Compounding the Assets

business-successWhen considering family business growth, an important task of the family business is to ensure the family business assets are compounded over the generations. This means that it is the responsibility of a business successor to work towards leaving future successors with more than was there at the beginning. It's important to have clarity with this task.

Clarity of Tasks Between Family and Business

business-successEffective family business communication is one of the fundamental aspects of building a smooth-running platform for success. Oftentimes, combining the dynamics of family and business can create conflicting messages, causing a family to confuse tasks. This can be one of the biggest mistakes families in business can make. Clarity of tasks between family and business is essential.

Well-Defined Interpersonal Boundaries – The 10th Key to Success in Family Business

business-successOne of the most important keys to family business success is having well-defined personal boundaries. Family members must resist getting caught in the middle of a conflict between other family members. It's possible to establish a boundary by knowing what to say, and how to say it - without getting caught in the middle.

Privacy – The 9th Key to Success in Family Business

business-successA successful family business is one that respects the privacy of the family members who work for the business. It's important to respect individual privacy as well as the privacy of each family unit in an extended family. By respecting the privacy of all family members, positive relationships can be maintained at work and at home.

Assisting & Supporting One Another – The 8th Key to Success in Family Business

business-successAssisting and supporting family members are two keys that promote a successful family business. Support comes in many forms, and it is imperative - especially when a family member is experiencing grief, loss, pain or shame. Support is important even if one family member does not agree with the decisions another family member makes.

Mutual Respect – The 7th Key to Success in Family Business

business-successThe most successful family businesses are those whose members always do their best to show mutual respect for all members of the family. Mutual respect is built on the trust that comes from knowing that one family member can depend on other family members. Without mutual respect, it can be extremely difficult to run a successful family business together.

Maintaining Relationships – The 5th Key to Success in Family Business

business-successA successful family business is one that understands the importance of maintaining healthy relationships among family members. This means it's important to have fun together, and not talk about business all of the time. Experiencing enjoyable times together helps family members sustain their relationships and work together towards the success of the business.

Willingness to Learn and Grow – The 4th Key to Success in Family Business

business-successIt's possible to learn and grow as a family when there is willingness. A successful family business consists of family members that are open to new ideas. With an open mind, virtually any problem can be solved. When difficult situations arise, a family that is willing to work together is a family that can thrive in business.

The Ten Keys to Success in Family Business

business-successThere are many keys to success in family business. Over the course of his career, David Bork compiled a list of 10 of the most common traits for success in successful family businesses. There are many identifiable qualities shared by successful family businesses - all of which became important tenets of Bork's family business consulting philosophy.

By |2017-07-10T13:48:23-06:00September 16th, 2009|Categories: 10 Keys to Success|Tags: , |