Some thought provoking questions for the modern Family Business.
As we approach the start of another new financial year, now is a good time to do a bit of reflection to check that your ‘family’ and your ‘business’ are in alignment, for the health and prosperity of all those involved!
1. Do involved family members have strong emotional ties with the business? YES/NO
2. Are relevant family members involved in decision making? YES/NO
3. Do family members gain a sense of achievement working in the business? YES/NO
4. Are younger members encouraged to be involved in the business? YES/NO
5. Are younger members helped to gain relevant skills for the business? YES/NO
D. Emotional Attachment
6. Are family members involved in the business because they want to be? YES/NO
7. Do family members actively promote the business even when they are off duty? YES/NO
E. Entrepreneurial Spirit
8. Are new ideas from family members encouraged and embraced? YES/NO
F. Career Enrichment
9. Are family members given opportunities to develop? YES/NO
10. Are family members given a career path within the business? YES/NO
G. Future Proof
11.Is there an exit strategy/succession plan for the current business leaders? YES/NO
12. Are future business ideas and plans shared with family members? YES/NO
NB: Not all these questions will be relevant – but that’s OK – they are there to help you clarify what is relevant for your own particular family business and to explore if there are better ways of doing things.
If you have 9-12 YES’s, Well Done – you clearly have excellent communication channels between family members and are in good shape to take positive and united steps forward for the benefit of the business and the family. Please do share your top tips in the space below.
If you have 5-8 YES’s, Good – you are well on your way to have a cohesive family-centric business strategy, but do look carefully at your methods of communication, checking that it is a two-way process and actively seek the input of family members – you might be missing some great suggestions! Let me know if you’d like a few ideas to re-energise those communications.
If you have 0-4 YES’s Use this as an opportunity to look at things a little differently, question your methods, listen and seek feedback from other family members and perhaps even share a bit of the business burden with some of them? Let me know if you’d like help facilitating these discussions.
For other Family Business Articles and Free Resources that might interest you, just click on the links below:
Family Business Fairy Tale (HR Video)
Fluttering Rights – an HR Story (FREE e-book)
I’m always happy to answer HR questions – just give me a call on 05600 434 727 or email me: email@example.com