ASSOCIATES
Family Legacies' Associates are leaders in their respective fields including; Financial Planning, Wealth & Risk Management, Auditing & Business Turnarounds, Corporate & Commercial Law as well as Professional Coaching & Facilitation, combined with Family Business Consulting expertise, to provide our clients with a professional and integrated multi-disciplinary service.
DU TOIT VAN DEN BERG
JEANDRE DU TOIT
LOUIS STROEBEL
DEBBIE MARTIN
Financial Planning, Wealth
& Risk Management
Auditing, Company Structuring
& Business Turnarounds
Corporate & Commercial Law
Professional Coach & Facilitator
FREE RESOURCES PERTAINING TO CONFLICT RESOLUTION
Conflict is unavoidable, even in the closest families and the best-run companies. Successful business families learn to manage such differences. Indeed, they are apt to find that discussion of alternative viewpoints often leads to constructive change. Business owners who never developed conflict-resolution skills may hesitate to put interpersonal issues on the table for fear that the mere articulation of their feelings will damage their relationship with the other party.
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PERTAINING TO LESSONS LEARNED FROM LONG-LASTING FAMILIES IN BUSINESS
These lessons are not rules that every business family must follow in order to be successful generation after generation. They are what are considered “best practices” of the most successful, long-lasting families in business. Not all of the lessons are appropriate for all families, and not all successful family businesses manifest all of the lessons.
It is our wish that the lessons learned will encourage you to anticipate not only the next stage of your family business but the stage after that. It is also to enable you to do for your successors what is counter-intuitive to the reality that you have faced in your own tenure as a leader and to help you feel comfortable with making decisions and taking actions that may seem to go against the grain.
The lessons should also give you some tools with which to think through the “second stage effects” of the steps you are considering today – that is, the consequences that will reverberate throughout the generations that follow you.
What business-owning families do, or do not do, today will have echoes down through time, for generations to come.
50 LESSONS LEARNED FROM LONG-LASTING SUCCESSFUL FAMILIES IN BUSINESS
A FAMILY BUSINESS CHECKLIST
The following list represents the attributes and best practices of the most successful, long-lasting business-owning families. Your goal should be to be able to say yes to these questions. Use the list as a guideline to identify strengths and areas that need attention.
FAMILY BUSINESS ASSESSMENT
Use this checklist as a guide to review important family business topics from the many different perspectives of family business stakeholders. Using it as a systems assessment will help you to identify family and business planning themes that are relevant to your family business situation. The value of doing this exercise is that it will build awareness of some of the opportunities available to your family to improve business performance and strengthen family relationships.