FAMILY DYNAMICS / GOVERNANCE
Lesson #1: Nothing is more important than family.
Lesson #2: A family doesn’t need to be perfect – it just needs to be united.
Therein lies the challenge.
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.
Many family business owners hide, ignore, or deny the overwhelming angst and stress they face and are reluctant to seek outside help. But it doesn’t have to be this way.
There is a way out.
Building a successful, multi-generational family business that doesn’t suck every last ounce of energy out of you starts with giving up the notion, “I/we will figure it out (X) on our own.” That mentality leads to a long, arduous journey that often ends up in failure.
The statistics don’t lie.
Just 33% of family businesses make it to the second generation, 12% to the third, and a mere 3% to the fourth. Read that again.
One of the ways to beat these odds is to work with a family business consulting company, like Compass Point, which can help you navigate the dynamics, uncertainties, and succession planning. Ultimately, we help keep the harmony and uncover some of the secrets to building a successful family business.
There is an old adage that states, “A rising tide lifts all boats.” A family business consultant can be that rising tide and lift up those businesses and families that come on board.
When you give a voice to that which is hidden deep inside, you take its power away. That’s the first step in moving the family and business forward. That is exactly what we facilitate.
We know first-hand the power of learning together, realizing you are not alone, getting unstuck, and finding solutions to the challenges you face in your family business. THIS is the “rising tide that lifts all boats.”
If you’re serious about building a successful multi-generational family business, let us apply our proven framework to your business.
The tide is rising. Will you be rising with it?
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.Read More
BLOG | LEADERSHIP
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.Read More
BLOG | OWNER FINANCIAL GAP
Family business owners are passionate about what they do. They’re working to carry on a business that family built – by their parents, grandparents, sometimes even great-grandparents and beyond. These owners are so busy providing for their employees, communities, and the next generation that they often ignore their own financial future. Boiling it down to its true essence, business is a means to building wealth. And what are we supposed to do with that wealth?Read More
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