Managing family relationships at work is one of the thorniest issues in family-owned businesses, particularly when relationships cross generations, such as parent-child or uncle/aunt-nephew/niece. Many family members are committed to professionalism and strive to separate “work” and “family” in their dealings with each other.
The ability to give and receive feedback is a fundamental leadership skill. Feedback improves outcomes and results, motivates performance, brings groups together, clarifies goals and objectives, clears outstanding issues and inspires development.
In a recent study, Egon Zehnder and Family Business Network International interviewed executives at 50 of the world’s top family firms - mostly in the third or fourth generation - to discover how they unlock great leadership.
As family businesses evolve from small enterprises to large, complex operations, many of them intuitively understand that they must add non-family members to the management team along the way.
Perpetuity is a central objective of every family business. In today’s ever-changing world, it is critical for owner families to proactively mitigate risks to achieve that longevity.
Whenever a family business looks to its next generation on matters of succession, it can encounter four types of responses. The next generation family member could be eager and ready.
Leadership succession is one of the most critical and daunting tasks a family business can face. Unfortunately, there are few resources that set forth in a concise way established best practices and then provide practical guidance on their implementation.
Women are in demand and can lead if they are able and willing, but this “is a delibaret choice – and entails sacrifice” - featuring Board Diversity Results in Hongkong from an EZ study.
The CFO candidate came for ten interviews. Ten times he spoke in great detail with the managing partner of the global family company about corporate strategy, responsibilities, and their understanding of his role. Ten times they discussed the values and culture of the organization. And then, at the end of a process which lasted many weeks, this experienced executive said “thanks, but no thanks.”
Family owned and promoter run organizations are often the best custodians of long term value creation in India. Yet, many of these organizations have had a mixed record in attracting and retaining high quality professional talent from the outside.