BLOG | FAMILY DYNAMICS / GOVERNANCE
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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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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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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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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Over the last few months, I have shared blogs about the 5Ds of Life – five life events that can derail your...
Read PostBLOG | FAMILY DYNAMICS / GOVERNANCE
When disagreements happen in a family business, they can have devastating life-long effects on the family, the business and the employees.
Read PostBLOG | FAMILY DYNAMICS / GOVERNANCE
Words matter. Because we become what we think about. And words are an outcome of our thoughts, consciously or subconsciously...
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Why did I leave a comfortable position in higher education to help family businesses grow, thrive, and create legacies? Here’s a little look behind the curtain.
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While the internal impact of distress is both financial and emotional, the...
Read PostBLOG | FAMILY DYNAMICS / GOVERNANCE
Life is full of inconveniences. Life can be full of problems, too. There is a difference. A striking difference...
Read PostBLOG | FAMILY DYNAMICS / GOVERNANCE
These last two years of the pandemic have not been easy on the human psyche. For many, our physical health...
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