keys to family business success

Family Business:

KEYS to Success

“I want the business to stay

successful… I want us to have

Thanksgiving together…” (client Goal)

Shem Cohen, MSOD Change Events, Inc.

Copyright © 2013 All Right Reserved

Family Business Success…

FAMILY HARMONY

SHARED, PROMISING

FUTURE

BUSINESS SUCCESS

Shem Cohen, MSOD Change Events, Inc. Copyright © 2013 All Rights Reserved

…can be a tricky proposition:

Creating/maintaining a

successful business is, most

often, challenging…

Family/work

relationships can

get… ‘complicated’

Shem Cohen, MSOD Change Events, Inc. Copyright 2013 All Rights Reserved

&

What family-business concerns

are keeping you up at night?

The Person

Family

Business

• Performance

• Market Strength

• People

• Focus

• Skills

• Work Climate

• Commitment

• Culture

• Work Relations

• Personal Relations

• Workplace Role Clarity

• Employee Relations

• Ownership/Rewards

• Shared Future

• Performance

• Leadership/Management Skills

• Technical Skills

• Soft Skills

• Attitude

• Focus

• Commitment

Shem Cohen, MSOD Change Events, Inc. Copyright © 2013 All Rights Reserved

CURRENT COST

of concerns to the Business?

The Family?

FUTURE COSTS if

we do nothing? FUTURE COSTS if

we do nothing?

Once the business framework is

stands on own strategic merit, (not still in the business of manufacturing telephone booths)

SUCCESS

is ALL ABOUT PEOPLE:

- Understandings

- Agreements

- Shared Values

- Commitment

Shem Cohen, MSOD Change Events, Inc. Copyright 2013 All rights Reserved

Family businesses need manage the

same challenges as any other business

requiring the same sound strategic

thinking, decisions & positioning…

- but, also with the added complexities

of family/workplace culture, life-long

relationships and the negotiations/trade-

offs required to both stay competitive

and to maintain harmony


KEY to Successful Family Business


Relationships

Systems

Roles

Goals

Values

Governance

Ownership

Most Problems

Here

(lack of”

clarity, agreement,

effective systems,

business process

&/or, a current or

desired change in

status quo)

Some problems

here, but can

be significant

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The Path to Family Business Success…


Relationships

Systems

Roles

Goals

Values

Governance

Ownership

People engage each other in meaningful &

productive ways to:

• Establish Clear Ownership Agreement

• Anchor Clarity of Mission, Goals & Roles

• Create a Framework of Shared Values

• Co-create (as appropriate) Business

Direction, Strategy & Improvement

• Establish Process for Major Decisions

• Shape Agreements for Managing Conflict

• Create Streamlined, Value-Add Systems

and Processes

• Improve Relationships

• Engender Commitment, Personal Best

=

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“Family Business” is a very broad

category with a range of priorities

and concerns…

Shem Cohen, MSOD Change Events, Inc. Copyright 2013

Established, high-net worth families

must successfully navigate concerns

related to wealth management/distribution,

spouse policies, governance and decision-

making, shape clarity re: shared values –

and, at times, best manage ‘bad actors’.

Establishing a Family Council, Advisory

Board, Trustees and holding an annual

Family Assembly are best practices to

shape the understandings, agreements and

buy-in needed for business success and

family harmony

Relationships

Systems

Roles

Goals

Values

Governance

Ownership


“Family Business” is a very broad category

with a range of priorities and concerns…

Relationships

Systems

Roles

Goals

Values

Governance

Ownership

Family businesses ‘making a living

together’ often face concerns related to

business performance, leadership,

individual performance, professional skills,

rewards, succession/ownership and

employee relationships (and also, from

time to time, how to best manage ‘bad

actors’)

Holding collaborative dialogues where

members participate in creating solutions

and driving clarity/agreement around

Goals, Roles, Performance and

Leadership expectations sets a framework

in place for future success

When Relationships ‘Go South’


Is most often related to unclear agreements around ownership, goals, roles, performance standards or lack of effective systems, processes or accountabilities

Can be related to significant style differences

Is best managed through agreements shaped through dialogue, within context of the business and with orientation to the future

The Difference Between

‘Problems’ and ‘Dilemmas’

Problems are solvable – is a binary

equation… O’s and 1’s…

Dilemmas can never be solved – will keep

re-appearing over time…

-- Dilemmas can only be managed.

Style differences, cultural dynamics,

relationship histories, etc. – when are of

concern – are dilemmas that need

managing well (versus problems ‘solved’)


Managing Dilemmas Well Takes:

Recognizing the Dilemma

Seeing the polarities involved

Co-creating strategies to manage

towards the ‘sweet spot’ to desired

outcomes

Crafting Agreements

Taking Responsibility for the Future

On-going check-ins and corrections


KEY to Successful Family Business


Relationships

Systems

Roles

Goals

Values

Governance

Ownership

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Open Communication:

- Strategic & Business Planning

- Clear Expectations

- Shared Vision and Values

- Shared Decision Making (as

most appropriate)

- Shared Stake in Improvement

- Shared Hope


Strategic & Business Planning Facilitation

Change Management

Conflict Resolution:

• Diplomacy

• Mediation

• Crisis Intervention

Shem Cohen, M.S.O.D.

[email protected]

www.changeevents.com

http://www.linkedin.com/in/shemcohen

Meet Shem Cohen

http://www.changeevents.com/





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