Thriving Businesses Inside Thriving Families: How Do You Measure Up?
Families who are successful in having both a thriving family and a thriving business can usually answer the following questions positively:
Have we defined common objectives?
Have we determined and live by common values/behaviours/principles?
Do we have clarity on the responsibilities of our roles?
Do we put the firm first and slot into our best individual role?
Are we relentless and disciplined in the conduct of businesses processes?
Are we content but not satisfied with the level of profit in various enterprises?
Do we have communication structures and processes? (do we know which decisions we should just make, which we should discuss before making, and which we should make and communicate?)
Do we make decisions in a respectful way privately and then support the decision publicly?
Do we respect each other in word and action?
Do we value diverse opinions and compromise without complaint when that is needed?
Do we raise and deal with tricky issues?
Do we have clarity amongst our various roles? (family, owner, leader)
Do we understand and operate the appropriate rooms for our family? (exec, ownership and family room)
Do we communicate regularly and have the appropriate conversations with family members who are not in the business?
Do we promote the right principles, work habits and education to the youngest generation?
Do we deliberately work to avoid a spirit of entitlement in the next generation?
Do we hold each other accountable?
Do we have clarity on the principles that will guide compensation related to each of our roles?
Do we have similar philosophies related to the use of company assets by family and other family enterprises?
Do we agree on the importance of protecting the company balance sheet?
Do we meet regularly to review an agenda, whether we appear to need to or not, that reviews progress on objectives, values and other matters that pop out of questions 1 to 20?
How many of these behaviours does your business practice? Are there a few more you could implement to enhance both your operations and your family's strength? If you're interested in becoming—or remaining—a thriving business within a thriving family, we're here to help.
About Concordia Business Facilitators
At Concordia Business Facilitators, we bring together a blend of perspectives. Emily Zych and Jol Hunter combine their experience to offer over 50 years of helping family businesses succeed. Whether it’s resolving tricky situations or putting measures in place to prevent them, we’re here to help.
We work with a broad range of family businesses, including traditional family-owned companies and other family-like businesses, such as professional partnerships.
If you or someone you know is part of a family-like business that could use some guidance, or if your family business could benefit from support in maintaining or improving its dynamics, we’re here to help.
Jol Hunter: jhunter@sunnycorner.ca
Emily Zych: ezych@concordiabusiness.ca
Emily Zych grew up with business discussions at the kitchen table. She focuses on facilitation, communication, and problem resolution.
Jol Hunter, CPA, CA, MSc (Training and HR), CPHR has a long history in family business, both as an owner and a consultant. With over 35 years of experience, Jol has supported hundreds of family-like businesses.