Is Your Business Ready For The Next Gen?
Avoid the Entitlement Trap™
Family business originates from the founder’s entrepreneurial spirit and sacrifices made by the family. The challenge is finding the right mix of family values and business values to stabilize governance. Defining your SUCCESS FORMULA is essential for keeping the business performing and the Entitlement Trap™ at bay.
A family business that has taken the more arduous road of nurturing the family to be a “family that is in business”, has a higher probability of surviving and sustaining the business over successive generations.
The success of a family business is dependent on instilling good governance and preserving its entrepreneurial spirit. KRO advises on finding balance between family and business values to ensure your family business remains productive and protects your way of life.
Success Process:
- Family governance – Describe the family business “code”
- Integrating family members – Job description, development and accountability
- Family conflict toolkit
- Increase business value year-over-year
Plan-of-work – Family Business Advising
- Structure, monitor, review and act on your SUCCESS FORMULA
- Build a great place to work – Succession planning
- Implement mechanisms holding family and non-family members to account – The “Huddle”
- Develop an environment of success – Competitive Wellness™
- Understand the Entitlement Trap™ – Safeguard your success
Family Business
A Family in Business
- Family members not involved in the business
- Non-family/business owners
- Non-family employees
- Family owners not working the business
- Non-family owners who work in the business
- Family members who work in the business but are not owners
- Family owners who work in the business
Entitlement Trap™
Safeguard Success
When a team outgrows individual performance and learns team confidence, excellence becomes a reality.
Joe Paterno