Australia and New Zealand’s Leading Family Business Advisers
Align the family and the business will follow
There are three core elements of an effective family business: honesty, fairness and transparency. These qualities are key to the longevity of an effective family business.
How these traits are recorded and communicated down the line is not only important but necessary. It’s easy … and it’s called a Family Charter.
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We spend a lot of time talking to family-owned businesses about the importance of developing a Family Charter together.
“Why?” you ask. Or, “What’s a Family Charter?” you might be wondering. Put simply, a Family Charter is a written agreement between family members.
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Normally people talk about STD’s especially in that embarrassed, sotto voice, ‘I can’t believe it happened to me’ way…. However in this blog I’m talking about a different STD: Sexually Transmitted Disputes, how families pass on the same fight currently happening with the current generation for the next generation to battle it out with one another.
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Probably the biggest decision a family-owned business will make is whether to sell or to continue to build a legacy.
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At Family Business Central we believe the secret to a great family business is to get the ‘business of family’ sorted out before anything else. Mixing family and money together can be a pretty lethal undertaking—we’ve all heard of the various disaster stories. The toxic mix of greed, love, loyalty and money can be pretty powerful.
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Our focus is family businesses – from the farm through to large-scale operations and everywhere in between. Even though it might sound obvious, many family-owned businesses don’t identify as being a family business. Common business categories business owners think of – and identify with – are usually private or public, followed by the sector the business operates within.
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Founder’s Syndrome? … what is it, and do you have it?
Founders ought to be congratulated. They’ve risked, sacrificed and slaved for years to drag their business not just into existence, but to profitability.
They’ve endured countless sleepless nights wondering if their business was going to make it.
This is a question that all family businesses eventually have to face … and it’s not easy to answer. Unlike regular businesses, there’s so much emotion tied up in a family business or a family farm. It’s almost literally part of the family, which adds a sentimental twist.
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