In the Family Way

Running a family business bears little resemblance to running a non family one. For a start we never quite treat our family how we would treat our colleagues, we have higher expectations, blame quicker and forgive slower.
 
On the other hand we put family members into positions they would never have reached without having the right name and then wonder why they fail. This all coupled with the belief that our dependants now will be our natural heirs whether they want it or not, can only spell one thing – problems.

The dangerous thing with family business problems is you can't leave them in reception; they follow you to Christmas parties, weddings and even funerals
 
These businesses, and the people that work in them, need to be handled and managed in a way unique to them whilst not losing sight of the fact that such companies are often providing a living for several generations and can't be allowed to fail, if only for that reason.

This session will cover the following critical success factors;

People management and leadership, including clear roles and responsibilities that are written down and agreed

Supervision and mentoring

Team working

Family /business meetings

Business structure

There are 3 areas that matter

Labour and management

Capital

Profit

Profitability

You can only share what you make and often to make more you have to reinvest which, in the short term, can of course reduce profits and cash. Family businesses need to agree on the strategy; is this a life style cash cow business or are we investing for the future?

Exiting

At some point someone, somewhere will want to realise capital. How will they do this? How will it be measured and more importantly paid out? Who will have the chance to acquire these shares, will it be family or will it be a 3rd party? And what will happen if you can't agree?