous agreement on decisions in family business is no small task. When members of a family enterprise fail to make wise decisions, the business suffers. When decisions polarize group members, family relationships suffer. Consensus decision-making helps to alleviate these problems. If a family is committed to working together for the long term, it is […]