Tom Garrity
BLOG | FAMILY DYNAMICS / GOVERNANCE
The 4-Letter Word Owners Can’t Afford NOT to Talk About: EXIT
I’ve had my share of family business owners who avoid discussing this four-letter word to the point of pure denial, quickly ending the conversation when this word bubbles up. The word? E-X-I-T. It sounds so final. The brutal truth is that 100% of owners exit the business, yet only 50% – just 1 out of 2 owners – will do it on their terms...
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BLOG | FAMILY DYNAMICS / GOVERNANCE
Business Issues: Identify and solve, or they could cost you.
Part of the challenge in a family business, or any business for that matter, is that the world does not stop and allow you to pursue your strategy in a nice, orderly fashion. Whether it is internal or external, business issues pop up throughout the day. So how do you prevent issues from derailing the company’s progress? Here are a few ideas for minimizing their occurrence and how to deal with them effectively when they do happen.
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BLOG | FAMILY DYNAMICS / GOVERNANCE
The Many Facets of Ownership
In 1978 the 2-circle illustration of family business evolved when Harvard business professor Renato Tagiuri and then-graduate student John Davis added a third circle – Ownership – to better account for the distinct groups that existed in a family business. With the addition of Ownership, the 3-circle model more accurately captured the seven facets of ownership.
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BLOG | LEADERSHIP
Leadership Is Not What You Think
When I first started Compass Point 20 years ago, leadership was an ancillary topic. My work focused on the systems, financials, hiring the right people, and being a confidant to the owner. At the time I didn’t see it as leadership coaching, but rather as building a relationship with a client who trusted me enough to let me see the inner workings of their mind and business. I helped the person as I helped the business. Times – and leadership – have changed.
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BLOG | LEADERSHIP
The Many Hats of a Family Business
Product. Team. Customers. Processes. Sales. Revenue. Profit. Cash. These are the elements to any good, viable business. But a family business needs more than just those elements to build a sustainable family business. With many dynamics at play, the business owner needs to understand which "hat" to wear, when to wear it, and when to switch. Do you know how to manage it all?
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BLOG | FAMILY DYNAMICS / GOVERNANCE
A Strong Family Business Isn’t Perfect
Running a family business is a lot like any other business. There are sales goals to meet, market trends to monitor, supply chains to navigate, stakeholders’ expectations to manage and people to hire, fire and develop. Pretty much the same… UNTIL you add FAMILY. And then, there are family dynamics to consider as you chart your business's course and build a strong family business.
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BLOG | LEADERSHIP
How To Get Predictable Results in Your Family Business in an Unpredictable World
Why do great family businesses improve despite dealing with the same crappy external factors that destroy some businesses and stall others? Because they practice and execute these tenets...
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BLOG | EXECUTION
Family Business Growth: Charting Your Course versus Any Wind Will Do
One of the biggest barriers to family business growth is the lack of a written strategic plan. Why written? Because research shows when you write down your goals, you are 42% more likely to achieve the desired results. Who doesn’t want those odds on their side?
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BLOG | FAMILY DYNAMICS / GOVERNANCE
Family Business Consultants: The Rising Tide That Lifts All Boats
Family business leaders face tremendous stress as they deal with all the challenges of business, and also the inherent intertwining of business, family, and ownership. It can get messy. Family dynamics bubble over with varied perspectives, generational differences, and tenuous relationships. It’s hard to be united when there seems to be a steady flow of drama, conflict, and disharmony.
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BLOG | STRATEGY
Where’s your road map for 2023?
Do you have your plan for first quarter 2023? Is it written down for the team to see, understand and act upon? Or is it still tucked away in your head, and shared as needed?
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BLOG | FAMILY DYNAMICS / GOVERNANCE
The Most Limiting Word
Words matter. Because we become what we think about. And words are an outcome of our thoughts, consciously or subconsciously...
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BLOG | FAMILY DYNAMICS / GOVERNANCE
Inconvenience vs Problem – Learn the Difference
Life is full of inconveniences. Life can be full of problems, too. There is a difference. A striking difference...
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