tag:blogger.com,1999:blog-64395306785499880772024-03-13T12:21:46.772-04:00The Network of Family Businesses and SKM Associates Family Business AdvisorsWelcome to the Network of Family Businesses & SKM Associates Family Business Advisors.
An Innovative Global Firm For Family Businesses overflowing with resources. Focused exclusively on the unique needs and concerns of Family Businesses, Solopreneurs, and Small Business Owners by providing educational material, networking opportunities, business family consulting, and leadership development for families in business.<br>Steve Moyerhttp://www.blogger.com/profile/01593069627477786817noreply@blogger.comBlogger245125tag:blogger.com,1999:blog-6439530678549988077.post-87790339513311743412022-07-14T07:52:00.000-04:002022-07-14T07:52:26.332-04:00Work It Out <p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: medium;">A story is told of a castle dating back to medieval times. This castle, while not particularly interesting in structure, has a unique history. The uniqueness of this castle is that the same family retained title to the castle for several hundred years.<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: medium;"><br /></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: medium;">Credit for this feat was given to the fact that the family married intelligently, made good business decisions, and due to the fact that the family for centuries believed in working out their difficulties. The place to work out their problems was in one particular room in the castle. Adorning the wall on one side of the room was a rendition of a court jester and on the other side was a beautiful carved rose. There was great significance in these two symbols for anyone gathered in that room to “duke it out” or “work out” problems or issues.<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: medium;"><br /></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: medium;"> In days of old, Court Jesters were permitted to say anything to the king without repercussion. While others in the court always held their tongues in front of the king, never wanting to confront or upset, the Court Jester was generally free to speak whatever he thought or felt.<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: medium;"><br /></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: medium;"> A Rose is a symbol of “silence.” It reminded everyone that the conversations held in that room were private and not to leave the room.<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: medium;"><br /></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: medium;">By displaying these two symbols, the owners of the castle were subtly reminding everyone that they were free to speak their minds when meeting in this room to discuss the pertinent issues of the day, without repercussion, but the rose reminded them that whatever was said in that room, stayed in that room.<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: medium;"><br /></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: medium;">How would we function in a meeting with family members or the boss or the board if we knew we could speak our mind, as the court jester was allowed to do, but know that what said in that room would not leave that room.<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: medium;"><br /></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: medium;">Freedom to speak our mind (best done with grace and love) and respect to keep the discussion private.<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: medium;"><br /></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: medium;">A good motto for us as we work out issues in our families and our family business.<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: medium;"><br /></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><i><span style="font-size: medium;">“The more we run from conflict, the more it masters us; the more we try to avoid it, the more it controls us; the less we fear conflict, the less it confuses us; the less we deny our differences, the less they divide us.”<o:p></o:p></span></i></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: medium;"> David Augsburger, Professor</span><o:p></o:p></p><div class="blogger-post-footer"><table><tbody><tr><td><a href="http://www.netfamilybusiness.com">Resources for the Family Owned Business</a></td></tr>
<tr><td>-----------------------</td></tr></tbody></table></div>Steve Moyerhttp://www.blogger.com/profile/01593069627477786817noreply@blogger.com0tag:blogger.com,1999:blog-6439530678549988077.post-77301716413447399432022-05-10T08:10:00.001-04:002022-05-10T08:10:28.698-04:00Family Governance: Critical For The Sustainability Of A Family Business <p align="center" class="MsoNormal" style="font-family: Cambria, serif; margin: 0in; text-align: center;"><b><span style="font-family: "Times New Roman", serif;"> </span></b></p><p class="MsoNormal" style="font-family: Cambria, serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: large;">Looking around at the fractured state of families in the world today, it is tempting to think of previous generations as the ideal time of peace and harmony. In setting up a family business for multi-generational success, traditions of yesteryear only go so far. For a family business to succeed both now and with future generations, appropriate governance is critical.<o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: Cambria, serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: large;"> </span></span></p><p class="MsoNormal" style="font-family: Cambria, serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: large;">In general, corporate governance is “the system of rules, practices, and processes by which a company is directed and controlled.” For family businesses, governance should help formalize issues such as ownership, leadership structures, control, conflict resolution, and communication. For many families, the process of developing family governance can be as valuable and educational as the final product. <o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: Cambria, serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: large;"><br />Governance discussions should begin with agreement on how a family will communicate, debate, resolve conflict, and hold each other accountable. These conversations take not only a high level of trust within the family, they also require grace and love. Then, the family can move to creating a family charter describing how the family will relate to each other and to the business. Along with the family charter, the family needs a strong shareholders agreement that includes, among other things, clearly defined governance structures. At that point, the family can begin to process additional issues such as management of the business, compensation, training and development of family, and qualifications for leadership roles. For families who want to build a sustainable legacy, this is just beginning to scratch the surface. Good governance also requires the discipline to execute and hold each other accountable to that which was agreed upon.<o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: Cambria, serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: large;"> </span></span></p><p class="MsoNormal" style="font-family: Cambria, serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: large;">The review and development of good governance for a business family should be a normal part of the life and rhythms of the business. It is important to recognize that developing these guidelines can at times pull leaders away from daily business operations and can also surface tension between family members. That is normal, and it is a healthy part of the process of developing good governance. <o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: Cambria, serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: large;"> </span></span></p><p class="MsoNormal" style="font-family: Cambria, serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: large;">As family businesses work to develop their own governance, they need to determine what will work best for their family. Best practices can provide insight and guidance, but what worked for another family may not work for yours. <o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: Cambria, serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: large;"> </span></span></p><p class="MsoNormal" style="font-family: Cambria, serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: large;">Remember, the best practice is the one that works for you and your family as you strive to build your legacy.</span><o:p></o:p></span></p><p class="MsoNormal" style="font-family: Cambria, serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: large;"><br /></span></span></p><p class="MsoNormal" style="font-family: Cambria, serif; margin: 0in;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: xx-small;"> (reposted from 2017)</span></span></p><div class="blogger-post-footer"><table><tbody><tr><td><a href="http://www.netfamilybusiness.com">Resources for the Family Owned Business</a></td></tr>
<tr><td>-----------------------</td></tr></tbody></table></div>Steve Moyerhttp://www.blogger.com/profile/01593069627477786817noreply@blogger.com0tag:blogger.com,1999:blog-6439530678549988077.post-76362606538583401542022-04-06T09:55:00.000-04:002022-04-06T09:55:03.135-04:00It Takes A Team To Sustain A Family Business<p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: medium;">Navigating the organization from where you are to where you want to be is hard. Knowing where exactly you should be going can be even harder. Family Business succession planning is a process, not a one-time event. Large, publicly traded companies have the benefits of expensive, fiduciary boards providing oversight, expertise, and feedback. Well-funded start-ups and VC- and PE-backed operating companies have private boards with experts helping leadership guide the organization. Many leaders at family businesses and closely held organizations, however, are starving for input from others with outside experience and expertise, with fresh ideas for their organizations. Even the best leaders, leaders who have great vision and skill, are sharpened by the feedback of other experienced leaders. <o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: medium;"><i>“As iron sharpens ir</i>on’ a strategic team of advisors sharpens the Family Business leader. <i>(paraphrased from Proverbs 27:17)</i><o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><o:p><span style="font-size: medium;"> </span></o:p></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: medium;">As businesses grow, leadership and governance need to evolve. As Marshall Goldsmith says, “What got you here won’t get you there.” What growing organizations and leaders need is an efficient team of strategic experts who are committed to the organization and its leaders. They need a team of highly qualified advisors providing honest feedback, offering outside perspective, and helping leaders navigate the way forward.<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><o:p><span style="font-size: medium;"> </span></o:p></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: medium;">Succession planning can be overwhelming. Many business owners and leaders, though acknowledging how valuable it could be, too often resist creating strategic teams for a number of legitimate reasons. Sometimes, they don’t know how to get started. Sometimes, they see too many advisory teams that are ineffective or, worse, dysfunctional. Sometimes, they are wary for other reasons: fear of losing control; difficulty identifying and recruiting board members; unengaged or uncommitted board members; uncertainty regarding the cost in both time and financial investment. <o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><o:p><span style="font-size: medium;"> </span></o:p></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: medium;">One way to get started may be to talk with other Family Businesses that have transitioned the business to the rising generation. Involve your family in these discussions so there is complete transparency in the planning process. It will also be critical to seek support from a management consultant, an accountant, a banker, and a lawyer.<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><o:p><span style="font-size: medium;"> </span></o:p></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: medium;">A key question as this process is started is: Who will quarterback the process? This may be an outside, non-family, advisor who will be unbiased and will maintain accountability for the process, while the Family Business leader operates the business.<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><o:p><span style="font-size: medium;"> </span></o:p></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: medium;">What is holding you back from the invaluable advice that will help you drive your organization to continued success?</span><o:p></o:p></p><div class="blogger-post-footer"><table><tbody><tr><td><a href="http://www.netfamilybusiness.com">Resources for the Family Owned Business</a></td></tr>
<tr><td>-----------------------</td></tr></tbody></table></div>Steve Moyerhttp://www.blogger.com/profile/01593069627477786817noreply@blogger.com0tag:blogger.com,1999:blog-6439530678549988077.post-88347526965173360472021-11-23T12:28:00.000-05:002021-11-23T12:28:22.800-05:00A New Estate Planning Strategy<p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: large;">During the past 18 months of the Covid Crisis I have been fortunate to be able to continue </span><span style="font-size: x-large;">Networking with many different types of advisors and providers. One of the more interesting</span><span style="font-size: x-large;"> </span><span style="font-size: x-large;">providers I met is a group that can provide high value Life Insurance with no cash layout</span><span style="font-size: x-large;"> </span><span style="font-size: x-large;">and no premium payments. </span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: x-large;"><br /></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: x-large;">This Estate Planning Strategy has several net-worth requirements and</span><span style="font-size: x-large;"> </span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><o:p><span style="font-size: large;"> </span></o:p><span style="font-size: x-large;">is a way to provide life insurance benefits to family, business, and charitable causes. These</span><span style="font-size: x-large;"> </span><span style="font-size: x-large;">individuals work with your legal counsel and accountants, so it best meets your needs. </span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: x-large;"><br /></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: x-large;">My</span><span style="font-size: x-large;"> </span><span style="font-size: x-large;">understanding of the program is that you would put a current asset as “collateral”, they would</span><span style="font-size: x-large;"> </span><span style="font-size: x-large;">work with specific banks to write and issue a bond that covers all costs and premiums.</span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><o:p><span style="font-size: large;"> </span></o:p></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: large;">I was very intrigued by this Estate Planning Strategy and simply wanted to bring it to your </span><span style="font-size: x-large;">attention. If you would like more detailed information, I would be happy to introduce you to the</span><span style="font-size: x-large;"> </span><span style="font-size: x-large;">individuals I networked with.</span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><o:p></o:p></p><div class="blogger-post-footer"><table><tbody><tr><td><a href="http://www.netfamilybusiness.com">Resources for the Family Owned Business</a></td></tr>
<tr><td>-----------------------</td></tr></tbody></table></div>Steve Moyerhttp://www.blogger.com/profile/01593069627477786817noreply@blogger.com1tag:blogger.com,1999:blog-6439530678549988077.post-71546183739925324892021-06-08T08:12:00.004-04:002021-06-08T08:12:57.107-04:00Can The Next Generation In The Family Business Say We Did It?<h2 style="font-family: "Times New Roman", serif; font-size: 18pt; margin-left: 0.05in; margin-right: 0in;"><span style="font-size: 12pt; font-weight: normal;">Many founders of businesses who want to pass the business to their children find it difficult to actually do so. Developing a plan, crafting a process for the development of the next generation, and transitioning of the business to the next generation can feel like a foreign concept or unchartered territory. <o:p></o:p></span></h2><h2 style="font-family: "Times New Roman", serif; font-size: 18pt; margin-left: 0.05in; margin-right: 0in;"><span style="font-size: 12pt; font-weight: normal;">The founder’s heart is generally in the right place in his or her desire for the next generation to take over the business. However, it is not uncommon to hear statements like the following from the senior generation: why don’t they tell me what they want to do? what do they want? why won’t they just step up and take responsibility? what do they expect of us?” <o:p></o:p></span></h2><h2 style="font-family: "Times New Roman", serif; font-size: 18pt; margin-left: 0.05in; margin-right: 0in;"><span style="font-size: 12pt; font-weight: normal;">The next generation, on the other hand, is often wondering: why doesn’t Dad / Mom just tell us what they want? which one of us will be president? when will they retire? what will they do when they retire?<o:p></o:p></span></h2><h2 style="font-family: "Times New Roman", serif; font-size: 18pt; margin-left: 0.05in; margin-right: 0in;"><span style="font-size: 12pt; font-weight: normal;">Too often, the next generation is not given opportunities to learn how to make critical long-term strategic decisions and is not given a chance to participate in family leadership meetings to learn how to analyze both family and business issues. In some situations, the next generation is never truly given the opportunity to learn how to operate the business.<o:p></o:p></span></h2><h2 style="font-family: "Times New Roman", serif; font-size: 18pt; margin-left: 0.05in; margin-right: 0in;"><span style="font-size: 12pt; font-weight: normal;">It is critical for the senior generation to consciously help the next generation grow. The next generation needs to gain the expertise, experience, mentoring, tacit knowledge, passion, and internal drive to continue building the family legacy. The next generation needs to hear praise, encouragement, appropriate guidance, and the confidence of the senior generation. When the proper plans, processes, and guidance are in place by the senior leadership, the next generation can continue building the legacy.<o:p></o:p></span></h2><h2 style="font-family: "Times New Roman", serif; font-size: 18pt; margin: 0in 0in 0in 0.05in; text-align: justify;"><span style="font-size: 12pt; font-weight: normal;">A leader is best when people barely know he or she exists, not so good when people obey and acclaim him or her, worst when they despise them. But of a good leader, who talks little, when their work is done, their aim fulfilled, they will say, 'We did this ourselves.'<o:p></o:p></span></h2><h2 style="font-family: "Times New Roman", serif; font-size: 18pt; margin: 0in 0in 0in 0.05in; text-indent: 0.5in;"><span style="font-size: 12pt; font-weight: normal;">— Lao-Tse</span></h2><h2 style="font-family: "Times New Roman", serif; font-size: 18pt; margin: 0in 0in 0in 0.05in; text-indent: 0.5in;"><span style="font-size: 12pt; font-weight: normal; text-indent: 0.5in;"><br /></span></h2><h2 style="font-family: "Times New Roman", serif; font-size: 18pt; margin: 0in 0in 0in 0.05in; text-indent: 0.5in;"><span style="font-size: 12pt; font-weight: normal; text-indent: 0.5in;"><br /></span></h2><h2 style="font-family: "Times New Roman", serif; font-size: 18pt; margin: 0in 0in 0in 0.05in; text-align: left; text-indent: 0.5in;"><span style="font-size: 12pt; text-indent: 0.5in;">What are you doing to prepare the next generation?</span></h2><h2 style="font-family: "Times New Roman", serif; font-size: 18pt; margin-left: 0.05in; margin-right: 0in;"><span style="font-size: 12pt; font-weight: normal;"> </span><span style="font-size: 12pt;">What would the next generation say?</span></h2><div class="blogger-post-footer"><table><tbody><tr><td><a href="http://www.netfamilybusiness.com">Resources for the Family Owned Business</a></td></tr>
<tr><td>-----------------------</td></tr></tbody></table></div>Steve Moyerhttp://www.blogger.com/profile/01593069627477786817noreply@blogger.com0tag:blogger.com,1999:blog-6439530678549988077.post-40590602936211527202021-04-20T08:26:00.002-04:002021-04-20T08:26:35.549-04:00Why The Family Business?<div class="WordSection1" style="page: WordSection1;"><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: medium;">A family member working in his family business was asked the question,<span class="apple-converted-space"> </span><span face="-webkit-standard, serif"><o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: medium;"> <span class="apple-converted-space"> </span>“Why does your family business exist?”<span face="-webkit-standard, serif"><o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span face="-webkit-standard, serif" style="font-size: medium;"> </span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: medium;">The response was a long period of silence, followed by,<span class="apple-converted-space"> </span><span face="-webkit-standard, serif"><o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: medium;"> <span class="apple-converted-space"> </span>“I never really thought about it.<span class="apple-converted-space"> </span> It was always just here!”<span face="-webkit-standard, serif"><o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span face="-webkit-standard, serif" style="font-size: medium;"> </span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: medium;">If you were to stand at the door of your business and ask each family member and non-family employee that goes in and out of the business that question, how would they respond?<span face="-webkit-standard, serif"><o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span face="-webkit-standard, serif" style="font-size: medium;"> </span></p><p align="center" class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in; text-align: center;"><span style="font-size: medium;">Why is this question so important?<span face="-webkit-standard, serif"><o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span face="-webkit-standard, serif" style="font-size: medium;"> </span></p><p align="center" class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in; text-align: center;"><span style="font-size: medium;"><b>As a business family – Why does your family business exist?</b><span face="-webkit-standard, serif"><o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span face="-webkit-standard, serif" style="font-size: medium;"> </span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: medium;">The definition of success in a business family may be in the eye of the beholder. The measure of success must be determined and agreed upon by all in the family and the business. When family members are able to share their thoughts, hopes, and dreams in a safe environment, the opportunity to increase family commitment, business growth, and build a family legacy will increase.<span face="-webkit-standard, serif"><o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span face="-webkit-standard, serif" style="font-size: medium;"> </span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: medium;">Why is your family in business together? <span class="apple-converted-space"> </span>Is it just a way to pay bills? Is it to provide employment for all family members that need a job? Is it to harvest the business and cash out? Is it to build a family legacy with an entrepreneurial mindset? Is it to build a family legacy? Is it to pass the business to future generations?<span face="-webkit-standard, serif"><o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span face="-webkit-standard, serif" style="font-size: medium;"> </span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: medium;">Your family’s dialogue about these questions may be more important than the answers and can provide the basis for putting the pieces in place to building a lasting family legacy. Families that diligently work to build a shared understanding of <b>WHY</b> they own – based on an appreciation of different perspectives, generally have a better understanding about HOW and WHAT they own. Whether in the Entrepreneurial stage, the Sibling Partnership stage, or the Cousin Consortium stage, every business family must explore these questions and determine the needs for the next stage and for the family’s legacy.</span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span face="-webkit-standard, serif" style="font-size: medium;"> </span></p></div><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: medium;">As a business family, take the time and do the hard work dialoguing with your family to build your roadmap for the success of your family, the ownership group, and the business management.</span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span face="-webkit-standard, serif"><br /><o:p></o:p></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh3xVBISAMNNqA3odbnmAvRDmhackhLofSrL91msz9SWnPGxknBChCXihDhK8XZuKQwoR3Es2aNMhUGRVgb_3Pp1UrICX6D0DT4RQEMR8TNw2eX9iNqKXX4k742AwWnU-4ZhrzJjUqePXc/s491/the+why.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="479" data-original-width="491" height="313" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh3xVBISAMNNqA3odbnmAvRDmhackhLofSrL91msz9SWnPGxknBChCXihDhK8XZuKQwoR3Es2aNMhUGRVgb_3Pp1UrICX6D0DT4RQEMR8TNw2eX9iNqKXX4k742AwWnU-4ZhrzJjUqePXc/w320-h313/the+why.png" width="320" /></a></div><p></p><p><br /></p><div class="blogger-post-footer"><table><tbody><tr><td><a href="http://www.netfamilybusiness.com">Resources for the Family Owned Business</a></td></tr>
<tr><td>-----------------------</td></tr></tbody></table></div>Steve Moyerhttp://www.blogger.com/profile/01593069627477786817noreply@blogger.com0tag:blogger.com,1999:blog-6439530678549988077.post-76070081568678230922021-03-23T07:56:00.000-04:002021-03-23T07:56:22.717-04:00Challenges Can Be Overcome In A Family Business<p class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;"><span>Each and every day we deal with family businesses ranging from our local car dealership, to the corner store, the dry cleaners, Wal-Mart, and the local pharmacy. It is estimated that family businesses employ more than 60% of the US workforce. Family businesses are the backbone of our economy and have many competitive advantages: strength of relationships, cultural fit of family members, shared faith and values, strong commitment of those involved, strong work ethic of family members, patient capital, and flexibility in hard times. <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;"><span><o:p> </o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;">It is no secret that each generation of a family-owned business faces unique challenges. Yet, for many, the term family business can conjure up stereotypes of family squabbles, mom and pop shops, nepotism, and lack of sophistication. While there are businesses that fit some (or all) of those stereotypes, it is our experience that these stereotypes are not an accurate description of many family-owned businesses.<span> </span>Indeed, we continue to see many family businesses that are thriving, growing, and using their family ownership as a long-term competitive advantage. <span style="color: black;">Well-run family businesses, in it for the long haul, stay focused on the things that will help them navigate the ever-changing challenges that they face</span>.<span style="font-family: Times;"><o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;"><o:p> </o:p></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;">What are some of those themes that help family businesses sustain themselves for the long haul?<o:p></o:p></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;"><o:p> </o:p></p><p class="MsoNormal" style="margin-left: .5in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="mso-list: Ignore;">1)<span style="font: 7.0pt "Times New Roman";"> </span></span><!--[endif]--><i>Retention of both family and non-family talent</i>. Retention is nurtured through a level of trust, commitment to the vision, strong job knowledge, fair pay, a winning culture, and opportunity for growth.<o:p></o:p></p><p class="MsoNormal" style="margin-left: .5in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="mso-list: Ignore;">2)<span style="font: 7.0pt "Times New Roman";"> </span></span><!--[endif]--><i>Wise financial management with patient capital</i>. Maintaining the concept of frugality allows the family, the business, and the ownership to be ready for the next opportunity and to weather the next downturn.<o:p></o:p></p><p class="MsoNormal" style="margin-left: .5in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="mso-list: Ignore;">3)<span style="font: 7.0pt "Times New Roman";"> </span></span><!--[endif]--><i>Openness and transparency</i>.<span> </span>The family has a willingness to discuss sensitive issues with transparency and openness. <o:p></o:p></p><p class="MsoNormal" style="margin-left: .5in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="mso-list: Ignore;">4)<span style="font: 7.0pt "Times New Roman";"> </span></span><!--[endif]--><i>Effective structures</i>.<span> </span>There is commitment to systems, processes, and practices that provide the right structure for their family, business, and customers.<o:p></o:p></p><p class="MsoNormal" style="margin-left: .5in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;"><!--[if !supportLists]--><span style="mso-list: Ignore;">5)<span style="font: 7.0pt "Times New Roman";"> </span></span><!--[endif]--><i>Intentional development</i>.<span> </span>Families in business that are committed to the long haul, consistently and intentionally set aside time to discuss and revisit the first four themes so they can keep up with changes in the family, the business, and the ownership. <o:p></o:p></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in 0in 0in 0.5in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;"><o:p> </o:p></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in 0in 0in 0.5in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;"><o:p> </o:p></p><p><style class="WebKit-mso-list-quirks-style">
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</style></p><p class="MsoNormal" style="font-size: medium; margin-left: 0.5in;">To implement and maintain these themes business families seek to revisit the themes with an unbiased eye. Families in it for the long haul utilize unbiased, third party resources who can help the family achieve family goals by helping to establish the framework, boundaries, training, talent development, and reflective planning for the future.<o:p></o:p></p><div class="blogger-post-footer"><table><tbody><tr><td><a href="http://www.netfamilybusiness.com">Resources for the Family Owned Business</a></td></tr>
<tr><td>-----------------------</td></tr></tbody></table></div>Steve Moyerhttp://www.blogger.com/profile/01593069627477786817noreply@blogger.com0tag:blogger.com,1999:blog-6439530678549988077.post-692629110918447292021-01-12T07:50:00.000-05:002021-01-12T07:50:02.904-05:00I Can't Hear A Word You Are Saying<p align="center" class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in; text-align: center;"><b><span style="font-size: 14pt;"> </span></b></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-family: -webkit-standard, serif;"><span style="font-size: medium;">Our children, family, employees, customers, vendors, neighbors, (and the list could on and on) are not necessarily awestruck by what we say, BUT they are struck by what we do and how we act.<o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-family: -webkit-standard, serif;"><span style="font-size: medium;"><br /></span></span></p><p align="center" class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in; text-align: center;"><span style="font-family: -webkit-standard, serif;"><span style="font-size: medium;">How aligned are our actions with our rhetoric?<o:p></o:p></span></span></p><p align="center" class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in; text-align: center;"><span style="font-family: -webkit-standard, serif;"><span style="font-size: medium;"><br /></span></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-family: -webkit-standard, serif;"><span style="font-size: medium;">Some time ago, I was talking with a Family Business owner whose business was struggling to survive. She stated she was also struggling to find, hire, and retain “good help”. In the course of our conversation, she stated employees who had a strong work ethic, were honest, and willing to put in a “full day” just did not exist anymore. She continued to talk of her struggles and related a story of a customer. <o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-family: -webkit-standard, serif;"><span style="font-size: medium;"><br /></span></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-family: -webkit-standard, serif;"><span style="font-size: medium;">This particular customer told this businesswoman they did not receive certain product they had paid for. This Family Business leader stated she knew the product was delivered as she personally delivered the product. So rather than discuss the issue with the customer she advised her delivery staff to “pad” the bill each time they delivered product to that particular customer.<o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-family: -webkit-standard, serif;"><span style="font-size: medium;"><br /></span></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-family: -webkit-standard, serif;"><span style="font-size: medium;">I then proceeded to ask her what she would do if she caught one of her employees, or children, “padding” their Timecard because they felt they were not being paid appropriately?<o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-family: -webkit-standard, serif;"><span style="font-size: medium;"><br /></span></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-family: -webkit-standard, serif;"><span style="font-size: medium;">As leaders in our families and in our businesses are, we modeling the behaviors that match our stated values?<o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-family: -webkit-standard, serif;"><span style="font-size: medium;"><br /></span></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-family: -webkit-standard, serif;"><span style="font-size: medium;">Are we showing / modeling respect?<o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-family: -webkit-standard, serif;"><span style="font-size: medium;">Are we showing / modeling honesty?<o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-family: -webkit-standard, serif;"><span style="font-size: medium;">Are we showing / modeling credibility?<o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-family: -webkit-standard, serif;"><span style="font-size: medium;">Are we showing / modeling commitment?<o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-family: -webkit-standard, serif;"><span style="font-size: medium;">Are we showing / modeling our stated core values?<o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-family: -webkit-standard, serif;"><span style="font-size: medium;"><br /></span></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-family: -webkit-standard, serif;"><span style="font-size: medium;">Are your actions speaking so loud people cannot hear a word our saying?<o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-family: -webkit-standard, serif;"><span style="font-size: medium;"><br /></span></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-family: -webkit-standard, serif;"><span style="font-size: medium;"> What examples can you provide?<o:p></o:p></span></span></p><p align="center" class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in; text-align: center;"><i><span style="font-size: medium;">“When your values are clear to you, making decisions becomes easier.”<o:p></o:p></span></i></p><p align="center" class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in; text-align: center;"><span style="font-size: medium;">Roy E. Disney</span><o:p></o:p></p><div class="blogger-post-footer"><table><tbody><tr><td><a href="http://www.netfamilybusiness.com">Resources for the Family Owned Business</a></td></tr>
<tr><td>-----------------------</td></tr></tbody></table></div>Steve Moyerhttp://www.blogger.com/profile/01593069627477786817noreply@blogger.com0tag:blogger.com,1999:blog-6439530678549988077.post-48180980535994061862020-12-01T08:39:00.003-05:002020-12-01T08:39:59.118-05:00We All Love Each Other<p align="center" class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in; text-align: center;"><br /></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><o:p> </o:p></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: large;">Rarely do we find an enterprising family that openly denies loving each other. As their logic goes, ‘we all love each other, therefore we don’t really need to worry about putting things in writing’.<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><o:p><span style="font-size: large;"> </span></o:p></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: large;">Many family businesses that succeed from generation to generation have one thing in common. They have the difficult discussions to put governance and transition plans in place, while they all still love each other. <o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><o:p><span style="font-size: large;"> </span></o:p></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: large;">The most appropriate governance structures for a family business must be tailored to the particular organization, the industry, and the family. There are several structures, however, that are strong foundational structures in almost any organization:<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><o:p><span style="font-size: large;"> </span></o:p></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: large;"><u>Family Vision and Philosophy</u> – Countless entrepreneurs and first generation<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: large;">family business owners built strong businesses on a core set of clear but often<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: large;">unspoken values. An invaluable starting place for many organizations and<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: large;">families is to take the time to write down the values, vision, and philosophy<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: large;">of the family and the organization. People change. Businesses change. Families change. Guiding values should not.<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><o:p><span style="font-size: large;"> </span></o:p></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: large;"><u>Buy/Sell Agreement</u> – Drafting a clear buy/sell agreement (or related type of<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: large;">agreement) that lays out how the business will transfer among family<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: large;">members and among generations is vital as families grow and new generations<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: large;">come into the business.<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><o:p><span style="font-size: large;"> </span></o:p></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: large;"><u>Succession Plan</u> – Developing a strong bench of candidates for future leadership<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: large;">is important for any organization’s continued success. It’s an important step<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: large;">for leaders, but it’s also important for rising generations to know that an<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: large;">investment is being made in them and opportunity is being given for them to<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: large;">earn more responsibility in the business.<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><o:p><span style="font-size: large;"> </span></o:p></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: large;">Whether your business is in the first generation or the fifth, it is not too late. Some<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: large;">organizations create a formal family charter in working through these issues. Some<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: large;">families start by scratching out their ideas on the back of a napkin. Whatever the format, these basic structures can help set up your family business to thrive for generations to come. Governance agreements require hard work. Where will you start?<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><o:p><span style="font-size: large;"> </span></o:p></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><o:p><span style="font-size: large;"> </span></o:p></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in; text-indent: 0.5in;"><i><span style="font-size: large;">“There is no better time than when relationships are<o:p></o:p></span></i></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in; text-indent: 0.5in;"><i><span style="font-size: large;">strong and positive to develop an agreement that<o:p></o:p></span></i></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in; text-indent: 0.5in;"><i><span style="font-size: large;">protects all in the family against unforeseen changes<o:p></o:p></span></i></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in; text-indent: 0.5in;"><span style="font-size: large;"><i>down the road.”</i> – Unknown</span><o:p></o:p></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in; text-indent: 0.5in;"><span style="font-size: large;"><br /></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in; text-indent: 0.5in;"><span style="color: #1b95e0; text-indent: 0px;"><span style="font-size: large;">https://bit.ly/2G3wW6s</span></span><span style="font-family: -webkit-standard; text-indent: 0px;"></span></p><div class="blogger-post-footer"><table><tbody><tr><td><a href="http://www.netfamilybusiness.com">Resources for the Family Owned Business</a></td></tr>
<tr><td>-----------------------</td></tr></tbody></table></div>Steve Moyerhttp://www.blogger.com/profile/01593069627477786817noreply@blogger.com0tag:blogger.com,1999:blog-6439530678549988077.post-32909690845195789442020-11-10T08:18:00.002-05:002020-11-10T08:18:19.046-05:00Think Like An Owner<p align="center" class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in; text-align: center;"><b> </b></p><p class="Default" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: large;">Family businesses have many competitive advantages: strength of relationships, cultural fit of family members, shared values, long term commitment, patient capital, shared vision, flexibility in hard times. In some family businesses, however, these advantages can unintentionally foster an environment in which the rising generation becomes overly focused internally. <o:p></o:p></span></p><p class="Default" style="font-family: "Times New Roman", serif; margin: 0in;"><o:p><span style="font-size: large;"> </span></o:p></p><p class="Default" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: large;">Internal issues do matter. Operational excellence, for example, is important. Its part of what built the business to begin with, and the rising generation needs to master it. However, the rising generation also needs to learn how to recognize and lead through the greater range of issues. This means keeping a focus on the internal issues like operations <i>as well as</i>, for example, seeking new innovations to pivot to meet changing demands in the marketplace. In short, this requires thinking like an owner.<o:p></o:p></span></p><p class="Default" style="font-family: "Times New Roman", serif; margin: 0in;"><o:p><span style="font-size: large;"> </span></o:p></p><p class="Default" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: large;">Learning to think like an owner takes time. It doesn’t happen all at once. Nurturing the rising generation to think like an owner means helping them think through the questions that keep owners up at night.<o:p></o:p></span></p><p class="Default" style="font-family: "Times New Roman", serif; margin: 0in;"><o:p><span style="font-size: large;"> </span></o:p></p><p class="Default" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: large;">- How and where should we be investing our resources; human capital, financial capital, and intellectual capital?<o:p></o:p></span></p><p class="Default" style="font-family: "Times New Roman", serif; margin: 0in;"><o:p><span style="font-size: large;"> </span></o:p></p><p class="Default" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: large;">- What systems, processes, or procedures will be put in place to maintain the long-term success of the business and the family?<o:p></o:p></span></p><p class="Default" style="font-family: "Times New Roman", serif; margin: 0in;"><o:p><span style="font-size: large;"> </span></o:p></p><p class="Default" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: large;">- What communications guidelines will be agreed to by all family members?<o:p></o:p></span></p><p class="Default" style="font-family: "Times New Roman", serif; margin: 0in;"><o:p><span style="font-size: large;"> </span></o:p></p><p class="Default" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: large;">- How will the family’s values, mission, and culture be applied to continue to build the enterprise?<o:p></o:p></span></p><p class="Default" style="font-family: "Times New Roman", serif; margin: 0in;"><o:p><span style="font-size: large;"> </span></o:p></p><p class="Default" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: large;">- What risks are reasonable? What is too much risk?<o:p></o:p></span></p><p class="Default" style="font-family: "Times New Roman", serif; margin: 0in;"><o:p><span style="font-size: large;"> </span></o:p></p><p class="Default" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: large;">- What is not adding value that needs to stop?<o:p></o:p></span></p><p class="Default" style="font-family: "Times New Roman", serif; margin: 0in;"><o:p><span style="font-size: large;"> </span></o:p></p><p class="Default" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: large;">- What is the best governance structure for the rising genteration?<o:p></o:p></span></p><p class="Default" style="font-family: "Times New Roman", serif; margin: 0in;"><o:p><span style="font-size: large;"> </span></o:p></p><p class="Default" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: large;">- How will the next generation navigate the ownership responsibilities?<o:p></o:p></span></p><p class="Default" style="font-family: "Times New Roman", serif; margin: 0in;"><o:p><span style="font-size: large;"> </span></o:p></p><p class="Default" style="font-family: "Times New Roman", serif; margin: 0in;"><br /></p><p class="Default" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: large;">After building the business, transitioning the family business is the next most significant work. Empowering the rising generation to think like owners is part of preparing your family and your business for continued success. </span><o:p></o:p></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><o:p> </o:p></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="color: #1b95e0;"><span style="font-size: large;"> https://bit.ly/2G3wW6s</span></span><o:p></o:p></p><div class="blogger-post-footer"><table><tbody><tr><td><a href="http://www.netfamilybusiness.com">Resources for the Family Owned Business</a></td></tr>
<tr><td>-----------------------</td></tr></tbody></table></div>Steve Moyerhttp://www.blogger.com/profile/01593069627477786817noreply@blogger.com0tag:blogger.com,1999:blog-6439530678549988077.post-39992241603307415362020-10-09T07:20:00.000-04:002020-10-13T07:17:26.328-04:00Make "Success" The Outcome Of The Succession Plan<p align="center" class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in; orphans: auto; text-align: center; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;"><span style="text-align: start;"> </span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;">You’ve worked hard to create a strong, sustainable business.<span> </span>You’ve been successful in building a profitable business.<span> </span>But, beyond building a successful company, you want to build a legacy for your family.<span> </span>Perhaps that means preparing for the next generation to take over the company.<span> </span>Perhaps that means liquidating the company and using the wealth for other family legacy purposes.<span> </span>Or, perhaps you have other goals in mind.<span> </span>Whatever the case, it takes careful planning to make it happen.<o:p></o:p></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;"><o:p> </o:p></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;">Avoidance, or doing nothing, can seem like the easiest option, but is only going to make things more difficult in the future (and probably frustrate the rising generation in the process).<span> </span>Preparing for any change in season takes planning, preparing for succession is no different. Planning that requires an understanding of where we are now; where we are going; and how will we get there.<o:p></o:p></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;"><o:p> </o:p></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;">Journeys that are critical to the ultimate success of individuals, the family, and the organization require commitment. The commitment is best when considered in the frame of a holistic approach. This means results are best achieved with more than just a single event or item. The preference to work over time to develop the capability of the family to manage their own governance and decision making contributes to fully functioning at the crossroads of the Determined Strategy and Emerging Issues.<o:p></o:p></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;"><o:p> </o:p></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;">To make “success” the outcome of succession, it’s not too late to get started.<span> </span>Doing nothing is not really an option.<o:p></o:p></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;"><br /></p><ol start="1" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin-bottom: 0in; margin-top: 0in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;" type="1"><li class="MsoNormal" style="mso-layout-grid-align: none; mso-list: l0 level1 lfo1; mso-pagination: none; text-autospace: none;"><span>As a family, commit to building the family legacy and the business legacy.<o:p></o:p></span></li><li class="MsoNormal" style="mso-layout-grid-align: none; mso-list: l0 level1 lfo1; mso-pagination: none; text-autospace: none;"><span>Commit to having the difficult conversations. </span>A professional family business advisor <span>will be invaluable to help your family through these discussions.<i><o:p></o:p></i></span></li><li class="MsoNormal" style="mso-layout-grid-align: none; mso-list: l0 level1 lfo1; mso-pagination: none; text-autospace: none;"><span>Draft a written plan, along with a timeline, for the transitions to the rising generation.<o:p></o:p></span></li><li class="MsoNormal" style="mso-layout-grid-align: none; mso-list: l0 level1 lfo1; mso-pagination: none; text-autospace: none;"><span>Prepare development plans for the rising generation that provide opportunities to learn about the values and vision of the family and that provide opportunities to learn about the rights and responsibilities of being an owner of the business.<o:p></o:p></span></li></ol><p class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;"><a name="_GoBack"></a><o:p> </o:p></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;">Honestly discussing the critical issues facing families and family businesses in transition helps foster the objectivity and focus needed for long-term success.<span> </span>Successfully navigating the transition of leadership can often be the key piece in solidifying the opportunity to create a multi-generational family business legacy. <o:p></o:p></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; 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</style></p><p class="MsoNormal" style="font-size: medium;">Nurturing and developing the rising generation can be a very rewarding journey. Moreover, it supports and builds the family legacy. However, it takes time, intentional commitment, and effort to work together.<o:p></o:p></p><p class="MsoNormal" style="font-size: medium;"><span style="color: #1b95e0; font-family: "Segoe UI", sans-serif;"><br /></span></p><p class="MsoNormal" style="font-size: medium;"><span style="color: #1b95e0; font-family: "Segoe UI", sans-serif;">https://bit.ly/2G3wW6s</span><o:p></o:p></p><p class="MsoNormal" style="font-size: medium;"><span style="color: #1b95e0; font-family: "Segoe UI", sans-serif;"><br /></span></p><div class="blogger-post-footer"><table><tbody><tr><td><a href="http://www.netfamilybusiness.com">Resources for the Family Owned Business</a></td></tr>
<tr><td>-----------------------</td></tr></tbody></table></div>Steve Moyerhttp://www.blogger.com/profile/01593069627477786817noreply@blogger.com0tag:blogger.com,1999:blog-6439530678549988077.post-87771088598967736472020-09-22T09:19:00.000-04:002020-09-22T09:19:12.922-04:00The Stress of COVID and Politics<p align="center" class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in; orphans: auto; text-align: center; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;"><br /></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; vertical-align: baseline; white-space: normal; widows: auto; word-spacing: 0px;"><span style="color: black;">Everywhere you look, you’re likely to see people facing an unprecedented amount of stress. Mental health experts know stress during times like this can impact people in many different ways and may be exhibited by:<o:p></o:p></span></p><ul style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin-bottom: 0in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;" type="disc"><li class="MsoNormal" style="color: black; mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;">Fear and worry about ones’ own health and the health of your loved ones, the financial situation or job, or loss of support services relied on.<o:p></o:p></li><li class="MsoNormal" style="color: black; mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;">Changes in sleep or eating patterns.<o:p></o:p></li><li class="MsoNormal" style="color: black; mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;">Difficulty sleeping or concentrating.<o:p></o:p></li><li class="MsoNormal" style="color: black; mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;">Worsening of chronic health problems.<o:p></o:p></li><li class="MsoNormal" style="color: black; mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;">Worsening of mental health conditions.<o:p></o:p></li><li class="MsoNormal" style="color: black; mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;">Increased use of tobacco, and/or<span class="apple-converted-space"> </span>alcohol and other substances.<o:p></o:p></li></ul><h2 style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; break-after: avoid; color: #4472c4; font-family: "Calibri Light", sans-serif; font-size: 13pt; font-style: normal; font-variant-caps: normal; letter-spacing: normal; margin: 10pt 0in 0in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;"><span style="color: black; font-family: "Times New Roman", serif; font-size: 12pt; font-weight: normal;">Everyone reacts differently to stressful situations. How you respond to stress during these unprecedented times can depend on your background, social support from family or friends, your financial situation, your health and emotional background, the community you live in, and many other factors. <o:p></o:p></span></h2><p class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;"><u><span style="color: black;">As a leader in the family business, how do you help your family and employees navigate the current situations?<o:p></o:p></span></u></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;"><u><span style="color: black;"><br /></span></u></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;"><span style="color: black;">Part of the answer needs to lie within each individual. Each individual needs to have a level of self-awareness so as not to react inappropriately. Respond, don’t react. As Families in Business it is important to help all family members and employees to understand themselves. They, after all, represent the family and the business. Inappropriate reactions are not healthy.<o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;"><span style="color: black;"><br /></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;"><span style="color: black;">Another part of the answer lies within the structure of the organization. Are the processes, procedures, workflow, reporting dynamics, or structures creating a toxic environment or contributing to the stress levels? <o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;"><span style="color: black;"><br /></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;"><span style="color: black;">Leadership needs to look in the mirror and honestly explore their contribution to the crisis.<o:p></o:p></span></p><p class="MsoListParagraphCxSpFirst" style="mso-add-space: auto; mso-list: l1 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-indent: -0.25in;"><!--[if !supportLists]--><span style="color: black; font-family: "Times New Roman",serif; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">-<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-caps: normal; font-weight: normal; font: 7.0pt "Times New Roman"; line-height: normal;"> </span></span></span><!--[endif]--><span style="color: black; font-family: "Times New Roman", serif;">How much added stress are we creating in our family, or in our business, or for our employees?<o:p></o:p></span></p><p class="MsoListParagraphCxSpMiddle" style="mso-add-space: auto; mso-list: l1 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-indent: -0.25in;"><!--[if !supportLists]--><span style="color: black; font-family: "Times New Roman",serif; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">-<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-caps: normal; font-weight: normal; font: 7.0pt "Times New Roman"; line-height: normal;"> </span></span></span><!--[endif]--><span style="color: black; font-family: "Times New Roman", serif;">How are we helping our family and team members gain higher levels of self-awareness? <o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-add-space: auto; mso-list: l1 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-indent: -0.25in;"><!--[if !supportLists]--><span style="color: black; font-family: "Times New Roman",serif; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">-<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-caps: normal; font-weight: normal; font: 7.0pt "Times New Roman"; line-height: normal;"> </span></span></span><!--[endif]--><span style="color: black; font-family: "Times New Roman", serif;">What are we doing to provide proper and acceptable ways of dealing with stress?<o:p></o:p></span></p><p class="MsoListParagraphCxSpLast" style="mso-add-space: auto; mso-list: l1 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-indent: -0.25in;"><span style="color: black; font-family: "Times New Roman", serif;"><br /></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;">Grit and resilience are critical to personal care. <span style="background-color: white; background-position: initial initial; background-repeat: initial initial; color: black;">Taking care of your family and employees can be a stress reliever, but it should be balanced with care for yourself.<span class="apple-converted-space"> </span></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;"><br /></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><o:p></o:p></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;"><span style="background-color: white; background-position: initial initial; background-repeat: initial initial; color: black;"><span><span style="background-color: transparent;">Leading a successful family business through unprecedented times requires a clear understanding of positive family relationships and a clear understanding of business relationships (known as employees, management, vendors, and customers).</span> </span><o:p></o:p></span></p><p class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in; orphans: auto; text-align: start; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;"><span style="background-color: white; background-position: initial initial; background-repeat: initial initial; color: black;"><o:p> </o:p></span></p><p><style class="WebKit-mso-list-quirks-style">
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</style></p><p class="MsoNormal" style="font-size: medium;"><span style="color: #1b95e0;">https://bit.ly/2G3wW6s</span><span style="color: #14171a;"><o:p></o:p></span></p><div class="blogger-post-footer"><table><tbody><tr><td><a href="http://www.netfamilybusiness.com">Resources for the Family Owned Business</a></td></tr>
<tr><td>-----------------------</td></tr></tbody></table></div>Steve Moyerhttp://www.blogger.com/profile/01593069627477786817noreply@blogger.com0tag:blogger.com,1999:blog-6439530678549988077.post-32198225227982189832020-09-15T07:39:00.000-04:002020-09-15T07:40:03.418-04:00Plans Are Critical For Smooth Successions<p class="MsoNormal" style="font-family: "times new roman", serif; margin: 0in 0in 0in -0.3in;"><span style="font-size: medium;">Good succession planning is a process. The importance of leadership for succession is required! If a key leadership role in your business was unexpectedly vacated by death, disability, or disqualification, who is ready to step up? Understanding the value of succession planning requires everyone to be more engaged.<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "times new roman", serif; margin: 0in;"><o:p><span style="font-size: medium;"> </span></o:p></p><p class="MsoNormal" style="font-family: "times new roman", serif; margin: 0in 0in 0in -0.3in;"><span style="font-size: medium;">A reluctance to plan is understandable. Reasons families do nothing run the gamut: the senior generation fears letting go; the business is going well and it is too much fun to let go; the business is struggling and the senior generation feels like they have to get it back on track; the senior generation’s belief that the rising generation is not ready or not interested; the senior generation’s indecision in choosing the next leader; the family wants to avoid difficult or awkward conversations; psychological and emotional connections to an identity connected to leading the family business.<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "times new roman", serif; margin: 0in 0in 0in -0.3in;"><o:p><span style="font-size: medium;"> </span></o:p></p><p class="MsoNormal" style="font-family: "times new roman", serif; margin: 0in 0in 0in -0.3in;"><span style="font-size: medium;">Business families succeed when they are able to discuss the difficult issues, plan for the future, and work together as a cohesive unit in a unified structure. When the ownership is beyond the founder/entrepreneur and consists of a sibling group or a cousin consortium, there is even greater opportunity for misaligned expectations, misunderstanding, and conflict. The dialogue required for this planning is not always comfortable or easy. The discussions need to address, among other things, business goals, business management, ownership, and shareholder expectations. <o:p></o:p></span></p><p class="MsoNormal" style="font-family: "times new roman", serif; margin: 0in 0in 0in -0.2in;"><o:p><span style="font-size: medium;"> </span></o:p></p><p class="MsoNormal" style="font-family: "times new roman", serif; margin: 0in 0in 0in -0.3in;"><span style="font-size: medium;">For a smooth succession planning process:<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "times new roman", serif; margin: 0in;"><span style="font-size: medium;"><b>Cast the vision: </b>The vision is the shared image of the family’s definition of success and what the family wants the business to be. The vision provides a future orientation It points the direction for where you are going.<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "times new roman", serif; margin: 0in;"><o:p><span style="font-size: medium;"> </span></o:p></p><p class="MsoNormal" style="font-family: "times new roman", serif; margin: 0in;"><span style="font-size: medium;"><b>Identify the Talent Pool:</b> Examine the current talent pool of individuals in the family and the business to understand potential options for future leadership. <o:p></o:p></span></p><p class="MsoNormal" style="font-family: "times new roman", serif; margin: 0in;"><o:p><span style="font-size: medium;"> </span></o:p></p><p class="MsoNormal" style="font-family: "times new roman", serif; margin: 0in;"><span style="font-size: medium;"><b>Plan for the ‘what ifs’: </b>This means consider what scenarios may occur and how the family and the business will respond.<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "times new roman", serif; margin: 0in;"><o:p><span style="font-size: medium;"> </span></o:p></p><p class="MsoNormal" style="font-family: "times new roman", serif; margin: 0in;"><span style="font-size: medium;"><b>Communicate Communicate Communicate:</b> For succession plans to be smooth and effective, it must be made known to those it impacts. These discussions may be difficult, however in the absence of communication individuals will create their own narrative.<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "times new roman", serif; margin: 0in;"><o:p><span style="font-size: medium;"> </span></o:p></p><p class="MsoNormal" style="font-family: "times new roman", serif; margin: 0in;"><span style="font-size: medium;"><b>Formalize the Plan:</b> Draft a written plan, along with a timeline, for the transitions to the rising generation. Review the existing Shareholder Agreements, Buy-Sell Agreement, compensation arrangements, Key-Man Life Insurance policies, as well as additional legal documents.<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "times new roman", serif; margin: 0in 0in 0in 0.5in;"><o:p><span style="font-size: medium;"> </span></o:p></p><p class="MsoNormal" style="font-family: "times new roman", serif; margin: 0in 0in 0in -0.3in;"><span style="font-size: medium;">A defined transition plan should be flexible enough to deal with both current issues and future issues, and yet detailed enough to provide meaningful guidance for both generations. <o:p></o:p></span></p><p class="MsoNormal" style="font-family: "times new roman", serif; margin: 0in 0in 0in -0.3in;"><o:p><span style="font-size: medium;"> </span></o:p></p><p class="MsoNormal" style="font-family: "times new roman", serif; margin: 0in 0in 0in -0.3in;"><span style="font-size: medium;">Effective succession planning is a process that can make or break the future of an organization. Even with the best transition plan in place, however, the plan must be executed. Contact an advisor to help guide the process. Both generations need to execute the plan with a focus on the present and striving toward a vision of the future<o:p></o:p></span></p><p class="MsoNormal" style="font-family: "times new roman", serif; margin: 0in;"><o:p><span style="font-size: medium;"> </span></o:p></p><p class="MsoNormal" style="font-family: "times new roman", serif; margin: 0in;"><span face=""Segoe UI", sans-serif" style="color: #1b95e0; font-size: medium;">https://bit.ly/2G3wW6s</span><o:p></o:p></p><div class="blogger-post-footer"><table><tbody><tr><td><a href="http://www.netfamilybusiness.com">Resources for the Family Owned Business</a></td></tr>
<tr><td>-----------------------</td></tr></tbody></table></div>Steve Moyerhttp://www.blogger.com/profile/01593069627477786817noreply@blogger.com0tag:blogger.com,1999:blog-6439530678549988077.post-21514176567120160852020-08-19T07:58:00.000-04:002020-08-19T07:58:39.299-04:00Leadership Integrity for the Family Business<p align="center" class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in; text-align: center;"><br /></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: x-large;">Integrity in leadership is frequently referenced but often undefined. It is often used to represent general platitudes such as consistency of words and actions, overall moral or ethical behavior, and consistency in adversity. At its core, though, leadership integrity in a family business involves the leader’s identity grounded in a commitment to a specific set of values. A value is a principle, standard, or quality considered intrinsically worthwhile or desirable. Values are a source of strength because they give business families the power to act. Values are deep and emotional, difficult to change, and often unconscious, and integrity is a personal commitment to living out those values.</span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: x-large;"><o:p></o:p></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><o:p><span style="font-size: x-large;"> </span></o:p></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: x-large;">Sometimes people think of values as a list of things they should or should not do. To the contrary, values should be energizing, motivating, and inspiring. When people care passionately about something—in other words, value it—they can spur themselves to great achievements.<o:p></o:p></span></p><p class="para" style="font-family: "Times New Roman", serif; margin: 12pt 0in 0.2in;"><span style="color: #111111;"><span style="font-size: x-large;">Integrity requires humble introspection, not self-righteous declaration. Being a leader of integrity does not mean perfection. Part of leading with integrity means the strength of character to learn from mistakes and seek continual self-improvement. Regardless of position or title, every leader and every family member must be responsible for modeling integrity.<o:p></o:p></span></span></p><p style="font-family: Times; margin: 0.1pt 0in; vertical-align: baseline;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: x-large;">How do you know if you are a leader of integrity? <span style="color: #111111;">What are you doing to lead with integrity and to strengthen the integrity of those around you? <o:p></o:p></span></span></span></p><p style="font-family: Times; margin: 0.1pt 0in; vertical-align: baseline;"><span style="color: #111111; font-family: "Times New Roman", serif;"><span style="font-size: x-large;"> </span></span></p><p style="font-family: Times; margin: 0.1pt 0in 0.1pt 0.5in; vertical-align: baseline;"><span style="font-size: x-large;"><i><span style="color: #111111; font-family: "Times New Roman", serif;">Tell your own story</span></i><span style="color: #111111; font-family: "Times New Roman", serif;">. Share how your character has developed and strengthened over time. <o:p></o:p></span></span></p><p style="font-family: Times; margin: 0.1pt 0in 0.1pt 0.5in; vertical-align: baseline;"><span style="color: #111111; font-family: "Times New Roman", serif;"><span style="font-size: x-large;"> </span></span></p><p style="font-family: Times; margin: 0.1pt 0in 0.1pt 0.5in; vertical-align: baseline;"><span style="font-size: x-large;"><strong><i><span style="font-weight: normal;">Invite feedback</span></i></strong><span style="font-family: "Times New Roman", serif;">. Build a small group of people who know you well, see you clearly, want the best for you, and are willing to be totally honest with you.<span class="apple-converted-space"> <o:p></o:p></span></span></span></p><p style="font-family: Times; margin: 0.1pt 0in 0.1pt 0.5in; vertical-align: baseline;"><span class="apple-converted-space"><span style="font-family: "Times New Roman", serif;"><span style="font-size: x-large;"> </span></span></span></p><p style="font-family: Times; margin: 0.1pt 0in 0.1pt 0.5in; vertical-align: baseline;"><span style="font-size: x-large;"><strong><i><span style="font-weight: normal;">Listen</span></i></strong><span style="font-family: "Times New Roman", serif;">. Learn to listen without filtering what you hear through your pre-existing notions. You will find that everyone around you is continually giving you clues. <o:p></o:p></span></span></p><p style="font-family: Times; margin: 0.1pt 0in; text-indent: 0.5in; vertical-align: baseline;"><span style="font-family: "Times New Roman", serif;"><span style="font-size: x-large;"> </span></span></p><p style="font-family: Times; margin: 0.1pt 0in; vertical-align: baseline;"><span style="color: #111111; font-family: "Times New Roman", serif;"><span style="font-size: x-large;">Our actions must mirror our words in every area of our life.<o:p></o:p></span></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><o:p><span style="font-size: x-large;"> </span></o:p></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><o:p><span style="font-size: x-large;"> </span></o:p></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><i><span style="font-size: x-large;">“Good leadership is built on love and truth, for kindness and integrity are what keep leaders in their position of trust.”<o:p></o:p></span></i></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in;"><span style="font-size: x-large;"> Proverbs 20:28 <i>The Passion Translation</i></span><o:p></o:p></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in 0in 0in 0.5in; text-indent: 0.5in;"><span style="color: #1b95e0;"><br /></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in 0in 0in 0.5in; text-indent: 0.5in;"><span style="color: #1b95e0;"><br /></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in 0in 0in 0.5in; text-indent: 0.5in;"><span style="color: #1b95e0;"><br /></span></p><p class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in 0in 0in 0.5in; text-align: left; text-indent: 0.5in;"><span style="color: #1b95e0;"><span style="font-size: x-large;">https://bit.ly/2G3wW6s</span></span><o:p></o:p></p><div class="blogger-post-footer"><table><tbody><tr><td><a href="http://www.netfamilybusiness.com">Resources for the Family Owned Business</a></td></tr>
<tr><td>-----------------------</td></tr></tbody></table></div>Steve Moyerhttp://www.blogger.com/profile/01593069627477786817noreply@blogger.com0tag:blogger.com,1999:blog-6439530678549988077.post-17980782819493094022020-07-28T08:49:00.004-04:002020-07-28T08:49:53.535-04:00It Is Not Always About Best Practices<div align="center" class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in; text-align: center;">
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<span style="font-size: large;">There is a common phrase; ‘when you have seen one family business, you have seen one family business’. This is an important concept to remember when your family is evaluating ‘best practices’.<o:p></o:p></span></div>
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<span style="font-size: large;">Best practices are not all bad, and many individuals are quick to espouse best practices for your family business. A best practice is a method or technique that has been generally accepted as better than alternatives.<o:p></o:p></span></div>
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<span style="font-size: large;">These best practices are thought to produce superior results or have simply become an acceptable way of doing things. Some families are looking for pre-made templates to standardize family business processes. Sometimes a best practice is not applicable or is inappropriate for a particular business family’s needs. A key strategic ability required when applying best practice to organizations is the ability to balance the unique familiness, qualities, values, strategies, and goals of a business family that it has in common with other family businesses. <o:p></o:p></span></div>
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<span style="font-size: large;">Determining best practices to address a problem or situation is a commonly used but little understood tool of analysis because the concept is vague. Vagueness stems from the term ‘best’ which is subjective. While some evidence must go into determining a practice the ‘best’, it is more helpful to simply determine if a practice has worked exceptionally well and why. Instead of being the best, it may simply be a smart practice. This approach allows for a mix and match of smart practices. <o:p></o:p></span></div>
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<span style="font-size: large;">The primary mechanism in a good practice is the ability or the means of achieving a goal in an efficient manner. When adopting good practices, it is important to identify the core essence of the practice while allowing flexibility for how it is implemented so it remains sensitive to the needs of the family. Robust good practices are adaptable to various conditions, have many operational features, and can employ similar but diverse ways to achieve their goals.<o:p></o:p></span></div>
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<span style="font-size: large;">In addition to the reasons why a smart practice might succeed, advisors and family business leaders should describe potential vulnerabilities that could lead a good practice to fail. Leaders and advisors of the business family must develop safeguards in order to minimize the risk of vulnerabilities. Risks to implementing the selected good practices in the applied context as well as what support structures can be put in place need to be anticipated in order to maximize the likelihood of success. These conditions include increased enthusiasm, advantageous family involvement and economic conditions, and less bureaucratic resistance.<o:p></o:p></span></div>
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<span style="font-size: large;">Learn to know the good practices other business families are using and judiciously, with guidance, use what will best fit your family and your family business. <span style="color: #2f2f2f;">It’s not about the best practices for someone else’s business; it’s about developing the best solutions for your business family.</span><b><o:p></o:p></b></span></div>
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<span style="color: #1b95e0;"><span style="font-size: large;">https://bit.ly/2G3wW6s</span></span><o:p></o:p></div>
<div class="blogger-post-footer"><table><tbody><tr><td><a href="http://www.netfamilybusiness.com">Resources for the Family Owned Business</a></td></tr>
<tr><td>-----------------------</td></tr></tbody></table></div>Steve Moyerhttp://www.blogger.com/profile/01593069627477786817noreply@blogger.com0tag:blogger.com,1999:blog-6439530678549988077.post-28195268463463486012020-06-30T08:40:00.002-04:002020-06-30T08:40:28.519-04:00Family Business Values Really Do Drive The Family And Business Culture<div align="center" class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in 0in 0.0001pt; orphans: auto; text-align: center; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;">
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<span style="font-size: large;">A “value” is a principle, standard, or quality considered intrinsically worthwhile or desirable. The root of value is valoir, which means “to be of worth.” Values are deep and emotional, difficult to change and often unconscious. Every family has values. They may be spoken or unspoken. Some families live out their values more closely than others, but each family has a set of values. <o:p></o:p></span></div>
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<span style="font-size: large;">Though the world is ever-changing, a family’s core values should be constant. <span> </span>It is these core values that influence attitudes and drive behavior. It is who you are as a business family. <o:p></o:p></span></div>
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<span style="font-size: large;">As leaders in our families and in our businesses, are we modeling the behaviors that match our values?<o:p></o:p></span></div>
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<span style="font-size: large;"><span> </span>Are we showing and modeling respect?<o:p></o:p></span></div>
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<span style="font-size: large;"><span> </span>Are we showing and modeling honesty?<o:p></o:p></span></div>
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<span style="font-size: large;"><span> </span>Are we showing and modeling credibility?<o:p></o:p></span></div>
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<span style="font-size: large;"><span> </span>Are we showing and modeling commitment?<o:p></o:p></span></div>
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<span style="font-size: large;">To check in on how your business family is doing, here are some discussion questions for your family, perhaps for your next Family Council meeting:<br /><br /><o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-size: large;"><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-style: normal; font-variant-caps: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]-->What are our family values?<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-size: large;"><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-style: normal; font-variant-caps: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]-->How will our family values carry our business through the tough times?<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-size: large;"><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-style: normal; font-variant-caps: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]-->How do the stakeholders in our business see our family extend grace, love, and forgiveness to others?<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-size: large;"><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-style: normal; font-variant-caps: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]-->How are we ensuring the future generations will commit to our family values?<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-size: large;"><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-style: normal; font-variant-caps: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]-->How do we as a family hold each other accountable and responsible to live out our family values?<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-size: large;"><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-style: normal; font-variant-caps: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]-->Do we believe difficult decisions can be made expeditiously because our values are clear?<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-size: large;"><span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-style: normal; font-variant-caps: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]-->Are our values clear so that our priorities are clear?<o:p></o:p></span></div>
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<span style="font-size: large;">Sometimes people mistakenly think of values as a list of “shoulds” and “should nots” guiding what they can or cannot do. <span> </span>To the contrary, values are energizing, motivating, and inspiring. When people care passionately about something—in other words, when they value it—they can spur themselves to great achievements. Values are conscious motivators!<o:p></o:p></span></div>
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<i><span style="font-size: large;">“It’s important that people should know what you stand for. It’s equally important that they know what you won’t stand for.”<o:p></o:p></span></i></div>
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<span style="font-size: large;"><span> </span>Mary H. Waldrip, Author<o:p></o:p></span></div>
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</style><span style="font-family: "Times New Roman", serif;"><span style="font-size: large;">Contact us to learn how we can assist your family in codifying you values.</span></span><br />
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<span style="color: #1b95e0;"><span style="font-size: large;">https://bit.ly/2G3wW6s</span></span><span style="font-size: small;"><o:p></o:p></span></div>
<div class="blogger-post-footer"><table><tbody><tr><td><a href="http://www.netfamilybusiness.com">Resources for the Family Owned Business</a></td></tr>
<tr><td>-----------------------</td></tr></tbody></table></div>Steve Moyerhttp://www.blogger.com/profile/01593069627477786817noreply@blogger.com0tag:blogger.com,1999:blog-6439530678549988077.post-38591520228307717872020-06-15T09:36:00.003-04:002020-06-16T07:44:59.062-04:00What Does It Mean For A Family Business To innovate<div align="center" style="font-family: Times; font-size: 10pt; margin: 0.1pt 0in; text-align: center;">
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<span style="font-family: "Times New Roman", serif;"><span style="font-size: large;">In challenging times, it is imperative to the survival of businesses to have ambition, grit, and the internal force of innovation and creativity. All employees, family and non-family, must build on the family’s values, culture, vision, entrepreneurial drive and innovation. Fostering this internal force requires a management and leadership model that empowers all in the business to internalize an “owner’s” mindset.<o:p></o:p></span></span></div>
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<span style="font-family: "Times New Roman", serif;"><span style="font-size: large;">Being innovative and creative is a conscious choice to challenge the status quo. Creative people are value investors in the world of ideas. Value is generated by evaluating a creative idea, calculating the risk-reward, and driving forward.<o:p></o:p></span></span></div>
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<span style="font-size: large;">By defining specific characteristics of innovation as:<o:p></o:p></span></div>
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<span style="font-size: large;"> Being an advantage over current use.<o:p></o:p></span></div>
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<span style="font-size: large;"> Compatible with the family’s value and beliefs.<o:p></o:p></span></div>
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<span style="font-size: large;"> Not overly complex so that it can be implemented.<o:p></o:p></span></div>
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<span style="font-size: large;"> Provides an ability to ‘test drive’, yet still revert if it does not prove <o:p></o:p></span></div>
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<span style="font-size: large;"> beneficial.<o:p></o:p></span></div>
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<span style="font-size: large;"> Visible enough to be seen by others.<o:p></o:p></span></div>
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<span style="font-size: large;">How can a family business foster innovation and creativity to <a href="https://www.blogger.com/null" name="_GoBack"></a>keep new ideas flowing?<o:p></o:p></span></div>
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<span style="font-size: large;">1. <u>Set the culture.</u> Establish a culture that promotes authenticity, commitment to people, commitment to the business, and continuous effort.<o:p></o:p></span></div>
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<span style="font-size: large;">2. <u>Nurture a nudge.</u> A nudge is an action that attracts people’s attention and urges then to alter their behavior in a positive way, yet it is not done in a heavy-handed way. This nudge may be as simple as urging the sharing of an idea or as complex as developing and implementing a change process.<o:p></o:p></span></div>
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<span style="font-size: large;">3. <u>Teach the family and employees the business.</u> Focus not only on the technical skills each individual needs to perform, but educate people regarding how the business makes money, how the business attracts and retains clients or customers, and other big-picture issues that impact the business.<o:p></o:p></span></div>
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<span style="font-size: large;">4. <u>Keep the momentum going.</u> Building the internal force of innovative and creative family leaders and employees, and the culture to keep it going, takes hard work. To keep the momentum going, ensure that the organization focuses on competitive compensation, keeping morale up, and consistent, effective communication.<o:p></o:p></span></div>
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<span style="font-size: large;">By tapping into the internal force of innovative and creative family leaders and employees, a family business can out-think and out-perform the competition, increase profits, and move successfully into the future.<o:p></o:p></span></div>
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<span style="color: #1b95e0;"><span style="font-size: large;">https://bit.ly/2G3wW6s</span></span><o:p></o:p></div>
<div class="blogger-post-footer"><table><tbody><tr><td><a href="http://www.netfamilybusiness.com">Resources for the Family Owned Business</a></td></tr>
<tr><td>-----------------------</td></tr></tbody></table></div>Steve Moyerhttp://www.blogger.com/profile/01593069627477786817noreply@blogger.com0tag:blogger.com,1999:blog-6439530678549988077.post-83207910515084004812020-06-09T07:38:00.000-04:002020-06-09T07:38:35.229-04:00Invest In The Next Team<div align="center" class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in 0in 0.0001pt; orphans: auto; text-align: center; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;">
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<span style="font-size: large;">As the economy begins to re-open following the COVID-19 shutdown, many professional sports leagues are still trying to figure out what they will do. During the course of the pandemic, some professional baseball teams decided to stop paying their minor league players. At a fundamental level, decisions like this communicate a withdrawal from investing in the future.<o:p></o:p></span></div>
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<span style="font-size: large;">Family owned enterprises cannot afford to stop investing in developing their bench for the next leadership team. Building the bench for a family business, which may include both family and non-family members, brings unique challenges and complexities. <o:p></o:p></span></div>
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<span style="font-size: large;">For a business family that desires to build a legacy and grow profitably well into the future, the following principles will help:<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-size: large;"><span style="mso-list: Ignore;">1.<span style="font-family: "times new roman"; font-stretch: normal; font-style: normal; font-weight: normal; line-height: normal;"> </span></span>Develop a Family Employment Policy that encourages family members who desire a leadership role to gain work experience outside of the family business and specifically defines the objective criteria necessary for employment and leadership.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-size: large;"><span style="mso-list: Ignore;">2.<span style="font-family: "times new roman"; font-stretch: normal; font-style: normal; font-weight: normal; line-height: normal;"> </span></span>Nurture mentoring and coaching between the current CEO and the next generation of leaders. <o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-size: large;"><span style="mso-list: Ignore;">3.<span style="font-family: "times new roman"; font-stretch: normal; font-style: normal; font-weight: normal; line-height: normal;"> </span></span>Clearly define, in writing, the job description for the leadership team roles. Identify the expectations and metrics to which each position will be held accountable. This should also include the knowledge, skills, and abilities expected in each role, as well as a commitment to the family’s values and objectives. Have the senior generation guide the process of selecting their successors before they leave. <o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-size: large;"><span style="mso-list: Ignore;">4.<span style="font-family: "times new roman"; font-stretch: normal; font-style: normal; font-weight: normal; line-height: normal;"> </span></span>Seek the support of non-biased, third party perspectives in evaluating and selecting the next CEO and leadership team. This may mean soliciting input from non-family directors, members of the advisory board, or qualified advisors.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-size: large;"><span style="mso-list: Ignore;">5.<span style="font-family: "times new roman"; font-stretch: normal; font-style: normal; font-weight: normal; line-height: normal;"> </span></span>Be open to a non-family CEO for a season if a family member is not ready to assume leadership.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-size: large;"><span style="mso-list: Ignore;">6.<span style="font-family: "times new roman"; font-stretch: normal; font-style: normal; font-weight: normal; line-height: normal;"> </span></span>Set the leadership team and the next CEO up for success. Develop a communication structure and a governance system that efficiently and effectively outlines the processes for the family, the ownership, and the business to keep focused on the correct goals and objectives.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-size: large;"><span style="mso-list: Ignore;">7.<span style="font-family: "times new roman"; font-stretch: normal; font-style: normal; font-weight: normal; line-height: normal;"> </span></span>Revisit these guidelines annually.<o:p></o:p></span></div>
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<span style="font-size: large;">As a family, commit to a process that will build the best bench and develop the most qualified leadership team for the future of your family business. </span><span style="font-size: small;"><o:p></o:p></span></div>
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<span style="color: #1b95e0;"><span style="font-size: large;">https://bit.ly/2G3wW6s</span></span><span style="font-size: small;"><o:p></o:p></span></div>
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<div class="blogger-post-footer"><table><tbody><tr><td><a href="http://www.netfamilybusiness.com">Resources for the Family Owned Business</a></td></tr>
<tr><td>-----------------------</td></tr></tbody></table></div>Steve Moyerhttp://www.blogger.com/profile/01593069627477786817noreply@blogger.com0tag:blogger.com,1999:blog-6439530678549988077.post-67231934279561881612020-05-20T08:29:00.000-04:002020-05-20T08:29:48.411-04:00Will this plan unite or divide the family<div align="center" class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in 0in 0.0001pt; text-align: center;">
<b><span style="font-size: large;">What’s the Plan?<o:p></o:p></span></b></div>
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<i><span style="font-size: large;">Will this plan unite or divide the family when Mom and Dad are gone?<o:p></o:p></span></i></div>
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<span style="font-size: large;">A recent survey by the National Bureau of Economic Research’s Family Business Alliance found that only 15% of family enterprises had anything in place that resembled a succession plan. What’s a family to do? <o:p></o:p></span></div>
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<span style="font-size: large;">How does a family business owner avoid reaching the golden years, having worked as hard as he or she did, with no plan for transition? It starts with the three basic questions: where are we now, where are we going, and how do we get there. <o:p></o:p></span></div>
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<span style="font-size: large;">As owners, families need to chart out their plan for success and be willing to adapt as they go. The competitive advantages of a family business are many. The family culture is one distinct advantage, and a well-functioning family is grounded in trust. This includes trust between the generations, between family branches, and with non-family employees. Survival of an organization, and more specifically a family business, is dependent on this trust. <o:p></o:p></span></div>
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<span style="font-size: large;">First, the family needs a vision. What will success look like for the business? What does success look like for the family? Are family members willing to let go and let new people innovate to keep maximizing the use of the family’s resources? Part of this includes talking about who you are. Your identity and core values are bigger than the business and bigger than its success or failure.<b><o:p></o:p></b></span></div>
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<span style="font-size: large;">Second, the family needs to work through how each family member wants to be involved (or not) in accomplishing that vision. Is anyone in the family interested in the business? Are the interested family members qualified for the roles they want? What other strengths do family members bring to the table to help maximize and manage the family’s resources? <b><o:p></o:p></b></span></div>
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<span style="font-size: large;">Finally, as you go out and pursue that vision, remember to be flexible. Part of what makes a business successful is executing a plan but staying flexible to adapt as you go. Be comfortable, as a family, operating at the nexus of the strategic strategy and the emerging strategy.<o:p></o:p></span></div>
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<span style="font-size: large;">Success may be different for each family member. Define what success looks like for the entire family and begin charting a path to get there. Develop a plan, communicate the plan, and keep asking:<o:p></o:p></span></div>
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<i><span style="font-size: large;">Will this plan unite or divide the family when Mom and Dad are gone?</span><o:p></o:p></i></div>
<div class="blogger-post-footer"><table><tbody><tr><td><a href="http://www.netfamilybusiness.com">Resources for the Family Owned Business</a></td></tr>
<tr><td>-----------------------</td></tr></tbody></table></div>Steve Moyerhttp://www.blogger.com/profile/01593069627477786817noreply@blogger.com0tag:blogger.com,1999:blog-6439530678549988077.post-5702153361045193092020-05-13T08:11:00.000-04:002020-05-13T08:11:25.697-04:00Effective Planning For Succession<div align="center" class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in 0in 0.0001pt; orphans: auto; text-align: center; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;">
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<span style="font-size: large;">Moving an enterprise forward requires the right people, doing the right things, in the right place, at the right time. Like strategic thinking and planning, succession planning starts with where the family’s and staff’s abilities are now, considers where they need to be, and determines how the enterprise will help them get there.<b></b><o:p></o:p></span></div>
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<span style="font-size: large;">Effective succession planning is a process that can make or break the future of an organization. A survey by The National Bureau of Economic Research found over 40% of Family Businesses have not adopted a Succession Plan. In a separate study of family-owned enterprises, it was found 78% have no transition team and 83% have no written transition plan. <o:p></o:p></span></div>
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<span style="font-size: large;"><br />Implementing a transition team of key internal members and non-family advisors will have the ability to determine the Knowledge, Skills, and Abilities needed for the future. As we experience the continuance of today’s volatile business and social environments it is critical now, more than ever, to determine the model for the future leadership of the business. <o:p></o:p></span></div>
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<span style="font-size: large;">Succession planning cannot be limited to the rising generation of family members. It is essential to create a deep bench of leaders throughout the enterprise that support the family ownership, understand and endorse the family mission and values, and have the interpersonal skills to lead<o:p></o:p></span></div>
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<span style="font-size: large;">There are a number of factors to consider in effectively planning for succession:<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-size: large;"><span style="font-family: "times new roman" , serif; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">1.<span style="font-family: "times new roman"; font-stretch: normal; font-style: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]--><b><span style="font-family: "times new roman" , serif;">Roles and Responsibilities.</span></b><span style="font-family: "times new roman" , serif;"> Accurately determine what roles and responsibilities are essential for the organization, difficult to replace, and will need to be transitioned in 5 – 10 years.<br /><br /><o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-size: large;"><span style="font-family: "times new roman" , serif; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">2.<span style="font-family: "times new roman"; font-stretch: normal; font-style: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]--><b><span style="font-family: "times new roman" , serif;">Knowledge, Skills, and Abilities.</span></b><span style="font-family: "times new roman" , serif;"> Define the knowledge, skills, and abilities needed in those positions both now and in the future.<br /><br /><o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-size: large;"><span style="font-family: "times new roman" , serif; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">3.<span style="font-family: "times new roman"; font-stretch: normal; font-style: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]--><b><span style="font-family: "times new roman" , serif;">Current Talent Pool.</span></b><span style="font-family: "times new roman" , serif;"> Examine the current talent pool of individuals in the family and the business to understand potential options for future leadership. <br /><br /><o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-size: large;"><span style="font-family: "times new roman" , serif; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">4.<span style="font-family: "times new roman"; font-stretch: normal; font-style: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]--><b><span style="font-family: "times new roman" , serif;">Development.</span></b><span style="font-family: "times new roman" , serif;"> To be effective, development plans require thoughtful planning, diligence, and follow-through.<br /><br /><o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-size: large;"><span style="font-family: "times new roman" , serif; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">5.<span style="font-family: "times new roman"; font-stretch: normal; font-style: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]--><b><span style="font-family: "times new roman" , serif;">Preparation.</span></b><span style="font-family: "times new roman" , serif;"> Help the future leaders earn the respect of the family, the business, and outside stakeholders.<o:p></o:p></span></span></div>
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<span style="font-size: large;">Grooming the next leader in advance can help ensure the transition will be smooth, effective, and successful. By beginning this process now, it allows for the ability to identify and address critical business needs for the business moving forward. The early beginning of building a process and system can also ensure proactive continuity of senior leadership and it may minimize a potential of post-succession executive turnover. </span><span style="font-size: small;"><o:p></o:p></span></div>
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<span style="color: #1b95e0;"><span style="font-size: large;">https://bit.ly/2G3wW6s</span></span><o:p></o:p></div>
<div class="blogger-post-footer"><table><tbody><tr><td><a href="http://www.netfamilybusiness.com">Resources for the Family Owned Business</a></td></tr>
<tr><td>-----------------------</td></tr></tbody></table></div>Steve Moyerhttp://www.blogger.com/profile/01593069627477786817noreply@blogger.com0tag:blogger.com,1999:blog-6439530678549988077.post-53310624416039260512020-05-07T08:40:00.001-04:002020-05-07T08:40:37.993-04:00After The Lockdown<div align="center" class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in 0in 0.0001pt -0.1in; text-align: center;">
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<span style="font-size: large;">Preparation can give a competitive advantage.<o:p></o:p></span></div>
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<span style="font-size: large;">As we begin planning an exit from this lockdown, there needs to be a plan created without panic. As a family business leader, being either extremely optimistic or extremely pessimistic may put us at risk. There will be opportunity for those that develop a good foundation, have a good foundation, or are building a strong foundation for the business. Strong systems and processes with clearly articulated values and principles will help guide your team through these rough waters.<o:p></o:p></span></div>
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<span style="font-size: large;">In a survey by <i>Statistics Canada</i>, private companies with Advisory Boards, particularly ones with non-family members, produced significantly better results after instituting the Advisory Board than before. The study found sales growth increased three-fold in the three years following the introduction of the advisory board compared to the three years prior to instituting the advisory board, and productivity rose an average of 5.9% compared with 3.2% in the previous three-year period.<o:p></o:p></span></div>
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<span style="font-size: large;">One tool to help guide the family business after the lockdown can be their Board or Advisory Board, or Advisors. Outside Advisors are a powerful tool to help business families build their legacies, grow ROI, increase innovation, form new networks, and develop key strategic initiatives. <o:p></o:p></span></div>
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<span style="font-size: large;">During times of uncertainty, expertise, support, and unbiased in-put when you’re facing big decisions becomes a necessity. Outside Advisors will provide counsel, advice, knowledge, skills, and abilities that typically go beyond the organization’s management team. Advisory Boards are an informal brain trust to help think through the investments, innovation, staffing needs, and plans. Non-family advisors must challenge the family’s assumptions, which often remain unquestioned in times of crisis. This can prevent decisions from being made as a result of the herd mentality. The non-family advisors can also provide the ‘safe space’ for the leaders to share their doubts, concerns, anger, anxiety, and insecurities.<o:p></o:p></span></div>
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<span style="font-size: large;">An Advisory Board should always provide value to the family, the organization, and the leader of the family enterprises. Advisory Board members, who serve at the pleasure of the organization’s leadership, are selected for their experience, insight, wisdom, ability to ask the right questions, and ability to be a focused sounding board for the CEO. As a Family Business leader, this is essential to recover from a downturn.<o:p></o:p></span></div>
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<span style="font-size: large;">Too often, growing, privately held companies get stuck and don’t take advantage of the invaluable resource Outside Advisors can be. An Advisory Board tailored to your business will help you lead for the future and build a healthy business.<o:p></o:p></span></div>
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<span style="font-size: large;">Preparation will give a competitive advantage.<o:p></o:p></span></div>
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<span style="color: #1b95e0;"><span style="font-size: large;">https://bit.ly/2G3wW6s</span></span><o:p></o:p></div>
<div class="blogger-post-footer"><table><tbody><tr><td><a href="http://www.netfamilybusiness.com">Resources for the Family Owned Business</a></td></tr>
<tr><td>-----------------------</td></tr></tbody></table></div>Steve Moyerhttp://www.blogger.com/profile/01593069627477786817noreply@blogger.com0tag:blogger.com,1999:blog-6439530678549988077.post-84918150090960454992020-04-27T11:47:00.000-04:002020-04-27T11:47:14.811-04:00Time To Plan<div align="center" class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in 0in 0.0001pt; text-align: center;">
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<i><span style="font-size: large;">“For everything there is a season, and a time for every matter under heaven…”<o:p></o:p></span></i></div>
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<span style="font-size: large;"> Ecclesiastes 3:1<o:p></o:p></span></div>
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<span style="font-family: "Times New Roman", serif;"><span style="font-size: large;">Family businesses are straddling rebuilding a successful business today while planning for a future that will require different skills. This is where strategic thinking and planning is essential. Virtual and digital disruption are at the heart of each family, family business, and privately held enterprise.<o:p></o:p></span></span></div>
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<span style="font-size: large;">What makes planning in uncertain times so difficult for so many business families runs the gamut: the fear of the unknown; the business may be forced to close; cash flow is reduced or nonexistent; the business is struggling and leadership fears the ability to get it back on track; indecision in choosing or creating a plan; psychological and emotional connections that paralyze the family, leaders, and employees. <o:p></o:p></span></div>
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<span style="font-size: large;">The family needs a vision. What will success look like for the business on the other side of this crisis? What does success look like for the family? Your identity and core values are bigger than the business and bigger than its success or failure. Second, the family needs to work through how each family member, leader, or employee wants to or will be involved (or not) in accomplishing the plan. Are family members and employees qualified for the new roles that will be required? What strengths do family members bring to the table to help maximize and manage the family’s and the business resources? Finally, as you go out and execute the recovery plan, remember to be flexible. Part of what will make the business successful is executing a plan but staying flexible to adapt as you go. Define what a successful plan looks like and begin charting a path to get there.<b><o:p></o:p></b></span></div>
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<span style="font-family: "Times New Roman", serif;"><span style="font-size: large;">So how does the family business leadership turn values like loyalty, hard work, and vision into a plan for success? We see several strategic moves ahead to consider in building a plan for overcoming issues:<o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-size: large;">1.<span style="font-family: "Times New Roman"; font-stretch: normal; line-height: normal;"> </span><!--[endif]--><b><span style="border: 1pt none windowtext; padding: 0in;">Write down / codify your values and purpose into the plan</span></b>. Draft a written plan of recovery, along with a timeline for execution. This is where your family business has a competitive edge, take it to the next step.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-size: large;">2.<span style="font-family: "Times New Roman"; font-stretch: normal; line-height: normal;"> </span><!--[endif]--><b><span style="border: 1pt none windowtext; padding: 0in;">Ensure family, leadership, and employees are deeply involved.</span></b> They have a lot to offer the business grappling with rebuilding from the disruption. <o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-size: large;">3.<span style="font-family: "Times New Roman"; font-stretch: normal; line-height: normal;"> </span><!--[endif]--><b><span style="border: 1pt none windowtext; padding: 0in;">Determine the skill sets needed for the future. </span></b>Raising the ‘Digital IQ’ of the business is closely entwined with raising digital capabilities of existing workforce and determining future skill sets. <o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-size: large;">4.<span style="font-family: "Times New Roman"; font-stretch: normal; line-height: normal;"> </span><!--[endif]--><b><span style="border: 1pt none windowtext; padding: 0in;">Implement a feedback mechanism.</span></b> It is important to monitor the progress toward plan and adapt with proper intervention as needed.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-size: large;">5.<span style="font-family: "Times New Roman"; font-stretch: normal; line-height: normal;"> </span><!--[endif]--><b><span style="border: 1pt none windowtext; padding: 0in;">Form a team of professional advisors. </span></b> By bringing in independent advisors and board members with external expertise the leadership will also gain unbiased monitoring of the plan. <o:p></o:p></span></div>
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<i><span style="font-size: large;">It’s not too late to get started planning. Doing nothing is not really an option.<o:p></o:p></span></i></div>
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<span style="color: #1b95e0;"><span style="font-size: large;">https://bit.ly/2G3wW6s</span></span><o:p></o:p></div>
<div class="blogger-post-footer"><table><tbody><tr><td><a href="http://www.netfamilybusiness.com">Resources for the Family Owned Business</a></td></tr>
<tr><td>-----------------------</td></tr></tbody></table></div>Steve Moyerhttp://www.blogger.com/profile/01593069627477786817noreply@blogger.com0tag:blogger.com,1999:blog-6439530678549988077.post-58295633110498935872020-04-21T14:19:00.000-04:002020-04-21T14:19:42.065-04:00It Is Inevitable – Conflict In The Family<span style="font-family: "times new roman" , serif; font-size: large;">There is no such thing as a family business without conflict at some point. What is the cause of conflict in a family business?</span><br />
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<span style="font-size: large;">Though there is not one answer to that question for every situation or family business, we believe, based on our experience, the source of much conflict is misaligned expectations.<o:p></o:p></span></div>
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<span style="font-size: large;">Each family member brings his or her own thoughts, ideas, experiences, definitions, interpretations, and perceptions. In many situations, there is an assumption that others just know what we mean, and we move forward acting on our own definitions or interpretations. These families take the greatest hits when change is necessary, or a critical decision must be made.<o:p></o:p></span></div>
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<span style="font-size: large;">Because every family is going to have conflict, what is a family to do?<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-size: large;"><span style="font-weight: normal;"><span style="mso-list: Ignore;">-<span style="font-family: "times new roman"; font-stretch: normal; font-style: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="font-weight: normal;">Who you talk to is as important as what you say. Avoid Triangulation.<o:p></o:p></span></span></h2>
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<!--[if !supportLists]--><span style="font-size: large;"><span style="font-weight: normal;"><span style="mso-list: Ignore;">-<span style="font-family: "times new roman"; font-stretch: normal; font-style: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="font-weight: normal;">As a family and as a business, consciously work on developing a culture of conflict resolution. Individually focus on developing conflict resolution skills.<o:p></o:p></span></span></h2>
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<!--[if !supportLists]--><span style="font-size: large;"><span style="font-weight: normal;"><span style="mso-list: Ignore;">-<span style="font-family: "times new roman"; font-stretch: normal; font-style: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="font-weight: normal;">Work on the correct issue. Refrain from piling on with incorrect data or with issues from the past.<o:p></o:p></span></span></h2>
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<!--[if !supportLists]--><span style="font-size: large;"><span style="font-weight: normal;"><span style="mso-list: Ignore;">-<span style="font-family: "times new roman"; font-stretch: normal; font-style: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="font-weight: normal;">Establish appropriate boundaries. Establish a balance between work life and family life.<o:p></o:p></span></span></h2>
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<!--[if !supportLists]--><span style="font-size: large;"><span style="font-weight: normal;"><span style="mso-list: Ignore;">-<span style="font-family: "times new roman"; font-stretch: normal; font-style: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="font-weight: normal;">Be an example with your own communication. Practice good communication. Be quick to listen and slow to speak. <o:p></o:p></span></span></h2>
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<!--[if !supportLists]--><span style="font-size: large;"><span style="font-weight: normal;"><span style="mso-list: Ignore;">-<span style="font-family: "times new roman"; font-stretch: normal; font-style: normal; font-weight: normal; line-height: normal;"> </span></span></span><!--[endif]--><span style="font-weight: normal;">Seek help. As a member of the family enterprise, find a coach to support you and your family in developing healthy communication habits and breaking the communication triangulation and cycle of conflict.<o:p></o:p></span></span></h2>
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<span style="font-weight: normal;"><span style="font-size: large;">Only by addressing conflict directly will the cycle end. Families and their enterprises cannot thrive where communication habits undermine trust and credibility. Conflict is inevitable, but how you handle it is not. <o:p></o:p></span></span></h2>
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<span style="color: #1b95e0;"><span style="font-size: large;">https://bit.ly/2G3wW6s</span></span><span style="font-size: small;"><o:p></o:p></span></div>
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<div class="blogger-post-footer"><table><tbody><tr><td><a href="http://www.netfamilybusiness.com">Resources for the Family Owned Business</a></td></tr>
<tr><td>-----------------------</td></tr></tbody></table></div>Steve Moyerhttp://www.blogger.com/profile/01593069627477786817noreply@blogger.com0tag:blogger.com,1999:blog-6439530678549988077.post-34570985474713952052020-04-17T09:23:00.003-04:002020-04-17T09:23:54.279-04:00Now More Than Ever<div align="center" class="MsoNormal" style="font-family: "Times New Roman", serif; margin: 0in 0in 0.0001pt; text-align: center;">
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<span style="font-size: large;"><span style="background-color: white;">In a business family, boundaries, though often mental structures or commitments, are as real as tangible fences. </span>Boundaries establish one thing in relationship to another. They are a line between where one ends and the other begins. Boundaries <span style="background-color: white;">draw lines regarding what is acceptable and what is unacceptable within the family and the enterprise. Boundaries help family members balance </span>personal and professional obligations; maintain family bonds; and develop emotionally and psychologically throughout their lives. <o:p></o:p></span></div>
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<span style="font-size: large;">In this era of social distancing, boundaries are being defined as six feet. This is important for us to maintain the physical health of our families, our staff, our customers, clients, and society. This distancing while critical, can also lead to a feeling of isolation, loneliness, and depression. It is critical for leaders of the family and leaders of the business to recognize the needs of each individual.<o:p></o:p></span></div>
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<span style="font-size: large;">For each leader, it is important to pay attention to what is appropriate, inhibit what is not relative and destructive, and be conscious of what everyone needs to know or do. In these times, is critical for the leader to be creative and attentive to helping family members, employees and staff connect.<o:p></o:p></span></div>
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<span style="font-size: large;">Maintaining the family-ness that comes from nurturing shared identity can also be one of a family business’s strongest competitive advantages. In other words, connecting and sharing stories not only brings understanding and identity to family and family business, it is also one of the best ways to nurturing one of your strongest competitive advantages.<br /><br />There are many ways to work at staying connected. Phone calls. Emails. Text messages. Conference calls. Zoom Meetings. Video conferences. Skype. We need to be in constant communication to help everyone feel connected. Now more than ever, over communicate.<o:p></o:p></span></div>
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<span style="font-size: large;">As a leader, create the environment, experiences, and opportunities where your family and business can attend to each other, innovate for the business, create new ways of doing things, and look to the future.</span><o:p></o:p></div>
<div class="blogger-post-footer"><table><tbody><tr><td><a href="http://www.netfamilybusiness.com">Resources for the Family Owned Business</a></td></tr>
<tr><td>-----------------------</td></tr></tbody></table></div>Steve Moyerhttp://www.blogger.com/profile/01593069627477786817noreply@blogger.com0tag:blogger.com,1999:blog-6439530678549988077.post-42934962768392343782020-04-06T07:38:00.000-04:002020-04-06T07:38:42.325-04:00We Are In A Crisis What Does It Take To Lead A Family Business<div align="center" class="MsoNormal" style="-webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; caret-color: rgb(0, 0, 0); color: black; font-family: "Times New Roman", serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; margin: 0in 0in 0.0001pt; orphans: auto; text-align: center; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;">
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<o:p> </o:p><span style="font-size: large;">Leading a successful family business through unprecedented times requires a clear understanding of positive family relationships and a clear understanding of business relationships (known as employees, management, vendors, and customers).</span></div>
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<span style="font-size: large;">During these uncertain times, positive family relationships do not occur by accident or by just thinking positive thoughts. Some debate whether positive relationships are the result of focusing on ‘quality’ vs. ‘quantity’ of time spent. We all now have a quantity of time. To keep positive relationships requires intentionality. How do you do that?<o:p></o:p></span></div>
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<li class="MsoNormal" style="mso-list: l0 level1 lfo1;"><span style="font-size: large;">Commit to the focus needed to guide the family and business. It is easy to become distracted or distraught.<o:p></o:p></span></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo1;"><span style="font-size: large;">Keep the balance between your individual needs, the family needs and the business needs. You need to do self-care so you can care for the family and the business.<o:p></o:p></span></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo1;"><span style="font-size: large;">Commit to enjoy activities together as a family.<o:p></o:p></span></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo1;"><span style="font-size: large;">Maintain the balance between personal and interpersonal privacy.<o:p></o:p></span></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo1;"><span style="font-size: large;">Remember, you won’t have all the answers.<o:p></o:p></span></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo1;"><span style="font-size: large;">Use this time to learn as a family how to have the difficult conversations and still love each other.<o:p></o:p></span></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo1;"><span style="font-size: large;">Communicate, communicate, communicate. Be open, be honest, be truthful with your family, your employees, and your business. If you are not able to be face-to-face, use the phone, Skype, Zoom, SMS.<o:p></o:p></span></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo1;"><span style="font-size: large;">Commit to providing grace, love, and support.<o:p></o:p></span></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo1;"><span style="font-size: large;">Leadership can be lonely. Utilize the support networks you have, your family council, your Advisory Board, your Board of Directors, your management team, your friends, and your advisors.<o:p></o:p></span></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo1;"><span style="font-size: large;">Eat well, sleep well, exercise, lean in on your faith.<o:p></o:p></span></li>
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<span style="font-size: large;">It is in these times family business leaders are called upon to provide strong leadership with a sense of hope. Cast the vision.<o:p></o:p></span></div>
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<div class="blogger-post-footer"><table><tbody><tr><td><a href="http://www.netfamilybusiness.com">Resources for the Family Owned Business</a></td></tr>
<tr><td>-----------------------</td></tr></tbody></table></div>Steve Moyerhttp://www.blogger.com/profile/01593069627477786817noreply@blogger.com0