communication leadership working in the business coping with stress

CommunicationCommunication

LeadershipLeadership

Working in the businessWorking in the business

Coping with stressCoping with stress

The objective of this sessionThe objective of this session

Identify ideas & initiativesIdentify ideas & initiatives that that Next Generation family business Next Generation family business members might implement inmembers might implement in their their own family business. own family business.

““Making succession a success is Making succession a success is the objective of NG”the objective of NG”

Ideas and Initiatives

The following ideas/initiatives were summarised at the end of the Next Generation Workshop at the 2005

Family Business Australia Conference.

Communication Ideas and Initiatives:

• Form a family council to create or support a clear vision or mission for family & business

• Incorporate clear procedures to make this happen• Use outside support to implement improved communication

protocols– eg facilitators• Insist on regular communication via meetings (formal/informal)

important to ensure whole family clear on intent.• Take a leadership position with regard to the need for improved

communication.• Rules for communication – eg your family might decide yes or no to

business talk on Sundays• Allow mistakes by other Next Genner’s and the incumbent generation• Ok to agree to disagree• Try new channels of communication - think creatively about the

communication challenge.• Ensure good communication with other NG members and the

incumbent• Learn to document and distribute minutes of resolution.

Communication Ideas and Initiatives (Cont):

• Weekly/fortnightly phone calls/conferences between 1/4ly executive meetings to keep info flowing.

• Keep emotions out of discussions – try to remain clear headed

• Restructure decision making methods that inhibit communication (also ensure roles enable this to occur – who fits best?)

• Understand all types of communication within family & staff

• Have off-site meetings/external reviews to “keep the business honest” and allow to tackle sensitivity

• Daily lunches as a family • Understand what each generation wants and needs (don’t

leave it unsaid)

Download Ideas/Initiatives

Leadership:• Earn respect and credibility from the employees first• Change from a working role to a management role• Ensure leadership style in the business suits the business phase• 360 degree review to ensure leadership style appropriate• Seek feedback • Leader needs PASSION• Incumbent needs to clearly set out expectations for next gens

leadership style• Next gen needs to be clear on what they think they can achieve• Assess whether or not you think you are a leader – is the job for you

after all?• Outside support to assess the prospective leaders in the business –

are they right for the job?• Communication – set up family forums (in laws included) to ensure

everyone knows what’s going on


Leadership:• Governance plan, constitution, independent board members,

junior board member program to give ownership/responsibility

• Process of finding leader needs to be honest – is it actually someone in the family or external? Utilise outside support to determine.

• Determine if obligation is driving decision – not true desire/ability

• Incumbent Gen needs to have a forum to retain some involvement in the bus after leaving – mentoring?

• Established criteria for leadership – to be documented and communicated widely (eg outside experience)

• Implement criteria objectively via review/board of directors when seeking leader for business


Leadership:• Leadership skills need to be continually developed – outside

training and mentoring• Passion & motivation critical• Instill passion and ideas into kids at early age – cultivate early

and give freedom to explore• Equip leader for role effectively• Communicate clearly to all (suppliers/staff/family) to ensure

new leaders role supported & accepted• Work/Life balance issue needs to be acknowledged/supported

and formally agreed upon


Leadership:• Identify a plan for future leadership

– Individual needs– Determine leadership issues– Develop action plan – eg external coaching– Communicate in advance – be transparent (no hidden agendas)– Timeframes/milestones– Seek constant feedback– Start now – it’s an ongoing and integral part of the business

• Identify which skills are lacking in potential leaders• Create environment & structure business to enable development of

family constitution• Open communication between all parties• Find a way for younger gen to develop skills whilst respecting older

gens needs/styles


Working in the business:• Identify forum for next gen to express views and ideas• Traineeships, or shadowing of older gen, for new gens

to understand the roles better• Imaginary “sacking” of family members – have them re-

apply for the roles based on skills and correct fit for the role itself

• Ensure scheduled family meetings to discuss bus and family issues

• Balance family structure & hierarchy with bus structure to ensure correct fit


Working in the business:• Open communication – meetings/forums• Mentoring process for new family joining bus• Case studies valuable learning tool• External experience “out in the real world” for next gen

very important• Encumbent to be clear on their role as decision maker • Allow family members to join bus on own terms but also

understanding the bus needs• Next Gen important to join a Forum Group to provide

support/advice & help in their journey to join the family business.


Coping with Stress:• Proactive with stress – don’t let it take over• Compartmentalise stress – deal with it actively to

ensure it is kept under control• Process to discuss issues – find a respected “outsider”

to help • Retiring leader should be involved to support new gens

through the process of personal growth in bus. • Ask questions of your role and seek clarification to

understand intent• Find ways to handle relationships within and around

you better


Coping with Stress:• Confirm and understand agendas, abilities, and roles of

all around to be more clear• Seek professional support to work better/ cope better• KPIs, staff performance measures on all around but esp.

yourself so as to be clear on your objectives.• Clearly understand the business first.• Respect the need for time away from the business to

clear the mind/soul• Make everyone accountable• Provide support and encouragement to both staff and

family to ensure they feel needed and appreciated

NG LOGO

communication leadership working in the business coping with stress

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