When Fanni Gambero first joined our team, we had a Christmas Party at my house. She made these amazing cream cheese cookies with peppermint candy baked in. SO good!!
I asked for the recipe, she said, “No, it’s a secret family recipe.”
She is a meanie.
When it comes to successful family business transitions there is a recipe for success. But it is not a secret.
Families who develop these four ingredients, over a period of 5-8 years, have a high probability to join the 30% of 2nd generation businesses that survive. (Check out last week’s blog)
- Wide Range of Experience.
Over time, give your family broad assignments across a wide range of business operations. Don’t let your apprentices get too comfortable in one role. - Teach Them to Sell.
Founders are frequently charismatic characters gifted with natural abilities to communicate, connect, and close. Their 2nd generation owners will always have credibility in the business when they can steadily bring in new work. - Coach Them to Lead From the Heart.
Creating vision, inspiring hearts, delegating work, motivating teams to collaborate at high levels. The #1 driver for productive and profitable business performance is a highly engaged workforce. Teams don’t build themselves. - Help Them See the Money.
Make sure they understand how to read profit and loss reports, understand margins, costs, basic projections for managing cash flow. Do this without making them the company bookkeeper.
Anyone who has been a parent knows that your advice may not always land effectively on your family members. This is where outside advisors, trainers, coaches can really help you unlock the future potential of your adult children.
You are probably close to your next gen breakthrough than you imagine, let us help.
Need help fine-tuning your family biz recipe? Schedule a call with us. |