How to achieve peace and prosperity in your family business … in your lifetime!
Situation: The Family-in-Business – an energy-laden and explosive mix of passion and potential, capable of doing both wonderful things and woeful things.
Challenges: Every Family-in-Business faces some or all of the following challenges:
- Balance – individual, family and business needs and interests.
- Relationships – respectful, fair, commercial, loving and supportive.
- Communication – open, honest, constructive and frequent.
- Visions and Values – why are we here? What are we doing? Where are we going? How are we going to get there?
- Problem Solving – practical, realistic and fair … “commonsense”?
- Risks and Rewards – wealth and health, expectations, remuneration and financial security.
- Succession – leadership and ownership: who, how and when?
Winning => Peace and prosperity in your lifetime + a legacy of opportunity for future generations.
Losing => Possible destruction of both the family and the business.
Solution
The Family Business Magic Pudding – a winning recipe for Families-in-Business. Improves each family’s prospects for peace and prosperity, no matter what state it’s in.
Families in crisis – stabilise situation, calm conflicts, soothe fears, change focus from current problems to future possibilities, facilitate process to develop shared visions and agreed, go-forward plans.
Families with challenges (eg: succession issues) – assess situation, identify individual, family and business needs and interests, establish and facilitate process to satisfy all needs by developing certainty, consensus and stronger structures for the business and the family.
| Stages | Family | Business | Activities |
| 1. Factfinding | • | • | Individual, Family and Business: facts, feelings, perceptions, needs and interests. |
| 2. Visioning | • | • | Develop agreed, shared visions for the long-term future of the business and the family. |
| 3. Strategy Plans | • | • | Develop agreed, shared strategic plans for the long-term future of the business and the family. |
| 4. Business Plans | • | Develop detailed, operational business plans, including: financials, corporate and tax structures, individual roles and responsibilities, leadership and management transition plans. | |
| 5. Structures | • | Establish: Family Council, Family Constitution and Family Forum; Succession and Retirement. | |
| 6. Implement | • | • | Plan for, train personnel and facilitate painless implementation of above plans and structures. |
| 7. Monitor & Mentor | • | • | Monitor implementation and progress. Mentor individuals and provide support at need. |
| 8. Celebrate | • | • | Enjoy the fruits of success in the family and in the business. These should include: happiness, health and wealth, business stability and sustainability, family business continuity. |