Many next-generation family members may decide to join their family businesses, exhibiting the desire to be part of the family business. However it is a common occurrence that their subsequent behaviours in relation to the family business will vary, with huge implications for their effectiveness and the actual family business performance (cf. Morrison, 1994). So, …
Continue reading Is the next generation really committed to the Family Business?
As I keep repeating many family business owners are exclusively focused on operational matters. Such a mindset is based on continuous steady improvements. It is a mindset that works well when the need for change is slow and easily manageable. A level of change that can be handled through investments, work faster in some areas, …
Educating the next generation on family business matters is complex for both senior and next-generation family members. The list of activities that help shape and prepare the next generation can be very long. Education can be a mix of mandatory, self-imposed or discretionary activities. To ensure a successful journey, families should keep the next generation …
Continue reading Why Training the Next Generation is Essential
They where all family businesses which either went belly up, as they failed to see shifts in their markets, as they where not strategically focused, or had to sell off the family business due to lack of succession planning or proper policies to prevent conflict. The collapse of KodakThe Eastman Kodak Company, founded by George …
Continue reading What do Kodak, Sears, Budweiser, Toys “R” Us, Cadbury and Subway have in common?
It is invariably true, that whenever I meet a family business owner or leader that grumbles about everything under the sun, including how his or her managers are not doing enough to push the company forward, the end result is that more than his or her managers or colleagues, the main problem is himself or …
The external environments has been challenging in recent years between COVID, supply chain issues, inflation, changing consumer trends, ever tight labour markets and the list goes on. Add to that the fact that many family business owners and leaders are still stuck too an operational way of doing things whereby they would want to be …
Continue reading Burned out Family Business Owners & Leaders
It could be that what I am going to say in this Blog Article is the result of having had time to reflect as I was rather sick in the past 48 hours. It could also be because last Sunday was father's day. However, what is a rather common occurrence that I come across, is …
I was recently reminded of the 1st Simon Sinek book I read a while ago, entitled "Start with Why". The discussion was about how to revitalise an organisation and give it a new sense of direction. This all led me down memory land and the strength of the perspective presented by Simon Sinek, that I …
As presented during the family business conference last week, one about one third of family businesses in Malta have a written strategic plan which is regularly reviewed. This statistic then changes depending on the level of corporate governance found in family businesses. Those family businesses with a board of directors that include independent non-executive directors, …
I have spent most of my life preaching to various family businesses, that they are killing themselves by sticking to just an operator's mindset. Recently I came across this video of Andrea Pontremoli - CLICK HERE to view this short video (Andrea Pontremoli is the CEO and partner in Dallara Automobili since 2007. He began …
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