Richard Raymond Associates

The Passage In-Between
Published: 2020-6-04
Below is the letter I sent to my graduating seniors at Baruch College s Zicklin School of Business in New York City where I ve taught Family Business Management and Entrepreneurship for the past 10 years As I was acknowledging the students 8217 accomplishments and upon graduation their facing a transition into the unknown I thought of parallels 8230
Challenges Facing The Artisanal Family Business
Published: 2020-5-24
Artisanal family businesses are found in many areas of our economy today The common thread is that their craft is passed from generation to generation Some of these artisanal family businesses are struggling under the weight of newer business models Wanting to see a way forward as well as sustain their legacy intergenerational family members 8230
Shifting Sands
Published: 2020-4-24
I m now going into my second month of sequestering a term I like better than staying-at-home or social distancing a misnomer because my social interaction has zoomed along with Zoom Thinking through topics for this week s blog I settled on the quality of empathy among leaders in times of uncertainty and stress Writers on business 8230
COVID-19 Responding To The Waiting Game
Published: 2020-4-11
As the COVID-19 pandemic sweeps across the world and America I ve felt that I could not post a blog without addressing this unprecedented-in-our lifetime pandemic While waiting to see how the coronavirus pandemic and sheltering-in-place will play out and grappling with my own anxiety and uncertainty I paused my blog and newsletter for a while 8230
Family Business Under New Management
Published: 2020-3-14
Seth Godin recently posted a blog entitled Under New Management In it he wrote That s a pretty silly thing to write on the store window It says to loyal customers watch out someone new is in charge And it says to strangers and the apathetic this place failed 1 How often do you see a sign 8230
Envisioning Family Legacy
Published: 2020-2-29
While consulting with the head of a family business I frequently raise the subject of legacy It comes up in connection with strategies for helping family-businesses move along the path of intergenerational transition toward multi-generational success Often however at the mention of this word I 8217 m met with a sort of attention disconnect For my client 8230
This Is What I Want
Published: 2020-2-16
While teaching my class on Family Business Management at Baruch College in New York City I ve had the opportunity to draw a parallel to the well-known axiom related to real estate location location location When applied to family businesses it s communication communication communication Critical for any business as well as any relationship in family businesses the 8230
Professionalizing The Family Business
Published: 2020-1-31
Professionalizing a business means to change its model from owner-centric to management-centric A business dependent upon the owner s presence to generate revenue and profit undergoes a metamorphosis into one which operates according to established systems and processes Responsibilities to keep these systems on track are delegated to staff experts This model allows the owner to 8230
Family-Business Ikigai
Published: 2020-1-04
Over the holidays I was given a copy of Ikigai The Japanese Secret to a Long and Happy Life written by H ctor Garc a and Francesc Miralles Ikigai is a Japanese concept meaning 8220 a reason for being 8221 The word translated into English roughly means the source of value in one 8217 s life the 8220 thing that you 8230
Commitment In Family Business
Published: 2019-12-08
One of the secrets of successful multigenerational family businesses is their attention to three critical qualities within the family as a whole and as possessed by the person who will be their next leader These are commitment capabilities talent for leadership I intend to discuss each of these over the course of my next few 8230
Understanding Values Vision And Mission In Family Business
Published: 2019-11-23
Many businesses write their vision and mission statement so they read similarly just with different words This shows a lack of understanding of these two important guiding business principles They may also be missing a clear statement of their values the bedrock upon which a sustainable business is built Once clearly articulated a vision and 8230
Generosity And Connection
Published: 2019-11-02
Sitting down to write today s blog piece I was thinking about several concepts related to family business Among these the difficulty of choosing the right successor the significance of shared family values the importance of stewardship the passing on of family assets wealth reputation emotional well-being spirituality in better condition than when you received them As I 8230
On Taking Initiative
Published: 2019-10-12
The only way to get initiative is to take it It s never given 1 That s the statement Seth Godin begins with in Initiative his October 10 2019 blog entry Initiative would seem indispensable for success in business But I ve often found it lacking among family-business leaders when it comes to planning for a multi-generational future Over 8230
Family Businesses Have More Women Leaders
Published: 2019-10-06
According to the Pew Research Center the percentage of female Fortune 500 CEOs reached an all-time high of 6 4 in 2017 32 out of 500 and fell to 4 8 percent in 2018 after several women left those roles With women comprising at least 40 of the world s workforce and half of the population it s remarkable 8230
SWOT Analysis And Family Business
Published: 2019-9-21
A SWOT Analysis is a valuable strategic-management tool for helping businesses of all types identify strengths and uncover weaknesses It pinpoints places where improvements are needed and spotlights pitfalls to be avoided It s also useful for identifying opportunities and threats Entrepreneurs and their advisors use it to discover circumstances that stand in the way of 8230
Paul Klee And Late-Life Productivity
Published: 2019-9-06
In prior postings I 8217 ve told stories about parents having difficulty letting go the reins of their family business and handing them off to the next generation stories of their inability to let go even though the next generation is more than competent to run the business A major reason for this situation may be found 8230
The Hurdle Of Letting-Go
Published: 2019-8-16
One of the biggest hurdles to overcome in the life of a family business is the reluctance if not outright inability of the founding parent to let go of the reins One of my first client s opening comments to me was that he had been fired from his family s business twice by his father He 8230
Family Business Pros And Cons
Published: 2019-5-23
I was recently asked what are the pros and cons of working in a family business Pausing for a second I responded that it s a family business I added that I did not mean to be flip in responding but meant instead that family businesses are too complex for that question to be answered in 8230
Working On Succession Planning
Published: 2019-5-17
The term working on your business may not be new to you The idea of working on your business pertains to doing the work of creating a business that is sustainable and functions independently of you One in which the day-to-day operations are managed by the systems and processes you established and the people you 8230
Family Businesses Changing The World
Published: 2019-5-04
Inc Magazine dedicated its May 2019 issue to businesses tackling big complex challenges that affect everyone companies that are pushing fresh approaches and creating the industries of the future Inc s editor noted the mindset of one the companies they profiled now successful and hardly standing still One major theme running through this issue is about Helping Entrepreneurs 8230
Impermanence And Continuity
Published: 2019-4-20
Construction on the Cathedral of Notre Dame was begun in 1163 and completed in 1345 Today 856 years later it stands in its home city the awesome result of 182 years of hard work dedicated intent inspiration innovation and Gothic artistry of the finest quality Last Monday April 15 2019 this center of devotion and 8230
Time For Letting Go
Published: 2019-4-05
Sitting at my desk considering what to write for this newsletter I thumbed through the folder of clippings and notes I collect just for this purpose I came upon an op-ed piece that s close to home for me in more ways than one It was published in the August 5 2012 edition of the Scranton 8230
Toward Entering The Family Business
Published: 2019-3-23
I recently did a presentation on the principles of family-business-best-management practices to an industry group of 2nd and 3rd -generation leaders One participant commented that she loves the family business and that it would be unfathomable for her not to be part of it Her statement reflects some of the important qualities of next-generation leadership 8230
Give Failure A Chance
Published: 2019-3-08
In my last newsletter I referenced a Wall Street Journal article that highlighted two issues not uncommon in family businesses the value of experience and the rewards of failure I addressed the first in that newsletter pointing out the advantages of having next-generation family members gain experience by working outside the family business In this 8230
Leaving The Family Business A Best-Management Practice
Published: 2019-2-24
A recent Wall Street Journal article The Truth About Failing Spectacularly highlighted two issues I find not uncommon in family businesses the value of experience and the rewards of failure In today s article I am addressing the first of these The experience connection for family businesses relates to the best-management practice that requires next-generation leaders 8230
Hiring Professional Expertise For Your Family Business
Published: 2019-2-08
I 8217 ve always been careful about using my blog and newsletter to support the engagement of family-business advisors because while in the many situations the outside expert will provide tremendous benefit I 8217 ve been concerned that doing so would be perceived as self-promotion rather than honest advice Putting that aside in my experience most successful family businesses 8230
Competition It s Not All Win-Lose
Published: 2019-1-26
Competition between siblings can be one of the fiercest dynamics in a family business Unbridled competition between parents and children can be one of most devastating But seen from a constructive point of view inter-family competition can be one of the greatest advantages of family business I have been bewildered by stories of cultures that 8230
Family Business And Organizational Culture
Published: 2019-1-13
The Questions Every Entrepreneur Must Answer by Amar Bhide published in the December 1996 issue of Harvard Business Review 1 is one of my perennial favorite articles to use in teaching my class on entrepreneurism at Baruch College City University of New York Rereading the article recently several thoughts came to mind as being significant when 8230
Thinking About Family Business
Published: 2018-11-28
Hi Rick I was parking my car over near the Vitamin Shoppe and for some reason I started to think about family businesses I thought about how they usually do not last past their third generation I 8217 ve learned that from you and always accepted it as fact I still know it to be fact but 8230
Moving Into Eldership Roles
Published: 2018-11-10
In last week s blog article I presented a situation in which a daughter now CEO of the family business wanted her father to take on a different role in the business Her father was content to be managing some of the business operations His daughter wished him to assume the role of the firm s ambassador 8230
Relevancy Reborn
Published: 2018-10-27
Recently I had a conversation with a woman who is heading her 2nd generation family business She spoke about her father who is in his mid 60s She told me he does not interfere with her management of the business but does insist on retaining control of some day-to-day operations She added that he had 8230
What s Important At Thanksgiving Dinner
Published: 2018-10-06
I recently had a conversation with a potential client that would eventually involve her husband elderly parents and two siblings The issue as brought to me involved transitioning the management of the family business from her parents to her husband I learned that among the family members there are differing thoughts regarding the value of 8230
Toward An Entrepreneurial Mindset Seven Skills
Published: 2018-9-22
Family businesses are described as having three complex interrelated subsystems The family comprises one subsystem the ownership and the business itself comprise the other two Over the past couple of decades particular attention has been given and necessarily so to understanding and addressing the needs of the family subsystem But a shift of focus is 8230
Full Stop The Fear Factor
Published: 2018-9-08
Better not to hire a coach or go to a therapist or even pick a doctor because you might discover that you 8217 ve been doing something wrong 1 Many times I have spoken with principals of family businesses about their plans for transitioning to the next generation Many times I have seen that they do not understand 8230
Elder Or Elderly Inspirational Reading
Published: 2018-8-11
I recently finished reading Thomas Moore s most recent book Ageless Soul The Lifelong Journey Toward Meaning and Joy https www amazon com Ageless-Soul-Lifelong-Journey-Meaning dp B075X2S2Y8 ref sr 1 1 ie UTF8 38 qid 1533849488 38 sr 8-1 38 keywords ageless soul thomas moore I find the book extremely important and have described its premise distinguishing between being elderly and being an elder as critical for living a life with meaning and joy I also immediately saw its importance to the survival 8230
Defining Productivity For Family Business
Published: 2018-7-27
In a recent blog post entitled Business busyness https seths blog 2018 07 busyness Seth Godin states that what matters in business is the question did I spend my day producing enough benefit for all the time invested Seth is asking an important question I recommend that you read the entire blog post Further into the post he provides a suggestion 8230
Family Meetings Rules Of Communication
Published: 2018-7-14
In recent blog newsletter pieces I wrote about the importance of a specific type of family meeting whose agenda is to discuss the family itself in the context of the business but not business management or operations Subsequently I was asked what important actions could help these meetings succeed At the top of my list Establish 8230
Fear Of Formal Family Face Time
Published: 2018-6-25
Although the critical importance of bringing the family together for structured meetings is universally acknowledged the idea of holding these meetings may meet with resistance among family members Their resistance is largely based on unfounded fears Family members may believe that the current communication within the family is good enough They may fear that structured 8230
The Why Of Family-Business Meetings
Published: 2018-6-15
Successful multi-generational family businesses recognize that family meetings are critically important to their longevity Family meetings create time and space for family members to discuss the family in the context of the business In these meetings operational and management issues are not on the table Conversations here are about issues like criteria for participation in 8230
A Family-Business Crisis Of Perception
Published: 2018-5-05
Family businesses are subject to a range of crisis that are unique to them not encountered by non-family businesses Here s a common and potentially excruciating one The incumbent leadership of a family business may or may not be confident that the upcoming generation has the competence to lead the family business going forward Members of 8230
Employment Policies In Family Business
Published: 2018-4-20
In all social structures policies provide a process for aligning an organization s values with its actions In family enterprises where there is an overlap of family business management and ownership a family-employment policy is one of more important policies a family can develop It can be difficult for family business owners to be objective about 8230
Developing Future Leaders
Published: 2018-4-07
For family businesses to thrive through succeeding generations the development of future leaders must not be left to chance It s the responsibility of the current head of the family business to recognize and nurture leadership qualities in members of the rising generations Here are seven strategies for accomplishing this critical task Be a model of 8230
Affirmation And Denial
Published: 2018-3-24
Recently I had a conversation with colleague who asked what is the major source of conflict between generations in a family business He then answered the question himself saying he thought it was the rising generation pushing for change and the incumbent generation resisting
Best Practices Common To Successful Family Businesses
Published: 2018-3-11
All happy families are alike each unhappy family is unhappy in its own way Leo Tolstoy Anna Karenina I recently read again this first sentence from Anna Karenina Thinking about the truth of this statement as it pertains to family businesses I have found much inspiration in Perpetuating the Family Business 50 Lessons Learned from 8230
A Warrior Heart
Published: 2018-2-23
In preparing this blog piece I turned for inspiration to one of the most important books I read last year Money and The Soul s Desires A Meditation on Wholeness by Stephen Jenkinson I had gotten no further than the author s acknowledgements page when I came across a statement about his son that stirred images and 8230
The Future Begins With Intention
Published: 2018-2-10
An intention to be a multi-generational family business is a requirement for becoming one At the Family Business Mastermind meeting this month one of the participants spoke about the importance to her of preserving the hard work her parents put into growing the family business She and brother were witnesses to the building of the 8230
Time Together Indispensable To Family-Business Success
Published: 2018-1-27
What keeps venerable old families together They are after all only as strong as the roots that bind them 1 The above quote comes from a Dec 30 2017 article in the NY Times that I had saved because in it I see an important message for all family businesses a message that cannot be repeated enough 8230
Sharing Your Family Story Makes Your Business Stronger
Published: 2018-1-23
Guest Blog By Sally Collings We have no direct access to historical truth Our only truth is narrative truth the stories we tell each other and ourselves Oliver Sacks The River of Consciousness A team of researchers who set out to analyze the business attributes of family-owned wineries in Germany came across a 8230
Family Business A Three-Way Balancing Act
Published: 2018-1-15
Open up a family business and you will find within a three-way structure of dynamic subsystems the family the ownership and the business These three must continually adjust to one another to maintain balance among themselves for their own health and that of the entire business What 8217 s tricky about that Each of the subsystems has 8230
Thoughts On The New Year
Published: 2018-1-03
The Holiday Season has come and gone with it 8217 s festivities and colors lighting up the winter darkness And it 8217 s January 1st once more We have again accomplished that crossing between year 8217 s end and another beginning As we reflect on this crossing make promises or resolutions and set our sights on the challenges and adventures that 8230
Strategies For Presenting Change Initiatives In Family Business
Published: 2017-12-16
When a member of the rising generation in a family business proposes changing some aspects of how the business is run members of the incumbent generation may incorrectly or not perceive their initiative as telling them that they personally are outdated That they are no longer needed and should surrender their leadership role The incumbents 8230
Challenges To Creating Change Initiatives In Family Businesses Two Kinds Of Practice
Published: 2017-12-02
Recently I ve been writing about the challenges of creating change initiatives in a family business where the older generation is in charge One of Seth Godin s recent blogs Two Kinds of Practice http sethgodin typepad com seths blog 2017 11 two-kinds-of-practice html touched on what I see as a critical aspect of this inter-generational dynamic According to Godin in the first kind of practice 8230
Challenges To Creating Change Initiatives In Family Businesses The Middle Passage
Published: 2017-11-12
One of the challenges encountered by younger-generation family members as they try to initiate change in their family businesses while the older generation is still in charge is driven by the psychology of the lifecycle transition experienced by the older generation at the time this push for change is taking shape Jungian analyst Dr James 8230
Father Son Conflict Hidden Depths
Published: 2017-10-28
In the past few newsletters and blog pieces I have been focusing on challenges younger-generation family members meet when trying to initiate change in their family businesses while the older generation is still in charge This is a significant issue in family business and I want to go a bit deeper into the subject While 8230
Facilitating Change In Family Businesses Conversations
Published: 2017-10-15
In my last article I spoke about the disconnects often present when the younger generation attempts to introduce change into the family business while the older generation is still in charge Specifically I spoke about the challenging dynamics between fathers and sons but what I said is applicable to relationships between members of the incumbent 8230
Father Son Conflict An Obstacle To Change In Family Business
Published: 2017-9-30
Often I hear a son in a family business speaking harshly about how his father rejects the initiatives he proposes for changes in the business Frustrated by rejection the son may interpret his father 8217 s attitude to mean that he cannot accept opposition to his authority Alternatively the father 8217 s view of the situation may be that 8230
Women In Family Business A New Report
Published: 2017-9-16
An article about women in leadership roles that appeared in the New York Times on September 15 2017 calls Germany s Chancellor Angela Merkel an anomaly Yet women are more likely to have leadership roles in politics than in business According to Kim Harland though this is not the case in family businesses Harland is Managing 8230
Toward A Family-Business Exit Plan
Published: 2017-8-16
In the course of investigating the perceived crisis in business transition planning U S Trust Company collaborated with the Eugene Land Entrepreneurial Center of Columbia Business School to produce a white paper entitled The Owner s Journey Experiences Shared and Lessons Learned The white paper reads as a thorough in-depth many-faceted alarm bell The clarity with which 8230
Relationships In The Red
Published: 2017-8-03
Family businesses fail more often due to relationship challenges than for strictly business reasons For some of my blogs and newsletters over the past month or so I have been mining the wisdom found in Maps for Men A Guide for Fathers and Sons and Family Businesses by Pyles and Pyles In it this father 8230
Wealth Transfer And Human Capital
Published: 2017-7-07
This week I am continuing to present ideas and passages from Maps for Men A Guide for Fathers and Sons and Family Businesses by father and son authors Edgell and Thomas Pyles On page 186 the Pyles reference Family Wealth Keeping It in the Family by attorney and family business consultant James E Hughes Jr 8230
Maps For Men A GPS For Fathers And Sons
Published: 2017-6-23
In my previous newsletter and blog post I referenced one of the most important books on my family enterprise bookshelf Maps for Men A Guide for Fathers and Sons and Family Businesses authored by Edgell and Thomas Pyles father and son The Pyles argue that for a family business to be successful fathers and sons must 8230
I Have Been Fired Twice By My Father
Published: 2017-6-09
No not me Rather this is an opening line I often use when introducing what I do professionally The original statement was made by a student in a class on entrepreneurship I was teaching at New York University The student had related that his father had been saying he wanted to retire soon The student s 8230
Facebook Leadership Triad For Success
Published: 2017-5-26
8220 In a relationship as critical as the one at the top how do you create open lines of communication respect differences and grow the business together 1 8220 In his article Sheryl Sandberg Shares the Key to Creating Chemistry at the Top Zillow Group CEO Spencer Rascoff asks this question He is probing into the secret of 8230
Innovation The Surprise Factor
Published: 2017-5-10
In The Economy of Cities Jane Jacobs tells the story of 3M The company started as a supplier of processed sand to metal manufacturers As an offshoot of their core business they decided to manufacture sandpaper And they failed The adhesive they developed just did not work to stick the sand o the paper But 8230
Innovation The Fail Factor
Published: 2017-4-29
Nothing stays the same Things find fresh avenues of growth and prosper or become stagnant and fail This is certainly true of family-led enterprises As a family business continues from generation to generation significant social and economic changes can nullify what had been their core business A culture of innovation is needed to ensure continued 8230
Soft On People Tough On Ideas
Published: 2017-4-14
On March 31 2017 in his New York Times Corner Office column Adam Bryant published Jessie Woolley-Wilson on Creating Benevolent Friction at Work a condensed version of his interview with Jessie Woolley-Wilson C E O of Dream Box Learning a provider of math-education software Through Bryant s article we learn about how language and cultural differences within her 8230
A Sense Of Gratitude By Any Means
Published: 2017-4-09
One of my more important life exercises is a nightly examination of my day starting with recognition of what I am grateful for both large and small So when Want to Give Like a Rockefeller Be Rich in Gratitude appeared on April 1st in the New York Times Personal Business Column it resonated personally The article 8230
Why You Want Gravity In Your Family Business
Published: 2017-4-01
Many decades have passed since Isaac Newton set forth his law of universal gravitation that states in part that every mass attracts every other mass in the universe and since Albert Einstein published his theory of general relativity revealing a view of gravity where mass influences the dynamic shape of space-time But gravity isn t only 8230
Accident And Intention
Published: 2017-3-24
A young family business first or second generation in which the family s next generation have begun to find their places has reached a point where two possible paths to becoming a multi-generational enterprise emerge The incumbent generation can either let things play out willy-nilly without any plan as to what the business may look like in the future and 8230
Family Businesses Got Edge
Published: 2017-3-18
A range of factors inherent to family businesses give them 8220 the edge 8221 a natural set of competitive advantages over non-family business Included among these Values embedded over generations Generations of accumulated knowledge of their business and the industry in which the operate Agility within rapidly changing markets derived from interaction of family management and ownership 8230
Impact Stewardship And Family Business
Published: 2017-3-10
I recently saw Perpetual Revolution The Image and Social Change at the International Center of Photography in New York City Included among the works on exhibit a riveting video entitled 8220 3 Seconds 8221 https www youtube com watch v iQYiRwNd7ug 8220 3 Seconds 8221 begins by stating the age of the earth 4 5 billion years time since the appearance of our species homo sapiens 140 000 years 8230
Success An Inspired View
Published: 2017-3-02
In her bestseller Thrive The Third Metric to Redefining Success and Creating a Life of Well-Being Wisdom and Wonder 1 Arianna Huffington makes an impassioned and compelling case for the need to redefine success in today s world through well-being wisdom wonder and giving Is this family business 160 1 Thrive The Third Metric to Redefining Success 8230
Benchmarks For Family Enterprise Survival
Published: 2017-2-25
In September 2012 Dennis T Jaffe Ph D of Saybrook University and Jane Flanagan of Family Office Exchange published Best Practices of Successful Global Multi-Generational Family Enterprises Responding to the lack of solid research into strategies that support long-established family enterprises they undertook an academic-level study with the goal of benchmarking best practices for multi-generational longevity 8230
Star Trek Ideals And Family Business
Published: 2017-2-18
It 8217 s a well-known fact that since its first airing in 1966 the Star Trek series has inspired generations of young people to become scientists YouTube abounds with videos of astrophysicists theoretical physicists astronomers cosmologists giving lectures taking part in conferences presenting their latest findings And in video after video the scientists invoke their debt to 8230
Saved The Business The Only Problem Is
Published: 2017-2-11
We all know the story of the surgeon reporting the operation went well the only problem the patient died Some thirty years ago family businesses became a subject of investigations and advisors rushed to help them Their initial thinking because it is inherent in the nature of family-owned enterprises that leadership is by family members the 8230
Listening To Chopin
Published: 2017-2-03
An entrepreneurial client recently mentioned one of his favorite Ted Talks The Transformative Power of Classical Music by presenter Ben Zander By way of various piano renditions of a piece by Chopin Zander illustrates several aspects of understanding classical music that I found extremely relevant to family business success https www ted com talks benjamin zander on music and passion Ben Zander is conductor and 8230
Envisioning A Great Family Business
Published: 2017-1-27
My blog this week is built around two quotes from Sam Johnson the fourth-generation patriarch of the SC Johnson Company The first Each generation has the responsibility of bringing to the business their own vision for the future of the business 1 Recently my wife and I spent a weekend at the Mohonk Mountain House 8230
Transition Transition How Goes The Transition
Published: 2017-1-20
Family businesses offer a unique opportunity to examine what it takes to transition from the entrepreneurial mindset of the founder to that of an established and complex enterprise The oldest form of business family firms represent the majority of businesses worldwide Given that they are ubiquitous one might assume their best practices are well understood 8230
Pathways Of Ownership Distribution
Published: 2017-1-13
It s not uncommon for a family to pass on ownership of their business equally among all their children When this second generation passes on their shares these may again flow equally among their children the family s third generation According to this approach the two siblings in the second generation will each receive ownership of fifty percent 8230
Family-Business Structure Three Circles
Published: 2017-1-06
Establishment of smoothly working interrelationships among the business family business ownership and business management is one of the challenges as well as strengths of a family business In the first generation these groups invariably have all the same players But as generations pass the picture can become significantly more complex To help with visualizing the 8230
Familiness At Work And At Rest
Published: 2016-12-30
Familiness in family businesses The nature or set of resources of the family in business contributing to its competitive edge including its culture reputation degree of confidence level of communication entrepreneurial spirit management and decisions making capabilities trust between individuals and interest groups shared beliefs commitment flexibility creativity and innovation Adapted from Family Business wiki 8230
The Longest Night
Published: 2016-12-25
The Longest Night The sun is disappearing we must bring it back Throughout parts of the globe where the seasons change people have been observing the winter solstice for millennia imploring the sunlight to return and celebrating its readiness to do so I find myself writing this blog on the evening of December 21st the winter solstice the 8230
Authentic Leadership Suggested Holiday Reading
Published: 2016-12-10
Over the past month I have found myself recommending Warren Bennis book On Becoming a Leader to a number of people Bennis who passed away in 2014 was a prolific writer on leadership and according to management guru Peter Drucker this is Bennis most important book I find it intriguing that I am now recommending 8230
Bequeathing Family History
Published: 2016-12-03
Storytelling is basic to human society Around the globe and throughout history storytelling has been used to communicate traditions beliefs and values Stories help to strengthen the form and order of the cultures and societies to which they belong According to Judith Kolva Ph D professional personal historian and CEO of Legacies in Ink 8221 Our stories are 8230
Diversity And Success
Published: 2016-11-26
I recently heard Jennifer Brown author Tedx-Talk speaker and entrepreneur talk about the social and economic advantages associated with diversity In her new book Inclusion Diversity the New Workplace 38 the Will to Change Jennifer calls upon people who can drive change to embrace diversity She argues that when we build systems that embrace diversity 8230
The Inside Three
Published: 2016-11-11
As I sit down to write the blog for this week the election is heavy on my mind On the receiving end of change I am flooded with emotions I keep returning in my thoughts to author Henri J M Nouwen s The Return of the Prodigal Son A Story of Homecoming Inspiration for the book sprang 8230
Purpose And Love
Published: 2016-11-05
Last week I heard author Patrice Tanaka http joyfulplanet com books speak about the role that having a purpose has had in her life and the benefit and importance of knowing one s purpose in achieving success and satisfaction in life and career She mentioned that significant research reveals that purpose-driven organizations outperform profit-only-focused organizations Personally I had no 8230
The Top Seven Things I Learned At Crain s
Published: 2016-10-28
Last week I attended the Crain s New York Family Business Summit where I heard fathers daughters sons and siblings discuss the joys and challenges of working side by side I listened to stories of how families managed to grow their businesses with each successive generation and learned how family businesses are seen from the unique 8230
That Which Endures
Published: 2016-10-21
I recently received a review copy of Geoff Colvin s new book Humans Are Underrated What High Achievers Know That Brilliant Machines Never Will 1 In it he asks which human skills will be highly valued tomorrow given the growth of ever more awesomely able technology Calvin observes that the skills valued by the economy are changing 8230
Dreaming Intention And Process
Published: 2016-10-14
If your dream is to see your children carry on the family business you must both look at every day with that intention and enjoy it as a process And as Seth Godin writes in a recent blog 8220 8230 the end result is always at the end of an arc always the result of many steps 8230
Letting The Children Go
Published: 2016-10-09
To all families there comes the time of letting the children go Sooner or later they leave home and move out into the world But for parents truly letting children go is often much more complex than that It requires the emotional cutting of ties with expectations hopes dreams about what our children should do with 8230
Decisions Instruments Of Movement
Published: 2016-9-30
When struggling with a theme for this blog I often seek inspiration from Seth Godin well-known author entrepreneur and marketer In a recent blog entitled The ripples Godin opens with Every decision we make changes things http sethgodin typepad com seths blog 2016 09 the-ripples html It follows therefore that every business decision we make changes the business It can be large 8211 move the business 8230
Women A Powerful Presence In Family Business
Published: 2016-9-24
Some of the world s oldest businesses are family businesses and women have perennially played significant roles in them From generation to generation women have served in one or more of these high-level capacities Business partner playing a functional or organizational role Senior advisor and business confidante to the CEO The keeper of family values and 8230
Your Family And Business Values
Published: 2016-9-17
The guiding light for what you do on a daily basis The reason clients work with you The reason employees are on your team What you would not change remains constant in a changing market place What a successful family enterprise keeps constant not vision mission goals products or services 8211 across generations 160
Momentum Let It Ride
Published: 2016-9-09
The NY Times Corner Office by Adam Bryant is one of my favorite business columns In it he reports on his interviews with business leaders On Sunday September 2 he turned his spotlight on Ben Chestnut CEO of MailChimp When Bryant asked him to name some of his leadership lessons Chestnut s answered Never sacrifice momentum 8230
Hot Tips In A Small Red Package
Published: 2016-8-25
In October of 2008 consultant David Bork published a small book filled with common sense advice and tips for business families and family businesses The Little Red Book of Family Business is full of pragmatic perceptions and useful practices covering issues from attitudes to wills On decision making Bork writes Families often fall into the 8230
Facing Conflict In The Family Business
Published: 2016-8-16
All family businesses and all families at one time or another face conflict And it can be extreme Understanding what triggers conflict and how it develops is useful Understanding how to manage it is even more important serious advice offered by family-business consultants Doug Baumoel and Blair Trippe in their new book Deconstructing Conflict Understanding Family Business Shared 8230
Published: 2016-8-10
One of my favorite perspectives on family business is that of stewardship which is an attitude of seeing our responsibility in taking over the family business from our predecessors as a mandate to grow and improve it and to pass it on to the next generation in better shape and with greater possibilities than it 8230
A Father s Legacy
Published: 2016-8-04
Several years ago my daughter gave me for Father s Day a journal entitled A Father s Legacy Your Life Story in Your Own Words Each page has a question with space to write on themes from a lifetime of experiences childhood family life education career love and marriage parenting It asks for recollections of time spent with school 8230
Creating Lasting Value
Published: 2016-7-28
LinkedIn affords business people the opportunity to learn from many important thought leaders through their posts Among others I follow the posts of Gerald Hassel Chairman and CEO of BNY Mellon Hassell has published several posts on Alexander Hamilton one of our nation 8217 s founding fathers He is interested in Alexander Hamilton not only because he 8230
Is Philanthropy Right For Your Family Business
Published: 2016-7-23
The meaning of the word philanthropy is love of humanity Much more than just the giving of money philanthropy embraces ever voluntary act of giving to others The form that philanthropy takes is as varied as the philanthropists themselves For example consider David Bohnett whose foundation supports a wide range of social issues American rock 8230
Checking The Corner-Office Timeclock
Published: 2016-7-15
On March 5 2014 the Wall Street Journal published findings of a study by professors at Harvard Business School the London School of Economics and Columbia University 8217 s business school in which they examined differences between family and non-family businesses The Journal article focuses on the work schedules of CEOs in the two types of firms 8230
The Advisory-Board Confusion
Published: 2016-7-07
Our advisory board includes my dad and me my uncle who is retired from the business and our non-family Chief Financial Officer He s on the board because he s unbiased and will make decisions based on what the business needs Otherwise my dad and I make decision on what s best for everyone The above statement made 8230
Starting With Intention
Published: 2016-6-25
When speaking to heads of family businesses I have often found that asking what are their intentions with regard to changes they want to see helps them more than asking what are their plans
Beneath The Surface Of The Ground
Published: 2016-6-17
In my last post I cited a Chinese proverb about creating long-term prosperity Today I refer my readers to the thinking of a Native American culture 8211 the Five Nations of the Iroquois 1 In American Indian Environments Ecological Issues in Native American History Chief Oren Lyons of the Onondaga Nation writes 8220 We are looking ahead as is 8230
Grow People
Published: 2016-6-11
Chinese proverbs are sources of immense wisdom coming down to us through the ages Ancient they may be yet they are solidly relevant to our contemporary world Here is one whose message is directly applicable to long-term success in family business If you want one year of prosperity grow grain If you want ten years 8230
The Three Faces Of Innovation In Family Business
Published: 2016-6-02
The presence of entrepreneurial spirit coupled with a culture of Innovation within your family firm is possibly the strongest predictor of long-term success It s important to understand that innovation is not confined to the development of new products and services although this is indispensable The vital part that innovation plays in business processes and organizational 8230
Innovation Is It Really A Choice
Published: 2016-5-28
Last week I wrote about the critical necessity of innovation for multigenerational success in family businesses Continuing on with this theme here are some of the advantages enjoyed by businesses that have a culture of innovation and some of the obstacles that block the way to this goal Advantages Dexterity flexibility and speed that comes 8230
Applied Innovation Defined For The Family Business
Published: 2016-5-20
Innovation a new idea device or method the act or process of introducing new ideas devices or methods Source Merriam-Webster 8217 s Learner 8217 s Dictionary Applied Innovation the process of constant improvement and creative change a requirement for the continued success of multi-generational family enterprises Like any other business family businesses benefit from if 8230
It Is About Family
Published: 2016-5-14
In a recent blog entry I reported my experiences at the annual conference of Attorneys for Family Held Businesses AFHE Through its membership of multidisciplinary family-business advisors AFHE promotes the well being and sustainability of business families and recognizes that family businesses can only be as healthy as the families themselves This theme echoed resoundingly 8230
Fifth Generation And Almost Out
Published: 2016-5-04
Family enterprises that have continued into their 5th generation often have processes in place that helped them overcome the challenges they encountered through the years They have a vision for the future They have a declaration of shared values They have governance structures such as a family council an external advisory board They have a 8230
Reality Is Bigger
Published: 2016-4-29
Last week I attended the annual conference of Attorneys for Family Held Enterprises AFHE While there I had the opportunity to hear speakers from a range of professional disciplines family business advisors financial planners psychologists and attorneys I was particularly impressed by the clarity of the presentation entitled 8216 Engaged Ownership More Effective Governance for Multi-Generational 8230
The Word From D C It Takes A Team
Published: 2016-4-23
I am writing this blog piece while attending the annual conference of Attorneys for Family Held Enterprises AFHE in Washington D C Each year s conference brings together a multidisciplinary group of family business advisors financial planners psychologists and attorneys 8211 representatives of AFHE s wide membership base One of the organization s underlying missions is to promote the well being 8230
More Than Do No Harm
Published: 2016-4-14
I saw my internist recently and we started to talk about a book written by neurosurgeon Henry Marsh entitled Do No Harm Stories of Life Death and Brain Surgery In it the author gives a viscerally disturbing account of what can go wrong in surgery and with the brain itself He speaks about risk he 8230
Precarious Placement
Published: 2016-4-06
Positioning the second generation as managers responsible for overseeing the processes and systems established by the founder is a not-uncommon practice in family business but this custom sets up a potential problem The second generation never develops the entrepreneurial skills necessary to take the business into the future during the time of their leadership
Pulled Into The Future
Published: 2016-4-02
The leadership vision and entrepreneurial talent of the founding generation of a family business may be very different than that needed in subsequent generations and installing a successor who is a copy of the founder may result in the failure of the business to change with an evolving market environment or the growing needs of 8230
The Networked Age What Can LinkedIn Leaders Learn From Family Businesses
Published: 2016-3-26
I recently heard Jeremy Stover LinkedIn 8217 s head of leadership management and executive development speak as part of a panel discussing the state of executive coaching I asked him about the success of leadership coaching within LinkedIn and he directed me to an article he wrote in December of 2105 entitled 8220 Social Leadership in the Networked 8230
Giving Your Best
Published: 2016-3-18
My grandfather said to me Give the world the best you have and the best will come back to you 1 Upon reading this a particular family-business story came to mind A friend of mine the youngest sibling in a second-generation family business was frustrated by his father s strong-minded control and by his older siblings apparent 8230
The Familiness Of Your Family Business
Published: 2016-3-11
John CEO of the firm tells Robert that they are letting him go because he was coming up short on the competencies needed for his job John turns away and then back to face Robert He says Son I heard you lost your job How can I help Familiness in a family business is that 8230
A Family Community
Published: 2016-3-05
In January 2016 Dennis T Jaffe Ph D published a book entitled RELEASING THE POTENTIAL OF THE RISING GENERATION How Long-Lasting Family Enterprises Prepare Their Successors In it he discusses attitudes and actions that together comprise the success of multi-generational family businesses Jaffe 8217 s book makes a strong case for the idea that family business success is 8230
Working With Siblings
Published: 2016-2-26
In a recent blog entry Seth Godin wrote about options for finding leading and motivating employees in a small business he used the term 8220 tiny business 8221 He characterizes three different management styles what types of employees work best in each how they work together how they relate to being led 8220 a team of equals 8220 fellow 8230
Accepting Anxiety
Published: 2016-2-19
Last week I wrote about how to keep moving forward in times when we are feeling overwhelmed by challenges in our businesses My posting today is on a similar theme managing our anxiety Some business owners thrive on anxiety They require the frenetic energy it delivers in order to do business Others suffer severely under the 8230
Published: 2016-2-11
This past week a number of my clients expressed feeling overwhelmed by unexpected challenges they are facing in their businesses Speaking metaphorically I suggested to one client that he keep the nose of his kayak pointing downstream that he turn his attention to steering day-to-day business operations A crisis is not the time for big-picture planning 8230
But What Will I Tell My Grandchildren
Published: 2016-2-04
Seth Godin recently wrote a post with a seven-word title 8220 But what will I tell the others 8221 He calls these out as Seven urgent words that are rarely uttered The profound question These are he says The words we imagine we 8217 ll tell the boss the neighbors our spouse after we make a change or take 8230
Assessing Emotional Intelligence The Results Are In
Published: 2016-1-29
For the past two weeks I have been writing about emotional intelligence and its role in family business From the many responses I have received it is clear that this topic has struck a chord with readers This week I want to briefly show the value of applying emotional intelligence assessment within a family business 8230
Emotional Intelligence Do We Have Two Minds
Published: 2016-1-22
Last week I wrote about why family businesses are particularly susceptible to the impact of emotional triggers I observed that well-directed emotions can be useful Successful business families blend cognitive perspectives 8211 thinking understanding learning remembering 8211 with the energy of emotions At the intersection where these 8220 two minds 8221 meet the capacity for cooperation innovation growth and longevity is 8230
You Are So Emotional
Published: 2016-1-17
Yes I am emotional l am your sister brother son daughter mother father another family member We not only work together we grew up in the same family We share common experiences and emotional history 8211 ingrained touch points that can trigger easily Because of this familiarity emotions can spill over into a family business much more 8230
Family-First Or Business-First Revisited
Published: 2016-1-09
In an earlier blog posting I wrote about distinctions between a family-first and a business-first business Family-first promises employment to family members based on the family relationship Business-first promises employment based on the needs of the business and capabilities of the individual family relationship is secondary The question is asked whether family businesses are more 8230
Your Job Is To Prepare The Next Generation
Published: 2016-1-03
In his influential work The E-Myth Revisited addressing small business owners author Michael E Gerber stated Simply put your job is to prepare yourself and your business for growth Addressed to the head of a family business this admonition applies in modified form Simply put your job is to prepare the next generation for multigenerational 8230
A Family-Business New-Year s Resolution
Published: 2015-12-24
In the blink of an eye another year has passed and resolutions for 2016 may be creeping into our thinking The closing of the year bestows a blessing it encourages reflection 8211 pressing us to review our individual accomplishments our persistent challenges what we are grateful for what more we hope to accomplish and who we would 8230
The Last-Minute Succession
Published: 2015-12-13
In his recent blog entitled 8220 the last minute 8221 Seth Godin writes I 8217 m not good at the last minute It 8217 s really fraught with risk and extra expense I 8217 m much better doing things the first minute instead http sethgodin typepad com seths blog 2015 12 the-last-minute html For a family business 8216 last-minute succession planning 8217 is similarly afflicted and is sadly too often what takes place Successful 8230
The Best Family-Business Leaders Are Constant Learners
Published: 2015-12-04
In their article The Best Leaders Are Constant Learners published in Harvard Business Review Kenneth Mikkelsen and Harold Jarche write that today s business leaders must make meaning of a playing field that is constantly changing shape A valuable axiom for creating successful family businesses is that next-generation leaders need to keep their eyes on the 8230
Succession Is A Process
Published: 2015-11-27
One of the more important axioms pertaining to family businesses is that succession is more a process than a transaction Coupled with another everything goes better with planning and Stephen Covey s second habit of highly effective people begin with the end in mind it constitutes a recipe for success 160
The Not-Ideal Path
Published: 2015-11-21
Seth Godin recently wrote a blog post titled Natural Light http sethgodin typepad com seths blog 2015 11 natural-light html In it he describes two ways of making things One way is to tightly control conditions To ensure consistently of outcome pre-process the inputs so that all raw materials are precisely the same every time The other way Godin calls the path of natural 8230
Developmental Stages Of Multi-Generational Family Businesses
Published: 2015-11-14
A few weeks ago I had the pleasure of hearing Lena Jungell a fourth-generation member of The Fazer Group speak at the Fall 2015 Global Family Business Event hosted by the Baruch College Lawrence N Field Center for Entrepreneurship In her talk Ms Jungell presented elements essential for the growth and sustainability of a multi-generational 8230
Values Vision Mission The Bedrock Of Family Businesses A Real-Life Illustration
Published: 2015-11-07
Last week I wrote about having attended the Fall 2015 Global Family Business Event hosted by the Lawrence N Field Center for Entrepreneurship at Baruch College where I heard a talk by Lena Jungell a fourth-generation member of The Fazer Group An international family-owned-and-run firm based in Finland The Fazer Group proudly produces top-of-the-line bakery 8230
An Owners Vision
Published: 2015-10-31
On October 22 I attended the Fall 2015 Global Family Business Event hosted by the Lawrence N Field Center for Entrepreneurship at Baruch College City University of New York The keynote speaker was Lena Jungell a fourth-generation member of 8220 The Frazer Group 8221 She shared with us the story of her family 8217 s business http www fazer com our-brands karl-fazer finlands-most-valued-brand Her talk 8220 The Development 8230
Differences And Consensus
Published: 2015-10-22
In his October 4 2015 NY Times column Corner Office Adam Bryant presented his interview with Gary B Smith CEO of the Ciena Corporation 8220 Gary Smith of Ciena Build a Culture on Trust and Respect 8221 In it Smith shares some of his history his early influences and how his views changed with experience In last 8230
It s All About People
Published: 2015-10-15
In his October 4 2015 NY Times column Corner Office Adam Bryant presented his interview with Gary B Smith CEO of the Ciena Corporation 8220 Gary Smith of Ciena Build a Culture on Trust and Respect 8221 In it Smith shares some of his history his early influences and how his views changed with experience In last 8230
Nurturing Next-Generational Success
Published: 2015-10-10
In his October 4 2015 NY Times column Corner Office Adam Bryant presented his interview with Gary B Smith CEO of the Ciena Corporation 8220 Gary Smith of Ciena Build a Culture on Trust and Respect 8221 In it Smith shares some of his history his early influences and his experiences as he took on his first 8230
Moving The Center
Published: 2015-10-01
A point is reached in the life of a family-owned or closely-held business where in order to continue growing it needs to begin a process of transitioning from an owner-centric to a management-centric enterprise This is one of the top challenges for businesses where family members maintain tight operational controls In order to move forward 8230
Fear Or Dreams
Published: 2015-9-26
Seth Godin recently wrote in a blog that motivators for important actions come down to either fear or dreams http sethgodin typepad com seths blog 2015 09 dreams-and-fears html Godin is writing from the perspective of how marketing is positioned Fear and dreams are equally strong motivators in family businesses especially during times of impending transition Both parents and children can experience fears of 8230
We Are An Eight-Track Tape Deck
Published: 2015-9-19
or we are a buggy whip or any other product whose purpose is largely irrelevant to the needs of the current marketplace Family businesses built on the vision and hard-work of their founders may no longer be viable a generation or two later because of the inevitable changes in the external business environment Herein lies 8230
For Older Family Business Leaders Goals Turn Inward
Published: 2015-9-12
A family business has been established for many years It has been guided to a level of maturity and success and is firmly established For the leader of such a firm focus now shifts from financial concerns and growing the business to an emphasis on human contact and relationships Instead of seeking outside professionals whose 8230
Teaching Trust
Published: 2015-8-27
This past Spring my daughter completed two years teaching high-school math in the Dallas-Fort Worth area with Teach For America https www teachforamerica org She is staying on another year so she can see the first class she taught graduate Now in her third year she is participating in a semester-long professional-development program sponsored by Teaching Trust http www teachingtrust org 8230
What Do Google Apple And Successful Family Businesses Have In Common
Published: 2015-8-21
Authenticity In a recent posting on Tech Crunch Network Justin Rosenstein writes that Apple and Google both having reached the pinnacle of business success are very different companies in their business style and leadership What they have in common though is a culture of authenticity that is the source of their success Rosenstein writes that 8230
How Did Grandpa Start The Business
Published: 2015-8-14
This is a question that should instill a sense of pride The entrepreneurial spirit that started the family business is both a touchstone for the family and a competitive advantage in the market place It is a story generally built on clear values creative problem solving experimentation and hard work Regrettably most family businesses fail 8230
A Crisis Is A Terrible Thing To Waste
Published: 2015-8-08
Quote attributed to economist and entrepreneur Paul Michael Romer https en wikipedia org wiki Paul Romer It s natural behavior that when things are good business is growing and we are making money we pay less attention to costs It s a time when expenses can creep upwards but don t matter significantly Eventually though they may get out of hand precipitating a crisis 8230
Washing The Hands Of Your Father
Published: 2015-7-31
Axiom and Challenge in Family Businesses In discussions about successful multi-generational family businesses I frequently state what I believe to be an axiom each generation needs to respect the past and keep an eye on the future Challenges often expressed to achieving this ideal are a loss of perspective and even worse a sense of 8230
West Point Leadership And Family Businesses
Published: 2015-7-25
In his article The Re-Education of Jim Collins published in Inc Magazine Bo Burlingham of Editor at Large Inc writes about the lessons that Jim Collins business guru and author of such business classics as Good to Great and Built to Last learned during his two-year appointment to West Point 8217 s Chair for the Study of 8230
Struggle And Strength
Published: 2015-7-18
Ongoing Discussion at the Family Business Mastermind The Family Business Mastermind is a peer-to-peer learning group Participants meet monthly at the Lawrence N Field Center for Entrepreneurship at Baruch College of the City University of New York to discuss the pressures challenges and concerns of being part of a family business http www meetup com Family-Business-Mastermind-at-Baruch-College-Manhattan At July 8217 s Mastermind 8230
The Unreasonable First Generation
Published: 2015-7-11
Seth Godin recently wrote a blog post on a characteristic bias of human nature regarding the perception of 8220 reasonableness 8221 http sethgodin typepad com seths blog 2015 07 unreasonable html He pointed out that in relationships we consistently perceive and 8220 act as though 8221 it 8217 s the other person and not ourselves who is being unreasonable This situation is not infrequently seen in the interactions between members 8230
Talent And Commitment
Published: 2015-7-04
If I were asked to recommend top-of-mind best strategies for multi-generational success in a family business I would advocate fostering the development of next generation-talent and leadership and instilling a values-based commitment to being a multi-generational family business 160
Family Policies
Published: 2015-6-28
I was speaking with a long-time acquaintance with whom I went to high school He is a third-generation member of a family business He mentioned that his family has an ongoing policy starting when the family 8217 s children become teenagers If any of them think they want to go into the family business they are expected 8230