As someone who grew up in a family business that has been passed on to the second generation, Val has firsthand appreciation for the incredible energy and commitment that goes into a family business. With her combined expertise in psychology, organizational learning and family business systems, Val possesses a unique ability to integrate a diverse range of knowledge, skills, and experiences.
With over 20 years of experience working with business families, Val has condensed her insights into these 12 tips.
- Business relationships need to be based on healthy family relationships of mutual respect.
- Be informed and educated about the uniqueness of a family business enterprise.
- Be committed to learning together as a family, particularly in the area of communication.
- Find a comfortable balance between familiarity and professionalism.
- Organize and develop your infrastructure to match your growth in the systems that are unique to a family business.
- Continuously invest in training and development for all your employees.
- Value and practice meritocracy over entitlement.
- Aim for a balanced concern for production, profit, and people.
- Give equal attention to both the technical issues and the soft issues (which tend to be the hardest to navigate).
- Develop an effective team of professional advisors that includes someone who has expertise in the soft issues.
- Commit appropriate time and effort to the succession process.
- Be intentional and 'on purpose'.