What defines success in a Family Business

As in Art,

beauty is in the eye of the beholder.

So too is the definition of success.

In a business family, the measuring stick or metrics of success must be determined and considered by all in the family business in order to understand underlying motivations and decision-making. Studies have shown increased satisfaction in attaining the results of the metrics will increase morale, commitment, and overall satisfaction in the business.

In the business family, goals and objectives of the business and goals and objectives of the family are often difficult to distinguish. The level of expectation and the attainment of those goals contribute to feeling of success and satisfaction and commitment by the family to the family and to the business.

The question I believe this raises, is what are the goals and objectives of your family business?

Is the goal to just pay the bills and employ everyone in the family?

Is the goal to have net profits exceed industry standards?

Is the goal to harvest the business and cash out?

Is the goal to pass the business to the next generation?

Research has shown the family’s satisfaction with their business performance is directly connected to the survival of the family business.

Have all in your family identified and connected with the goals and objectives of your family and your family’s business?

Have all in your family internalized the vision, mission, and values of your family?

How would you encourage other business families?

“Fun With A Purpose”

“Fun With A Purpose”

Issues Will Always Exist in a Family Business: Tackling Them Is the Real Trick

A Fourth Generation Family Business Looks Back and Ahead

“Fun With A Purpose” is a resonant theme we heard from George Brown on a recent on-line educational seminar with The Network of Family Businesses. “Fun With a Purpose” for the children they serve and “Fun With a Purpose” as a Business Family.

George is Manager of Asset Services with Highlights magazine and Highlights consumer products. A fourth-generation member of the family, he has worked for Highlights for Children, Inc. in a variety of roles over the past ten years including sales, planning, editorial, product development, and content management.

As George relayed the history of the Myers Family and the significance of Shared Values, Shared Experiences, Shared Places, and Communication, everything the family does mirrors the business motto of “Fun with a Purpose”. The family reunions, family council meetings, and educational programs for the next generation not only occur at the family homestead but are designed to nurture the transition of family values with very purposeful events. These events range from formal type education to an annual family square dance, to service projects for all family members to participate in.

As I have experienced the Myers family, they take nurturing and passing the family’s Mission, Vision, and Values very intentionally and very seriously, but approach it as “Fun With A Purpose”.

George provided valuable insight and left us with three points all business families can work on:

1. Each family will have their own set of values – It is important to understand what the values for your family are.

a. What they mean

b. How they translate into action for the family and the business

2. Work to intentionally build shared experiences, create shared places, and build shared values with all family members to keep building the family’s legacy

3. Keep the communication and dialogue;

a. Open

b. Honest

c. Frequent

Especially between the Generations

George stated: “As the issues come and go in our family, we use the tools we have developed over four generations to help us. Each time we tackle an issue, we strengthen our belief that these tools serve us well.”

George, thanks for giving us a glimpse into your family, your business and how you are building your family legacy as you move into the 5^th generation, and having fun while you do it.

A Fourth Generation Family Business Looks Back and Ahead

Issues Will Always Exist in a Family Business: Tackling Them Is the Real Trick

The Network of Family Businesses has scheduled an on-line educational seminar with George Brown, a fourth-generation family member and employee of Highlights for Children, Inc. The on-line seminar is scheduled for Tuesday, February 15^th at 11:00 AM EST.

In a White Paper found at www.netfamilybusiness.com, George Brown outlines the issues and opportunities the Myers’ Family, Highlights for Children, are tackling in the journey to build and maintain their legacy. Their family has a goal of long-term stewardship of the family and the business, and to pass it along to future generations. Brown states issues and opportunities will come and go; as a family it is important to use the tools developed over four generations to guide them. The values of the founders, passed from generation-to-generation have become a shared set of values for the family.

George Brown is Manager of Asset Services involved in the archiving and repurposing of 65 years worth of content from Highlights magazine, and Highlights consumer products. He focuses on supporting business functions such as International partnerships, domestic licensing, permissions to re-use content, and rights management. A fourth-generation member of the family, he has worked for Highlights for Children, Inc. in a variety of roles over the past ten years including sales, planning, editorial, product development, and content management.

Highlights for Children is committed to the same values that guided the Myerses' work. Their belief that children experience fun and joy when they use their innate creativity, curiosity, thinking ability, and imagination and their commitment to the motto "Fun with a Purpose" can still be found on every page of Highlights magazine and in an expanding family of products, from Highlights High Five, aimed at children ages 2 through 6, to the games, puzzles, and crafts in book clubs such as Puzzlemania, Puzzle Buzz, and Which Way USA?

Registration for the On-Line Educational Seminar is available at www.netfamilybusiness.com