Best practices. We strongly advocate sharing family business best practices at our Forums, in our Leadership Labs, and in our consulting practice. Business families face extraordinary complexity. They seek to navigate, balance, and make decisions about overlapping issues involving family, business, and shareholdership.
However, the deeper “work” and conversations these remarkable families must enter into is far more fundamental. Simple “best practices” merely scratches the surface. Matt Wesley writes about this eloquently in his article, The “Best Practices” Shell Game. Matt states that until a business family system develops competencies to adapt and thrive, none of the best practices will survive the complexity. These basic skills have to do with “communication and trust, values and agreements, respect and compassion.”
We call this building family muscle work, and it involves creating “containers” that allow the family to learn these competencies together. “By practicing these competencies in these structured containers, the family methodically gains the skills it needs to not only adapt to an uncertain future but learn to thrive in that future.”
The Journey Ahead
As guides on the legacy family journey, first of all, we provide a common language to understand the terrain as you climb the family business mountains. Also, we give you a process to define individual and family desired outcomes or summits. In addition, we can help you plot the path ahead with mile markers to assess progress on the journey. Furthermore, we can aid you with tools. Finally, and perhaps most importantly, we offer an integrated team to navigate the emotional, technical, and financial curves and bumps along the way.
- What core competencies does your family need to develop and advance your values and legacy into future generations?
- How is your family going to gain the tools necessary to climb the family, management, and shareholder mountains?
- What is your next best step?