Governance of Family Businesses must include the concerns of the numerous and diverse third generation. Establishing a set of Councils and Boards is essential in addressing critical transition issues. With a Governance Model, Family Businesses can address acute short-term challenges and prepare the business for subsequent generations. Starting the change process can be difficult. Ideally, […]
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Do You Know the Root Cause to Poor Employee Engagement?
Editor’s Note: The author, Dwight Mihalicz, is a subject expert matter on effective management and hosting a free webinar for Flevy’s audience on Empowerment 4.0. The focus of Empowerment 4.0 is to help managers of managers understand the elements that need to be in place for effective teams. Most management training focuses on the “soft skills,” […]
The 21st Century Dilemma: Preparing the Next Generation for Succession
Family businesses did especially well in riding the rising tide. Family businesses were the particular beneficiaries of three decades of favorable global economics. Propelled by fast growth in the emerging world, the share of family businesses in the global Fortune 500 grew from 15% in 2005 to 19% in 2013. Five years ago, founders or […]
Boost Employee Engagement – Solutions That Work!
Editor’s Note: The author, Dwight Mihalicz, is a subject expert matter on effective management and hosting a free webinar for Flevy’s audience on Empowerment 4.0. The focus of Empowerment 4.0 is to help managers of managers understand the elements that need to be in place for effective teams. Most management training focuses on the “soft skills,” […]
The Key to Strengthening Family Business: The 4 Components of Family Capital
Family Capital is a true differentiator between family-owned businesses and companies with a fragmented shareholder base. Family Capital expresses itself as the organization’s culture, ethos, and network. While hard measures liking it to performance are elusive, Family Capital clearly conveys powerful advantages. McKinsey Organizational Health Index database indicates that family-owned businesses enjoy a significant advantage […]
Professionalizing the Family Business: Getting Ready
Every firm will eventually reach the point when it has to professionalize the way it operates. This is done by instituting more rigorous processes, establishing clear governance, and recruiting skills from outside. Family Business is no different. In the Family Business Survey, 43% of the companies believe that the need to professionalize the business is […]
Keeping Family Committed: The Family Business 5 Dimensions of Activity
Family businesses are an overlooked form of ownership. Yet, they are all around us. One-third of companies in the S&P 500 index and 40% of the 250 largest companies in France and Germany are defined as a family business. A family business means that a family owns a significant share and can influence important decisions. […]
When Demand for Added Value from Strategic Functional Organizations Becomes the Priority, Where Are We?
Functional organizations are facing dramatic changes. Businesses are becoming more focused around capabilities and demand leaders of functions to play a more strategic role. With a less stable environment and more intense competition, a premium is put on agility and flexibility with an increased emphasis on performance results. In effect, functions are pressured to boost […]
Following The 10 Steps to Effective Succession Planning
Effective Succession Planning in Family Business has been redefined in the 21st century. The Family Business sector continues to be vibrant, successful, and ambitious. This, despite tough economic conditions and accelerating pace of change. Family firms are vital to all economies. It offers stability, a commitment for the long term, and a responsibility to their […]
Sharpening Your Edge to Growth: The 10 Principles of Culture
A company’s cultural situation is challenging, multidimensional, and difficult to deal with. It constitutes a powerful set of emotional resources. To a degree, culture can be compared to natural forces such as winds and tides. These elements are there in the background, sometimes unnoticed, sometimes obvious. Endowed with immense power, they can waylay plans and […]
Taking the Road Less Traveled: Building Leadership Credibility
Leadership is the relationship between people who aspire to lead and those who choose whether or not to follow. Leadership hinges on the leader’s credibility which is difficult to build and easy to lose. CEOs of BP, Wells Fargo and Volkswagen have learned that tough lesson through high-profile scandals that can swiftly damage their reputations. […]
Need to Manage Conflict at the Workplace? Use the Thomas-Kilmann Conflict Mode Instrument (TKI)
A major reason for employees leaving their workplaces is conflicts with their bosses. To succeed in today’s fiercely competitive market, organizations need to invest in developing their leadership, such that they further develop their teams by training them on the desired competencies and create a sense of engagement in them. A big challenge for leaders […]
