Family Rules Can Make or Break Your Business Part 2

Part II: Family Rules and The Family Business

Posted Leave a commentPosted in Family Business

Watch video instead. A couple of months back, we wrote about how Family Rules can make or break a family business, read it here: Family Rules & the Family Business Today, we’ve been given permission to share an actual example of a family business we work with (no names, just the situations); which perfectly illustrate […]

Relying on Old Boys’ Network, “Connections” & Past Relationships

Posted Leave a commentPosted in Family Business, Leadership, Sales & Marketing, Succession Planning

This week, I’ll share an extract from our *complimentary booklet, “The 9 Most Common Mistakes Family (& Non-Family)Businesses Make That Prevent Them From Achieving Their Full Potential… And How YOU Can Avoid Making Them“ Mistake #3: Not Having a Systematic Way to Grow the Business, Relying instead on “Old Boys” Network, “Connections” & Past Relationships […]

Profit Pillar + Family Pillar = Successful Family Business

Family Business, The Difference

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Building a successful a family business is not the same as building a non-family business. There’s 2 pillars you need to focus on, the Family Pillar and the Profit Pillar. If you only focus on the Profit Pillar and ignore the Family Pillar, or you hope the family side of the business will “take care […]

Opps! What do we do now...

Lack of Exit Strategy, Estate Planning or Partnership Agreement, Leaving the Business Vulnerable to Unexpected Situations

Posted Leave a commentPosted in Family Business, Succession Planning

Here is another an extract from our complimentary booklet, “The 9 Most Common Mistakes Family (& Non-Family)Businesses Make That Prevent Them From Achieving Their Full Potential… And How YOU Can Avoid Making Them“ Mistake #5: Lack of Exit Strategy, Estate Planning or Partnership Agreement, Leaving the Business Vulnerable to Unexpected Situations “I am very worried about my […]

Feeling Trapped in Your Family Business?

Posted Leave a commentPosted in Family Business, Succession Planning

One seldom talked about aspects of family businesses is how some family members feel trapped by obligations and as a result, suffocate in it. If there’s no intervention, they eventually self-destruct, bringing down the business as well as family relationships.   Here is a typical scenario in some family businesses where there are siblings with different levels of […]

Family Constitution

Posted Leave a commentPosted in Family Business, Leadership, Personal Effectiveness, Succession Planning

Recently we’ve received a few inquiries about drafting family business constitutions… we told them if that’s all they need, just google “free family constitution templates”, here’s why… Drafting the document is the easy part, the real challenges are to get everyone aligned and to make tough decisions that’s best for the business/family longterm. Imagine the same […]