The need to bring in skilled professionals with experience in the family business often presents a series of dilemmas. These challenges range from evaluating the suitability of candidates to justifying a market salary that may disrupt existing employee scales and familial relationships. Let us delve deeper into each point, providing more details and insights on …
Onboarding professionals to work for your Family Business Read More »
Opaque Finance is a potential threat to family businesses, which are often lauded for their resilience and longevity. This phenomenon occurs when family members entrust the financial management of the business to a relative, who is typically assisted by a family friend who is a professional and an external advisor. The warmth of familial relationships …
Opaque Finance: A Peril in Family Business Dynamics Read More »
The need for effective performance management is a critical aspect that is frequently overlooked in the dynamic landscape of family businesses. As these businesses evolve, so do the challenges associated with measuring and improving employee performance. The transition to a performance-driven culture introduces the concepts of Key Result Areas (KRAs) and Key Performance Indicators (KPIs). …
Performance Management: Moving Beyond Shallow Waters Read More »
The rise of silos and the decline of effective communication is a common phenomenon in multi-generational family businesses. This phenomenon, known colloquially as “The Lost Organisation,” encapsulates the difficulties encountered by family members working within the same enterprise who, over time, find themselves isolated in their roles, lacking a shared vision, and dealing with unspoken …