The document provides takeaways from a family business alliance forum on succession planning, boards of directors, family meetings, raising children in a family business, meetings, planning, finances, and other lessons. Key recommendations include having a strong board and strategic plan, addressing succession at multiple levels, avoiding unresolved conflict, focusing family meetings on business updates and finances, giving children freedom to make mistakes, ensuring all have a chance to speak at meetings, prioritizing goals, and growing the business through increased ownership unity or population growth.
Is there a formula for success? Surely you've ever asked that question at some point in your working lives, unfortunately no one has yet found the answer, but there are always ways we can follow to achieve our projects. So it is in the journey of the entrepreneur, an unpredictable experience that can be simplified with a few tips.
Every success Story is about Change happens within. It is first and foremost thing in success.
Those who can change themselves and drive the the change through compassion.
These points will drive you build a success story.
Entrepreneurship is not just a mere activity but it is a lifestyle. It teaches you the crux of life, it gives you the opportunity to change lives, gives you a chance to do what you always wanted to do. In the end, you deboard from your bus as a different person altogether.
Personalities like Steve Jobs, Bill Gates, Richard Branson, N Narayanamurthy, Mark Zuckerberg, Henry Ford and many others have a legacy behind them. Their life journey tells us how ordinary individuals can lead an extraordinary life and change the world around them. The impact which their innovations have made on the mankind is everlasting and will continue for decades to come.
This deck will give you five big reasons that why you should become an entrepreneur right now. READ ON!!
Is there a formula for success? Surely you've ever asked that question at some point in your working lives, unfortunately no one has yet found the answer, but there are always ways we can follow to achieve our projects. So it is in the journey of the entrepreneur, an unpredictable experience that can be simplified with a few tips.
Every success Story is about Change happens within. It is first and foremost thing in success.
Those who can change themselves and drive the the change through compassion.
These points will drive you build a success story.
Entrepreneurship is not just a mere activity but it is a lifestyle. It teaches you the crux of life, it gives you the opportunity to change lives, gives you a chance to do what you always wanted to do. In the end, you deboard from your bus as a different person altogether.
Personalities like Steve Jobs, Bill Gates, Richard Branson, N Narayanamurthy, Mark Zuckerberg, Henry Ford and many others have a legacy behind them. Their life journey tells us how ordinary individuals can lead an extraordinary life and change the world around them. The impact which their innovations have made on the mankind is everlasting and will continue for decades to come.
This deck will give you five big reasons that why you should become an entrepreneur right now. READ ON!!
Are Millennials Destroying Business As We Know ItRogue360
This is the companion PowerPoint to our Webinar: Are Millennial Employees Destroying Business As We Know It...Nate Smith of Smith Durant interviews Brad Szollose (me) on the impact Millennials will have on business...
I drop out in the beginning and return at 12:24...sorry for the technical problems;-)
https://youtu.be/XM_1hqFZMxA
Here’s a book summary on the changing nature of the employer-employee relationship.
It suggests a different way of thinking about this relationship – make it an Alliance.
The Mystery Behind Leading and Sustaining a Chapter - Summit 2015 Eddie Vidal
The Mystery Behind Leading and Sustaining a Chapter - How do you keep a successful chapter running year over year? The following concepts are covered:
1. The beginning: where to start your local chapter?
2. Take off: Now what?
3. 7 year itch, how to keep the momentum going?
4. Time to move on, how to turn it over
5. A new beginning, for better or for worse?
If you want to understand how decisions are made at a VC firm it is important to understand the staff who work there. Here is a guide but you can also read more at this blog post: https://bothsidesofthetable.com/how-to-improve-your-odds-of-getting-to-yes-with-a-vc-land-and-expand-b46a0a102a07
Silicon Catalyst presents Ryan Howard on Protecting Yourself as a Startup Fou...lpchao
Silicon Catalyst, the startup incubator and accelerator for semiconductor solutions, is proud to present serial entrepreneur and startup founder Ryan Howard for a seminar on how startup founders can protect themselves when building their company. The event was held at Wilson Sonsini in Palo Alto, California on September 21, 2016.
A seasoned entrepreneur, Ryan Howard shares some of the common pitfalls many founders face when ramping up a new company. He offers tips for how to mitigate these risks and pitfalls as well as best practices on building a cohesive team and board. Ryan also shares pointers on early stage funding and selecting corporate counsel.
Worksheet - Make Yourself Memorable! – 5 Winning Tactics To Raise More Money ...Bloomerang
https://bloomerang.co/resources/webinars/
Tom Iselin will show you how to increase your likability and “memorability” among donors that will deepen relationships, help you raise more money, and create greater donor loyalty.
PeopleFirm Seeds of Insight: Creating a Culture that SticksPeopleFirm
Culture. Your organization has one, whether it’s healthy or not. Since culture is 3X more important than salary to potential employees, cultivating a healthy culture should be a high priority. Here are 5 tips that will get you on your way to a healthy culture in which your people thrives.
How To Be An Awesome Nonprofit Board MemberBloomerang
Board members show up excited to serve and wanting to make a difference, but sometimes that changes. Why? It may be lack of knowledge, boring or uninformative board meetings or orientation. OR maybe you have a board culture that doesn’t invite new ideas and questions.
Board meetings and board communication are critical aspects of causing awesome board members. This webinar with nationally renowned Fundraising Culture Changer & Master Storyteller Lori L. Jacobwith will help you change your board story. She’ll answer some thought provoking questions about the board experience at your organization, and will be sharing templates and tools to help you support the newest or even the most savvy board members and make them feel better equipped to serve.
HDI Roadmap – Building Yourself One Brick at a TimeEddie Vidal
HDI, I first heard that word eight years ago. What does that stand for? Highly Developed Individuals? At that time I was your typical IT professional doing my job and unaware of the IT community that existed outside my world. I was worried about myself and had no idea how serving others, volunteering and sharing success and failure would change my life. Attending my first HDI conference and becoming an HDI Local Chapter Officer started a journey that has taken me around the world meeting hundreds of dedicated engaged IT professionals.
This journey has made me uncomfortable, scared, frighten, excited, happy and so many other feelings which are hard to describe. Learn how by saying YES, you can
learn about sharing experiences, knowledge and relationships to grow your career and along the way learn how working together we are better.
It is often said that people join a company but leave a boss. A boss is an important element of your worklife.
This book offers insights on the type of bosses at the workplace and what change is needed in your attitude and behavior to make the relationship work.
How to use property to build long term wealth. How to pay a Home Loan down in under half the time WITHOUT affecting your lifestyle, prepare for a golden retirement and understand the secret of building a Property Portfolio.
Why SME’s Need Assistance with Governance
What are the Benefits for SME’s when they create better Governance Structures
CEO’s or Founders need to get over the control aspects of their Board
Family Businesses vs. Private Corporations
Advisory Board vs. Board of Directors
The Five Best Governance Recommendations for a Private Corporation
Discuss experiences from the field
The Challenges for Consultants when Marketing and Engaging with SMEs
Best Practises in Contracting with SME’s
Are Millennials Destroying Business As We Know ItRogue360
This is the companion PowerPoint to our Webinar: Are Millennial Employees Destroying Business As We Know It...Nate Smith of Smith Durant interviews Brad Szollose (me) on the impact Millennials will have on business...
I drop out in the beginning and return at 12:24...sorry for the technical problems;-)
https://youtu.be/XM_1hqFZMxA
Here’s a book summary on the changing nature of the employer-employee relationship.
It suggests a different way of thinking about this relationship – make it an Alliance.
The Mystery Behind Leading and Sustaining a Chapter - Summit 2015 Eddie Vidal
The Mystery Behind Leading and Sustaining a Chapter - How do you keep a successful chapter running year over year? The following concepts are covered:
1. The beginning: where to start your local chapter?
2. Take off: Now what?
3. 7 year itch, how to keep the momentum going?
4. Time to move on, how to turn it over
5. A new beginning, for better or for worse?
If you want to understand how decisions are made at a VC firm it is important to understand the staff who work there. Here is a guide but you can also read more at this blog post: https://bothsidesofthetable.com/how-to-improve-your-odds-of-getting-to-yes-with-a-vc-land-and-expand-b46a0a102a07
Silicon Catalyst presents Ryan Howard on Protecting Yourself as a Startup Fou...lpchao
Silicon Catalyst, the startup incubator and accelerator for semiconductor solutions, is proud to present serial entrepreneur and startup founder Ryan Howard for a seminar on how startup founders can protect themselves when building their company. The event was held at Wilson Sonsini in Palo Alto, California on September 21, 2016.
A seasoned entrepreneur, Ryan Howard shares some of the common pitfalls many founders face when ramping up a new company. He offers tips for how to mitigate these risks and pitfalls as well as best practices on building a cohesive team and board. Ryan also shares pointers on early stage funding and selecting corporate counsel.
Worksheet - Make Yourself Memorable! – 5 Winning Tactics To Raise More Money ...Bloomerang
https://bloomerang.co/resources/webinars/
Tom Iselin will show you how to increase your likability and “memorability” among donors that will deepen relationships, help you raise more money, and create greater donor loyalty.
PeopleFirm Seeds of Insight: Creating a Culture that SticksPeopleFirm
Culture. Your organization has one, whether it’s healthy or not. Since culture is 3X more important than salary to potential employees, cultivating a healthy culture should be a high priority. Here are 5 tips that will get you on your way to a healthy culture in which your people thrives.
How To Be An Awesome Nonprofit Board MemberBloomerang
Board members show up excited to serve and wanting to make a difference, but sometimes that changes. Why? It may be lack of knowledge, boring or uninformative board meetings or orientation. OR maybe you have a board culture that doesn’t invite new ideas and questions.
Board meetings and board communication are critical aspects of causing awesome board members. This webinar with nationally renowned Fundraising Culture Changer & Master Storyteller Lori L. Jacobwith will help you change your board story. She’ll answer some thought provoking questions about the board experience at your organization, and will be sharing templates and tools to help you support the newest or even the most savvy board members and make them feel better equipped to serve.
HDI Roadmap – Building Yourself One Brick at a TimeEddie Vidal
HDI, I first heard that word eight years ago. What does that stand for? Highly Developed Individuals? At that time I was your typical IT professional doing my job and unaware of the IT community that existed outside my world. I was worried about myself and had no idea how serving others, volunteering and sharing success and failure would change my life. Attending my first HDI conference and becoming an HDI Local Chapter Officer started a journey that has taken me around the world meeting hundreds of dedicated engaged IT professionals.
This journey has made me uncomfortable, scared, frighten, excited, happy and so many other feelings which are hard to describe. Learn how by saying YES, you can
learn about sharing experiences, knowledge and relationships to grow your career and along the way learn how working together we are better.
It is often said that people join a company but leave a boss. A boss is an important element of your worklife.
This book offers insights on the type of bosses at the workplace and what change is needed in your attitude and behavior to make the relationship work.
How to use property to build long term wealth. How to pay a Home Loan down in under half the time WITHOUT affecting your lifestyle, prepare for a golden retirement and understand the secret of building a Property Portfolio.
Why SME’s Need Assistance with Governance
What are the Benefits for SME’s when they create better Governance Structures
CEO’s or Founders need to get over the control aspects of their Board
Family Businesses vs. Private Corporations
Advisory Board vs. Board of Directors
The Five Best Governance Recommendations for a Private Corporation
Discuss experiences from the field
The Challenges for Consultants when Marketing and Engaging with SMEs
Best Practises in Contracting with SME’s
It takes a village to operate a successful catering and events company, but the village
people must share the same value, vision, and purpose. Often there is one or
more members of a leadership team that simply can’t adopt the company’s culture
and will cause the entire team to be disjointed or dysfunctional. In this session based
on the principals in Patrick Lencioni’s book, The Advantage, Warren will teach
how to define a company’s culture, how to get your team to embrace that culture,
and how to face the hard decisions that must be made when a talented and loyal
team member just can’t fit into the model.
Winning isn't everything--but wanting to win is. Winning is a state of mind that embraces everything you do. Winning isn't everything, but the will to win is everything. “A winner is someone who recognizes his God-given talents, works his tail off to develop them into skills, and uses these skills to accomplish his goals. Winning is not everything, but the effort to win is. Winning isn't everything, it's the only thing
This is a presentation was prepared for my Organisational Behaviour's course where I presented how to transform from a manager to leader or in other words; the transformation of a leader to the leader.
How will you influence others and lead them with the highest satisfaction and desire to put more effort and happiness in their day-to-day work by understanding them better.
Choosing The Right Approach For Running A Great Board MeetingAvalon Ventures
There are many different ways to run a board meeting, and it’s important to choose a style and approach that works best for you. It’s important to talk to other CEOs to learn what has worked best for them. It may also be useful for you to consult with the other directors on your board to understand their preferences. The frequency and structure of your board meetings will need to evolve as the business grows and becomes more complicated, more formal, and harder to manage. This deck is for entrepreneurs as part of a series of observations and tips on building an effective board.
I deeply believe every person leads her/ his way either in a family or community; Therefore certain traits and characteristics need to be applied in order to achieve success then greatness.
This is a presentation on planned giving that was made to the Ottawa County Parks Foundation. It includes estate and tax planning considerations for planned giving.
It's never too early to start thinking about your estate plan! Take a look at our top tips for estate planning to see if you're on the right track for your income and family situation.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Accpac to QuickBooks Conversion Navigating the Transition with Online Account...PaulBryant58
This article provides a comprehensive guide on how to
effectively manage the convert Accpac to QuickBooks , with a particular focus on utilizing online accounting services to streamline the process.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Discover the innovative and creative projects that highlight my journey throu...
Take Aways from the Family Business Alliance's 2018 Family Forum
1. TAKE AWAYS FROM THE FAMILY BUSINESS ALLIANCE’S 2018 FAMILY FORUM
• Suggestions for family business succession:
1. The most critical factors are:
a. Having a strong board of directions.
b. Have robust strategic planning. Senior management needs to come up with
the plan. The board needs to approve it.
c. Having a structure for family meetings to create family unity.
2. Succession should be happening at multiple levels:
a. Transfer of ownership.
b. Transition of management.
c. Development of the family.
3. Unresolved conflict is the main reason family businesses fall.
4. For family business to continue, they need to enjoy being together.
5. The process may start with a G2 family member meeting with a key employee.
6. If you can pull off equal ownership in the business, that is ideal. Everyone will
then be vested in the business and family meetings are much more effective.
7. Start with something (i.e. what is most interesting or motivating at the time) and
Keep moving forward. Examples of motivation are family harmony and tax
savings.
8. If G1 doesn’t want to do something (i.e. start a board of directors), consider
moving ahead like you’re going to implement.
9. The optimal tenure for a CEO in a family business (even if it is the founder and
G1) is14-16 years. The successor CEO is ideally 35. They have the most
energy at that time in their life. Also, while that family member may not have a lot
of experience, hustling can make up it.
10.Communicating and getting buy in from the family is critical.
11.Develop the mission, vision, and values for business and family.
• Suggestions for board of directions:
1. Every organization should have an independent board. Size doesn’t matter.
2. The board of directors should focus on keeping the company accountable for
what it decides to do. Consider making succession part of the board’s
responsibility.
3. It’s important to have a board is that has separation from management.
4. The size of the board is dependent on how many people the CEO believes is
best for the company.
P. Haans Mulder, JD, MBA, MST, CFP®
321 Settlers Road
Holland, MI 49423
616.392.1821
phmulder@cunninghamdalman.com
2. 2
5. There should be two external to every internal board member. 7-11 overall is
ideal.
6. External board members have to be able to tell the truth and not be emotional.
7. Board diversity is important (...different industries background). Not a good thing
if the company is struggling.
8. The board should meet 3-6 times a year.
9. To determine the of the external directors, take the CEOs all-in pay (including
bonus) divided by 250 (roughly the number of business days in a year) times the
number of board meetings in a year plus 1 or 2 days to account for prep and
phone calls between meetings.
• Suggestions for family councils and meetings:
1. Think about the family council as an organization (i.e. having bylaws, structure,
etc.).
2. Consider including spouses.
3. They could be subsets or committees of the family council to work through
certain issues.
4. Everyone has to be acknowledged. Watch out for developing a victim. Once
spouse may then support the victim and that only encourages this behavior.
5. Educate the family on a variety of topics.
6. Develop a vision of family history, its values, and mission.
7. Develop a family employment policy.
8. Give them tours.
9. Start out meetings with sharing updates about family.
10.Cover the financials.
11.Have one large family meeting a year and quarterly meetings that are more
substantive. 4-6 times are a year are ideal.
12.The meetings have to be attractive.
13.The chair must have a high level of trust and be able to control the flow of
information. Call out people who are repeating themselves.
• Suggestions for raising childing in a family business:
1. Stewardship is critical and instill at any early age.
2. We learn most effectively from mistakes. We have to give children the freedom
to make decisions and mistakes.
3. Children are adults when you don’t step into stop them from making decisions.
4. Remember it’s necessary to change your behavior to get different results.
• Suggestions for meetings:
1. Everybody needs to have a chance to speak.
2. The length of the meeting is determined by the following equation: number of
people who are attending * the number of items to talk about * the time allocated
for each item.
3. Meetings are when people exchange ideas. Call it a briefing.
3. 3
4. Educate people before the meeting.
5. The more people enjoy the experience the longer the meeting can be.
• Suggestions for planning, goals, and decision making:
1. Planning is more important than the plan. Planning is a continuous discussion of
the business.
2. Prioritizing goal is critical.
3. Have a clear measure of success.
4. If the decision is very urgent, but the cost of recovery from a mistake is low,
make the decision and communicate to them later.
5. If the decision is not urgent and the cost of recovery is high, take the time to get
buy-in.
• Suggestions for finances of a family business:
1. Ownership unity is critical to business returns.
2. Population growth is critical to growth in a saturated business.
3. In a mature market, GDP grow would be the expected growth the company.
4. Growth capacity=ROE * (1-dividend payout).
5. Constraint on growth is ROE.
• Miscellaneous suggestions and lessons:
1. The role of an owner is deciding who is on the board.
2. Terminate a CEO quickly if it’s not working out.
3. To fire a family employee, tell them they are unhappy (...not showing up, not
performing, etc.) and let them go.
4. Family businesses have more fraud than other companies because there is
oftentimes a sense of entitlement.
5. People’s perception of time is based on their enjoyment of the experience.