A successful family business can provide opportunities to all who are associated with the owners or viewed as family. History has proven, the odds of family business success through multiple generations dwindles with every ownership transition. However; where many family businesses have failed, there have also been many family businesses succeeding and thriving for generations. One of the key ingredients to successful family businesses is a winning culture.
Respect and trust go hand. A person or leader must be respected in order to also trust their decisions. As a family member employee entering the business with hopes to be a key leader or owner one day, earning the respect of employees, key leaders and strategic partners such as banks and manufacturer/franchisors are essential. Anyone can be given a job or title, but respect is earned.
Kendall Rawls, a family member in her own families business shares 4 strategies to earn respect in the family business
- Gain Outside Experience: Minute 2:55
- Invest In Yourself: Minute 5:37
- Listen, Observe and Learn: Minute 6:43
- Work Hard: Minute 8:27
Resources:
Email Kendall Rawls at kendall@rawlsgroup.com if you would like a gift copy of either “The Four Agreements” or “Braving the Wilderness” by Brene’ Brown
Leverage our Succession Readiness Survey. A 7-minute investment in time will put you in an informed position of opportunities many business owners overlook impacting business value, growth, lifestyle, and ultimately achieving your vision.
Family Dynamics and Family Governance
Family Dynamics and Family Governance
Family and Business alignment is hard to find when business issues liven up family dynamics.
However; with proper process, governance policies, and mutual respect built over time, a Family Business can thrive through multiple generations. Click the following links for more drill-down resources on Family Dynamics and Family Governance.
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