This seminar looks at the advantages gained by family businesses and will help you to capitalise on these strengths. Presented by Tony Haffenden, it also looks at some of the key challenges and suggests ways that they can be turned into positives for business growth and success.
"Be a Productivity Powerhouse in 2011" - Tim Wade (ST701 2 Dec 2010) www.timw...Tim Wade
Singapore motivational business speaker, Tim Wade, shares productivity tips and strategies with participants at Singapore Press Holdings on 2 Dec 2011.
In particular, Tim Wade identifies 5 key areas for business effectiveness and simplifies them down to: Do More, Sell More, Earn More, Give More and Laugh More!
He then links goal-setting to neuro-psychology and how the brain works, and explains how we can train ourselves to think with a Victor mindset. This builds a mindset of positive possibility thinking and the motivation to take action to achieve positive results. Enjoy.
More about Tim Wade at: www.timwade.com
"Be a Productivity Powerhouse in 2011" - Tim Wade (ST701 2 Dec 2010) www.timw...Tim Wade
Singapore motivational business speaker, Tim Wade, shares productivity tips and strategies with participants at Singapore Press Holdings on 2 Dec 2011.
In particular, Tim Wade identifies 5 key areas for business effectiveness and simplifies them down to: Do More, Sell More, Earn More, Give More and Laugh More!
He then links goal-setting to neuro-psychology and how the brain works, and explains how we can train ourselves to think with a Victor mindset. This builds a mindset of positive possibility thinking and the motivation to take action to achieve positive results. Enjoy.
More about Tim Wade at: www.timwade.com
The Mindset of Victory - Tim Wade (www.timwade.com)Tim Wade
Tim Wade's "The Mindset of Victory" slides which accompany his keynote on positive possibility thinking, his V9 profile, overcoming fear and procrastination to achieve goals and positive results...
Organizational Culture & Employee Engagement: What’s the Relationship?Denison Consulting
As a leader, which is more important to you?
That your organization is performing the way it
needs to in order to meet your business objectives?
Or that your employees are well engaged in their
jobs? Chances are both are important. Both impact each other, and both are important parts of the organizational system. Organizational culture is an organizational-level construct that measures organizational behaviors and practices as a whole.
There are many companies doing fine in the face of this recession. Some are in the “right” industry, some have a “killer” product or service and some are thriving by design.
Companies that have the ability to weather and thrive regardless of the economic cycle have some common characteristics.
A discussion of how to manage employee performance taking into account how people’s actions affect and are influenced by the behaviors of their fellow team members, work groups and organizations.
Holding effective family meetings is crucial. Yet families and businesses are 2 different systems with different goals and objectives. Presentation includes tips on having effective meetings for this type of business.
The Mindset of Victory - Tim Wade (www.timwade.com)Tim Wade
Tim Wade's "The Mindset of Victory" slides which accompany his keynote on positive possibility thinking, his V9 profile, overcoming fear and procrastination to achieve goals and positive results...
Organizational Culture & Employee Engagement: What’s the Relationship?Denison Consulting
As a leader, which is more important to you?
That your organization is performing the way it
needs to in order to meet your business objectives?
Or that your employees are well engaged in their
jobs? Chances are both are important. Both impact each other, and both are important parts of the organizational system. Organizational culture is an organizational-level construct that measures organizational behaviors and practices as a whole.
There are many companies doing fine in the face of this recession. Some are in the “right” industry, some have a “killer” product or service and some are thriving by design.
Companies that have the ability to weather and thrive regardless of the economic cycle have some common characteristics.
A discussion of how to manage employee performance taking into account how people’s actions affect and are influenced by the behaviors of their fellow team members, work groups and organizations.
Holding effective family meetings is crucial. Yet families and businesses are 2 different systems with different goals and objectives. Presentation includes tips on having effective meetings for this type of business.
1. Pay and performance are closely linked because to a large extent one determines the other.
2. There is much involved in employee motivation besides pay. Ensure compensation has nothing to do with gender, race, sexual preference, religion, or nationality. When in doubt, imagine explaining your stand to a court.
3. Employee compensation is one of the largest expenses of the company. It also has an important role in employee perceptions of the company since it sends a message about what standards of work and performance are desirable.
4. Compensation can also be an emotional issue with many people when you are assessing their self-worth in terms of a paycheck.
5. Whether or not the company is fair to its employees will also depend on the company’s salary structure.
6. Compensation needs to be based on these three parameters of Job accountability, Goal attainment, and Value-added functions.
7. Job accountability: whether the employee is meeting the requirements that were described when the employee was hired
8. Goal attainment: whether employees are able to meet their own goals
9. Value-added functions: such as good communication, building relationships with clients, maintaining a positive attitude, and going out of the way to help the business
10. Compensation also needs to take into account the location of the business, the experience level of the employee, salary levels of similar employees in the company and in similar businesses in the vicinity.
Keys to Family Business Success presents a framework of understandings and agreements which drive shared responsibility and commitment for achieving business success and family harmony.
Les MUST of Family Businesses- HOT EXECUTIVE TOPS.pdfSalim Hajje
Planning, starting, operating and retiring from a family business can be difficult. Issues such as succession and pay, corporate governance and recruiting top talent pose special problems for these kinds of organizations. Rivalry among siblings who inherit a family firm is often the kiss of death for even the strongest family business. Nonfamily members, even those who are senior executives or directors, often feel that the family treats them unfairly or fails to listen to them.
In this guide, Dr. Salim Hajje analyzes and provides excellent advice about how to solve such seemingly intractable problems. His suggestions come out of his long experience successfully advising family-run businesses in the MENA region. We recommend this sage and savvy guide to family-business founders, successors, inheritors and nonfamily executives or directors.
In this guide you will learn:
- What makes family businesses special
- What kinds of problems they face?
- Why the issue of succession is a major challenge for these businesses
- Why family businesses should bring in outside directors to supply disinterested advice
Etude PwC sur les entreprises familiales (2012)PwC France
http://pwc.to/Uj3NmI
Selon l’étude mondiale de PwC Family Business Survey 2012, les entreprises familiales ont prospéré en 2011. 81% d’entre elles prévoient d’ailleurs une stratégie de croissance ambitieuse au cours des cinq prochaines années. Cependant, elles font face à des défis très spécifiques à leur structure : la recherche de la taille critique, la gestion des talents, et les questions de succession notamment.
A 26 Page PDF packed with information to answer many of your burning family business questions, as well as provide encouragement, confidence, guidance and inspiration.
The core concept behind Dirty Little Secrets of Family Business is not a “dirty little secret” at all. In fact, it’s an obvious realization: Families and businesses are not the same. The problem (and this is where the “dirty little secret” comes in) is that most under-performing family businesses don’t realize this. Serious problems can occur when you mix family problems with the family business and vice versa. When family members don’t communicate, are under-prepared or overpaid, the family business is destroyed.
The way out of this little conundrum for family businesses is proper planning, but author Henry Hutcheson is focusing on more than a succession plan or family meeting. His goal is to tackle five “traps” that family businesses often fall into. These are problems in:
• Communication,
• Delegation,
• Financial Responsibility,
• Fair Compensation and
• Education.
By addressing these “traps” with policies and procedures, family businesses can steer clear of the majority of relationship-destroying behaviors that plague other businesses.
Happy Reading
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website – www.pmday.org
Youtube – https://www.youtube.com/startuplviv
FB – https://www.facebook.com/pmdayconference
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VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
In the Adani-Hindenburg case, what is SEBI investigating.pptxAdani case
Adani SEBI investigation revealed that the latter had sought information from five foreign jurisdictions concerning the holdings of the firm’s foreign portfolio investors (FPIs) in relation to the alleged violations of the MPS Regulations. Nevertheless, the economic interest of the twelve FPIs based in tax haven jurisdictions still needs to be determined. The Adani Group firms classed these FPIs as public shareholders. According to Hindenburg, FPIs were used to get around regulatory standards.
In the Adani-Hindenburg case, what is SEBI investigating.pptx
Ensuring the succcess of your family business
1. Ensuring the success of your
family business
Tony Haffenden
Family business and succession coach
Helping senior business leaders exit or transfer their business and
young business leaders create a new vision and a
profitable way forward
2. Ensuring the success of your family
business
The economic importance of family businesses
The real differences in running family businesses
Family business leadership and transition
Where will we (and our businesses) be in 2017
Using conflict to take the business forward
Pass on, sell on, carry on or……………
Some real examples of family business transfer
Communication and organisation solutions
5. Today’s challenges for the Family
Business
Modern economy driven by:
Globally expanding markets
Technical innovation
The environment
Knowledge and Information
Change (stress)
6. What does this mean?
Greater opportunities
More effective decisions/higher levels of risk
Successful transition of the family through its life
course and the family’s business through its
organisational life course
Consequences of mismatch are more critical to
the well being of the family and the viability
of the family business
7. Qualities of a family business leader
Clarity, consistency and passion
Excellent people
Talk to staff and find out what’s going on in
the business
Purpose, price, costs and volume
Brainstorming skills
Strategy 5 years and 1 year in detail
Guts, nous, vision
Above all the ability to get on with people
Sir Gerry Robinson
14. Move forward together with confidence
What are your personal and business aspirations?
Shared vision for the business and family in 2017?
Where will you be in your biological life cycle?
At what stage is your business life cycle?
Where are you with your product life cycle/s?
What innovations do we have in the pipeline?
No need to wait for happiness and success?
15. Focus on the positive
Working in a family business can be unique and rewarding
in many ways
Create enmeshed goals and implied trust among
the various functional positions
Have built-in teams, they often have a common
philosophy of management, culture and ethics
And no amount of time can replace the sense of
familiarity that family members bring to the
workplace
Recognising and fostering these positives at
times of conflict can result in easier resolution
of issues
16. Unique benefits and some tricky
challenges
Key people are related to one another
Unless family members understand and are
committed to preserving these relationships,
the business can destroy them. Yet the
business also has to function profitably
Women often use their experience in juggling
activities, negotiating peaceful settlements
among siblings, and acknowledging
different needs to resolve conflict
17. Family Business Models (i)
Family first Business first
Business decisions favour Business decisions based on
equality and unity as fair what’s best for the company
Differences in contribution Professional principles for
aren’t recognised (golf compensation, promotion
course scenario) and recruitment are seen as
fair
A happy, united family is Principles are followed even
good for the business if it leads to unequal
treatment of family
members
18. Family Business Models (ii)
Active Passive
Only family members working Ownership is open to
in the business can own working and non-working
shares (who is “family”?) and shareholders
ownership control is in the
hands of those who run the
business
Non active family members Non active family members
lose their right to their family’s may continue to participate
heritage in their family’s heritage
Family wealth may be Family wealth may
consolidated in a small group be diluted amongst
of shareholders a large group of
shareholders
19. Roles and responsibilities
Conflict can arise from lack of clarity around responsibilities
Casual, informal management, can cause problems as the
business needs to change. Especially as the family business
grows
Solutions
Using the disciplines that any well run company uses –
managing workflow, job duties and responsibilities across
functions – can help
Each person understands their role and how he or she
contributes to the organisation’s overall success.
Problem solving is then focused on resolving
the business issue rather than pointing fingers .
20. Using conflict to make business progress
Set out the ground rules
Establish everyone’s initial positions
Confirm common interests and goals
Proceed to brainstorming – everything is listed
Present objective data/facts
Explore benchmarks, best practice examples
Reach agreement
Write up and circulate the agreed action plan
Clarify responsibilities and time table
21. Conflict resolution
Team
Good fighting
Non judgemental
Attack the problems
Participation by all
Productive
Conflict
Business
Growth
Leads to more
professionally
managed businesses
22. The Developmental Model
Maturity Business
Development
Expansion/
formalisation
Start-up Young
Entering the Working Passing the
business
business together baton
development
Controlling
owner
Family
Development
Sibling
partnership
Ownership
Cousin Development
consortiums
Developed by Gersick,Lansberg, Desjardins,Dunn
Developed by Gersick,Lansberg, Desjardins,Dunn
23. Marc Isambard Brunel – April 1769
Son of a prosperous farmer
in northern France
Showed a talent for maths
and drawing at an early age
As an 11 year old, he
earned his father’s
displeasure by declaring a
wish to become an engineer
24. Developing young family members
Formal training (technical & financial)
Special assignments – strategic/decisions
Superior/subordinate interaction
Job rotations (across functions/divisions)
Goal setting and performance reviews
Employee exchange
Job redesign project
Real challenges – stretched goals
26. Business Family
Communication Solution - Family Council
A separate time and place for discussing family matters
that affect the business and business matters that affect
the family. A forum for discussion of difficult issues, eg:
Continuity and succession
Hiring and firing relatives
Preservation and communication of
the family’s core values
Without a supportive and nurturing family there
can be no family business
27. What is a family business constitution?
“A statement – gained by consensus – of the
family’s shared values and policies in relation to
the family and the ownership and management of
the business. It serves to balance the best
interests of the business and the well being of the
family”
28. Why a family business constitution?
Avoids emotionally agonising predicaments
Creates “fitter” families, not just problem averters
De-personalises and anticipates issues
Minimises damaging behaviour patterns:
“leaving issues in the air”
29. The Content
Shared values and vision
Family Assembly? or Sunday lunch
Family employment and compensation
Ownership policies
Board best practice
Family philanthropy
Regular review intervals for the constitution
Other matters that the family feel are important
30. Key considerations with example
answers
Q Should all family members get a job in the business?
A Probably not – unless low number
Q Should the business only employ the best for the job,
whether or not they are family?
A Yes, if the skills are not in the family
Q Should family members have any relevant outside
experience and/or a relevant academic qualification?
A Yes, unless they are an inside/outsider or
when low skills are required
31. Continued…
Q Who recruits and appraises family members?
A CEO or line manager
Q Should the board / partners be comprised only of
family members
A Non Execs can be valuable. Also think of an
Advisory Board
Q How do you discipline family employees?
A CEO or line manager
33. What is a family assembly?
“A separate time and place for discussing
family matters that affect the business, and
business matters that affect the family”
34. Family assemblies
Forum for family discussion relating to
business / social function
Communication link with board and owners
Initiating policies / family position papers
Approving major decisions
Appoint family director / observer
37. Where transition can go wrong
Transitional Periods
Cousin Consortium
3rd
3rd 10%
2nd
2nd
30%
1st
1st
100%
Sibling
Partnership
Controlling Owner
38. Recognise the triggers for need to
transfer
Retirement or new challenges
Ill health
Desire to turn parts of the business into cash
Extreme downturn in business
Stress/role change
Disputes/divorce
Biological process
41. Some succession paradigms
Traditional Conventional
Not on my shift Liquidate
Only at end of career Mission goals focus
Come in as managers Come in as employee
Only directly involved Extended family
Family matters are Encompasses
secondary extended family
Haste to join External
employment
Cornell University
42. Putting these concepts to use
Recognising you are in or approaching
transition
Recognising the ownership, family and
business leadership requirements to get
through the transition
Managing the inevitable anxiety and
uncertainty
Knowing when the transition needs to end
Dr Barbara Nunn
43. Options – Business Link review –
broker service?
Pass on to family member/s - Valuation
Trade sale – begin early, get flirting
Management buy-out – accountant will help
Form a cooperative – Plunkett Foundation?
Close down – Insolvency Company
Retain property/land sell business
Sell land etc for building
44. Other real life example
What do you really want?
MD of engineering software company aged
51,with health problems
Wife and son in the business
One non family Director and shareholder
Profitable business worth around £1million
What happens next?
45. Recent real life example
What do you really, really want?
MD of Direct Marketing, family business
wants to retire and move to the coast.
Successful business employing 40 people,
well established
Wife in business
One other non family director in business
Daughter living in Hong Kong not interested
What happens next?
46. Another real life example
What do you really want?
MD/Head Teacher of specialist private
schools wants to retire in 4 years time
Wife in business – children very young
MD is highly talented in specialist field and
still middle age.
Very successful, four properties with large
mortgages
What happens next?
47. Owners 1st stage in grooming process
Understand current situation & future prospects
Identify, priorities, goals & timescales
Evaluate all possible exit routes and tax issues
Select preferred exit route, process & timing
Agree optimal shape of business to achieve exit
Identify obstacles, conflicts that may delay exit
Agree big picture action plan
48.
49. My very best wishes for the success of your family
businesses and those you work with. Thanks for
coming tonight. I hope it has been useful to you all