As I move on from FBA I wanted to share five things I have learnt during my time with the organisation.
- Family businesses are different – in a good way. They are often faced with challenges experienced by no other sector and yet they are more resilient, passionate and innovative than many other businesses.
- Family businesses are best understood and assisted by people who can fully comprehend the complexity of these challenges – i.e. people that have been there or specialize in family business support (Accredited Advisers).
- Family businesses benefit from sharing and networking with other family businesses. It’s like finding your tribe – other people who speak your language. Sure, you may be a funeral director talking to a truck driver, but the ‘family stuff’ is common to you both. It’s nice to speak to someone who really understands what you’re dealing with.
- Family businesses need good governance. Verbal agreements or ‘understandings’ amongst family members won’t cut it. Even it is seems like overkill, you’ve got to get formal about your structure, succession and strategy if you want to avoid a world of pain in the future.
- Family businesses are optimistic. I honestly haven’t met anyone during my time at FBA that has not been inspiring, kind and positive about the future.
Thinker in Residence Dennis Jaffe Comes to Adelaide – 29 Feb
Hawke Centre, Uni SA – FREE EVENT
Dennis Jaffe will be presenting at a special event in Adelaide on 29 February supported by the Department of State Development (DSD) and Uni SA. Specifically aimed at family businesses, Dennis will talk about how things have changed for the sector since he delivered his report “The Future of Family Business in South Australia’ in 2008 and what needs to be done in a new economic climate to ensure ongoing success. Invitations will go out in early February.
Don’t miss the opportunity to get a behind the scenes peek into one of South Australia’s best known furniture retailers. The Classic Timber Furniture Company was started in 1975 by David Gronow as the ‘Whitewood Centre’ and is now managed by his daughter Kimberly and her husband James. Their story is one of reinvention and resilience. Enjoy a great night of networking and hear their amazing story. For more information, click here.
This course provides the opportunity to gain a deeper understanding of the dynamics of family business and what is needed to be successful. Family Business Essentials is a must for anyone working in a family business – both family and non-family members. For more information, click here.
SA and NT Manager