This document discusses the importance of clearly articulating the "why" of a business in order to motivate customers and staff. It emphasizes establishing the original purpose and passion behind the business. The document also provides tips for effective communication within family businesses and for hiring quality employees based on core values. Annual reviews are recommended to clarify the business's direction, roles, and compensation packages. Motivating staff involves treating them with respect, recognition, and engagement.

1. TRANSGENERATIONAL
CHALLENGES

2.  The Original Why
 Essential Annual Questions
 Communicating With Staff
 Hiring Quality People
 Q & A
Agenda

3.  Most companies & people know HOW they do
WHAT they do
 These are considered to be the:
• Differentiating value propositions
• Unique selling propositions
• Proprietary or proven process
• Your 3 uniques
 Contrary to popular believe, these are not the
factors in motivating customer decisions
Traditional Thinking

4.  Decisions are based on the WHY
 Few companies or people can clearly
articulate WHY they do WHAT they do
 Why are you in business
 What is your
• Purpose
• Cause
• Passion or belief
 Why does your company exist
The Importance of WHY

5. Original Why of the Business
What was the original WHY?
Is it still the WHY of the company
What is the purpose, cause or
passion/belief today
A clear WHY creates loyalty and
motivates customers to buy and staff
to remain committed

6. Importance of
Communicating
 With the parent
 With siblings
 With staff

7. Parent & Siblings
 Develop a clear understanding of
where each wants the business to go
 Develop a clear understanding of
roles & responsibilities

8. 13 Annual Questions
1. What will the family business look like
in 5 years – same page
2. Is any family member willing to either
buy or sell their interest
3. Should the family consider selling the
business within 5 years
4. Compensation package for child(ren) in
case business is sold within 5 years

9. 13 Annual Questions
5. How will unsolicited offers be dealt with
6. Business to be valued annually with
adequate insurance to cover estate
taxes
7. Annual SWOT analysis
8. Additional investment to grow business

10. 13 Annual Questions
9. Annual review of compensation
package for all family members
10. Annual performance review for each
child(ren) in the business
11. Updated job descriptions for family
12. Clear set of duties & responsibilities
13. Updated organization chart

11. Clarity
 Continue or sell
 Growth strategies
 How it will be run
 SWOT analysis
 Your role & responsibilities defined
 Your compensation package defined

12. How To Hire
• You can’t teach
someone to have a
personality or
passion.
• You can always
teach new skills
• but you can’t train a
can’t
Richard Branson

13. Selecting Your Core Values
How
Within your company
Outside your company

14. Examples of Core Values
Encourages team work Respectful
Professional Always Accountable
Demonstrates excellence Enthusiastic
Friendly/outgoing Compassionate
Customers first Wants to improve
Shows initiative Integrity
Thinks like owners Confident
Gets things done Creative

15. Examples of Core Values
Encourages team work
Professional Always Accountable
Enthusiastic
Integrity
Convert to verbs

16. Monitor Your Core Values
Quarterly Review

17. Staff Communication
 Earn, don’t demand their respect
 Ask for their opinion
 Praise in public, discipline in private
 Be part of the team – hands on
 Have their back
 Be professional

18. Some Interesting Facts
• #1 cause of low performance
• Low expectations
• #1 reason people leave their jobs
• They don’t feel recognized
• Don’t get along with their boss
• Best way to engage employees
• Give them choices
• #1 behavior managers score lowest
• Soliciting feedforward from employees

19. Motivating Employees
Managers who motivate with incentives and
the power of their vision and passion succeed
only in energizing employees who want to be
motivated.
Nigel Nicholson in “How to Motivate Your Problem People” Harvard Business Review

21. Discussion or Questions?

22. Thank You
David Saxe, BBA, CPA, CA, CBC
Business Performance Specialist
613-864-5999
david@nextlevelbusinessplanning.com
www.nextlevelbusinessplanning.com