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Family Business:
KEYS to Success
“I want the business to stay
successful… I want us to have
Thanksgiving together…”

(client Goal)

Shem Cohen, MSOD Change Events, Inc.
Copyright © 2013 All Right Reserved
Family Business Success…

BUSINESS
SUCCESS

FAMILY
HARMONY

SHARED,
PROMISING
FUTURE

Shem Cohen, MSOD

Change Events, Inc. Copyright © 2013 All Rights Reserved
…can be a tricky proposition:
Creating/maintaining a
successful business is, most
often, challenging…
&

Family/work
relationships can
get… ‘complicated’
Shem Cohen, MSOD

Change Events, Inc. Copyright 2013 All Rights Reserved
What family-business concerns
are keeping you up at night?
•
•
•
•
•
•
•
•

Performance
Market Strength
People
•
Business
Family •
Focus
Skills
•
Work Climate
•
CURRENT COST
Commitment of concerns to the Business? •
Culture
•
The Family?

FUTURE COSTS if
we do nothing?
•
•
•
•

The Person

Work Relations
Personal Relations
Workplace Role Clarity
Employee Relations
Ownership/Rewards
Shared Future

FUTURE COSTS if
we do nothing?

Performance
Leadership/Management Skills • Attitude
• Focus
Technical Skills
• Commitment
Soft Skills

Shem Cohen, MSOD

Change Events, Inc. Copyright © 2013 All Rights Reserved
Once the business framework is
stands on own strategic merit,
(not still in the business of manufacturing telephone booths)

SUCCESS
is ALL ABOUT PEOPLE:
- Understandings
- Agreements
- Shared Values
- Commitment
Shem Cohen, MSOD

Change Events, Inc. Copyright 2013 All rights Reserved
Family businesses need manage the
same challenges as any other business
requiring the same sound strategic
thinking, decisions & positioning…
- but, also with the added complexities
of family/workplace culture, life-long
relationships and the negotiations/tradeoffs required to both stay competitive
and to maintain harmony
Shem Cohen, MSOD

Change Events, Inc. Copyright 2013 All Rights Reserved
KEY to Successful Family Business

C
L
A
R
I
T
Y

B
U
Y
I
N

S
H
A
R
E
D
F
U
T
U
R
E

Relationships
Systems
Roles
Goals
Values
Governance
Ownership

Shem Cohen, MSOD

Some problems
here, but can
be significant

Most Problems
Here
(lack of”
clarity, agreement,
effective systems,
business process
&/or, a current or
desired change in
status quo)

Change Events, Inc. Copyright 2013 All Rights Reserved
The Path to Family Business Success…

= People engage each other in meaningful &
productive ways to:

C
L
A
R
I
T
Y

Relationships
Systems
Roles
Goals

Values
Governance
Ownership
Shem Cohen, MSOD

• Establish Clear Ownership Agreement
• Anchor Clarity of Mission, Goals & Roles
• Create a Framework of Shared Values
• Co-create (as appropriate) Business
Direction, Strategy & Improvement
• Establish Process for Major Decisions
• Shape Agreements for Managing Conflict
• Create Streamlined, Value-Add Systems
and Processes
• Improve Relationships

• Engender Commitment, Personal Best
Change Events, Inc. Copyright 2013 All Rights Reserved
“Family Business” is a very broad
category with a range of priorities
and concerns…
Relationships
Systems
Roles
Goals
Values
Governance
Ownership

Established, high-net worth families
must successfully navigate concerns
related to wealth management/distribution,
spouse policies, governance and decisionmaking, shape clarity re: shared values –
and, at times, best manage ‘bad actors’.
Establishing a Family Council, Advisory
Board, Trustees and holding an annual
Family Assembly are best practices to
shape the understandings, agreements and
buy-in needed for business success and
family harmony

Shem Cohen, MSOD

Change Events, Inc. Copyright 2013
“Family Business” is a very broad category
with a range of priorities and concerns…

Relationships
Systems
Roles

Family businesses ‘making a living
together’ often face concerns related to
business performance, leadership,
individual performance, professional skills,
rewards, succession/ownership and
employee relationships (and also, from
time to time, how to best manage ‘bad
actors’)

Goals
Values
Governance
Ownership

Shem Cohen, MSOD

Holding collaborative dialogues where
members participate in creating solutions
and driving clarity/agreement around
Goals, Roles, Performance and
Leadership expectations sets a framework
in place for future success

Change Events, Inc. Copyright 2013 All Rights Reserved
When Relationships ‘Go South’
Is most often related to unclear
agreements around ownership, goals,
roles, performance standards or lack of
effective systems, processes or
accountabilities
 Can be related to significant style
differences
 Is best managed through agreements
shaped through dialogue, within context
of the business and with orientation to
the future


Shem Cohen, MSOD

Change Events, Inc. Copyright 2013
The Difference Between
‘Problems’ and ‘Dilemmas’
Problems are solvable – is a binary
equation… O’s and 1’s…
 Dilemmas can never be solved – will keep
re-appearing over time…
-- Dilemmas can only be managed.
 Style differences, cultural dynamics,
relationship histories, etc. – when are of
concern – are dilemmas that need
managing well (versus problems ‘solved’)


Shem Cohen, MSOD

Change Events, Inc. Copyright 2013 All Rights Reserved
Managing Dilemmas Well Takes:
Recognizing the Dilemma
 Seeing the polarities involved
 Co-creating strategies to manage
towards the ‘sweet spot’ to desired
outcomes
 Crafting Agreements
 Taking Responsibility for the Future
 On-going check-ins and corrections


Shem Cohen, MSOD

Change Events, Inc. Copyright 2013 All Rights Reserved
KEY to Successful Family Business

C
L
A
R
I
T
Y

B
U
Y

I
N

S
H
A
R
E
D
F
U
T
U
R
E

Open Communication:

Relationships
Systems
Roles
Goals

-

Strategic & Business Planning
Clear Expectations
Shared Vision and Values
Shared Decision Making (as
most appropriate)
- Shared Stake in Improvement
- Shared Hope

Values
Governance
Ownership
Shem Cohen, MSOD

Change Events, Inc. Copyright 2013 All Rights Reserved
Shem Cohen, M.S.O.D.
scohen@changeevents.com
www.changeevents.com
http://www.linkedin.com/in/shemcohen
Meet Shem Cohen

Strategic & Business Planning Facilitation
Change Management
Conflict Resolution:
• Diplomacy
• Mediation
• Crisis Intervention
Shem Cohen, MSOD

Change Events, Inc. Copyright 2013

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Keys to Successful Family Business: Clarity, Buy-In, Shared Future

  • 1. Family Business: KEYS to Success “I want the business to stay successful… I want us to have Thanksgiving together…” (client Goal) Shem Cohen, MSOD Change Events, Inc. Copyright © 2013 All Right Reserved
  • 2. Family Business Success… BUSINESS SUCCESS FAMILY HARMONY SHARED, PROMISING FUTURE Shem Cohen, MSOD Change Events, Inc. Copyright © 2013 All Rights Reserved
  • 3. …can be a tricky proposition: Creating/maintaining a successful business is, most often, challenging… & Family/work relationships can get… ‘complicated’ Shem Cohen, MSOD Change Events, Inc. Copyright 2013 All Rights Reserved
  • 4. What family-business concerns are keeping you up at night? • • • • • • • • Performance Market Strength People • Business Family • Focus Skills • Work Climate • CURRENT COST Commitment of concerns to the Business? • Culture • The Family? FUTURE COSTS if we do nothing? • • • • The Person Work Relations Personal Relations Workplace Role Clarity Employee Relations Ownership/Rewards Shared Future FUTURE COSTS if we do nothing? Performance Leadership/Management Skills • Attitude • Focus Technical Skills • Commitment Soft Skills Shem Cohen, MSOD Change Events, Inc. Copyright © 2013 All Rights Reserved
  • 5. Once the business framework is stands on own strategic merit, (not still in the business of manufacturing telephone booths) SUCCESS is ALL ABOUT PEOPLE: - Understandings - Agreements - Shared Values - Commitment Shem Cohen, MSOD Change Events, Inc. Copyright 2013 All rights Reserved
  • 6. Family businesses need manage the same challenges as any other business requiring the same sound strategic thinking, decisions & positioning… - but, also with the added complexities of family/workplace culture, life-long relationships and the negotiations/tradeoffs required to both stay competitive and to maintain harmony Shem Cohen, MSOD Change Events, Inc. Copyright 2013 All Rights Reserved
  • 7. KEY to Successful Family Business C L A R I T Y B U Y I N S H A R E D F U T U R E Relationships Systems Roles Goals Values Governance Ownership Shem Cohen, MSOD Some problems here, but can be significant Most Problems Here (lack of” clarity, agreement, effective systems, business process &/or, a current or desired change in status quo) Change Events, Inc. Copyright 2013 All Rights Reserved
  • 8. The Path to Family Business Success… = People engage each other in meaningful & productive ways to: C L A R I T Y Relationships Systems Roles Goals Values Governance Ownership Shem Cohen, MSOD • Establish Clear Ownership Agreement • Anchor Clarity of Mission, Goals & Roles • Create a Framework of Shared Values • Co-create (as appropriate) Business Direction, Strategy & Improvement • Establish Process for Major Decisions • Shape Agreements for Managing Conflict • Create Streamlined, Value-Add Systems and Processes • Improve Relationships • Engender Commitment, Personal Best Change Events, Inc. Copyright 2013 All Rights Reserved
  • 9. “Family Business” is a very broad category with a range of priorities and concerns… Relationships Systems Roles Goals Values Governance Ownership Established, high-net worth families must successfully navigate concerns related to wealth management/distribution, spouse policies, governance and decisionmaking, shape clarity re: shared values – and, at times, best manage ‘bad actors’. Establishing a Family Council, Advisory Board, Trustees and holding an annual Family Assembly are best practices to shape the understandings, agreements and buy-in needed for business success and family harmony Shem Cohen, MSOD Change Events, Inc. Copyright 2013
  • 10. “Family Business” is a very broad category with a range of priorities and concerns… Relationships Systems Roles Family businesses ‘making a living together’ often face concerns related to business performance, leadership, individual performance, professional skills, rewards, succession/ownership and employee relationships (and also, from time to time, how to best manage ‘bad actors’) Goals Values Governance Ownership Shem Cohen, MSOD Holding collaborative dialogues where members participate in creating solutions and driving clarity/agreement around Goals, Roles, Performance and Leadership expectations sets a framework in place for future success Change Events, Inc. Copyright 2013 All Rights Reserved
  • 11. When Relationships ‘Go South’ Is most often related to unclear agreements around ownership, goals, roles, performance standards or lack of effective systems, processes or accountabilities  Can be related to significant style differences  Is best managed through agreements shaped through dialogue, within context of the business and with orientation to the future  Shem Cohen, MSOD Change Events, Inc. Copyright 2013
  • 12. The Difference Between ‘Problems’ and ‘Dilemmas’ Problems are solvable – is a binary equation… O’s and 1’s…  Dilemmas can never be solved – will keep re-appearing over time… -- Dilemmas can only be managed.  Style differences, cultural dynamics, relationship histories, etc. – when are of concern – are dilemmas that need managing well (versus problems ‘solved’)  Shem Cohen, MSOD Change Events, Inc. Copyright 2013 All Rights Reserved
  • 13. Managing Dilemmas Well Takes: Recognizing the Dilemma  Seeing the polarities involved  Co-creating strategies to manage towards the ‘sweet spot’ to desired outcomes  Crafting Agreements  Taking Responsibility for the Future  On-going check-ins and corrections  Shem Cohen, MSOD Change Events, Inc. Copyright 2013 All Rights Reserved
  • 14. KEY to Successful Family Business C L A R I T Y B U Y I N S H A R E D F U T U R E Open Communication: Relationships Systems Roles Goals - Strategic & Business Planning Clear Expectations Shared Vision and Values Shared Decision Making (as most appropriate) - Shared Stake in Improvement - Shared Hope Values Governance Ownership Shem Cohen, MSOD Change Events, Inc. Copyright 2013 All Rights Reserved
  • 15. Shem Cohen, M.S.O.D. scohen@changeevents.com www.changeevents.com http://www.linkedin.com/in/shemcohen Meet Shem Cohen Strategic & Business Planning Facilitation Change Management Conflict Resolution: • Diplomacy • Mediation • Crisis Intervention Shem Cohen, MSOD Change Events, Inc. Copyright 2013