It's important to do this. Because maybe you're making financial progress in your business. Maybe everything seems to be running smoothly with your customers. But even if you discussed your values a long time ago, that doesn't guarantee that they are still: 👉 Well-defined. 👉 Accepted. 👉 Lived. "Our values haven't changed...
The question reflects a puzzlement I sometimes encounter from people who advise family businesses without knowing much about their specific characteristics. Actually, I can understand their puzzlement. Because if you're used to working in contexts where everyone can basically cut ties with each other at months' notice, it can be difficult to...
When family businesses experience crisis and conflict, they are often reluctant to invite advisors in. The argument may be that an outsider would find it too difficult to understand the dynamics of their family. But often the reluctance is also about the fact that inviting a stranger in can feel uncomfortable. Because even though the family business is a business,...
The answer may seem obvious. And then it's not so straightforward after all. What if you're struggling with cash flow? Wouldn't it seem just as obvious that a financial advisor is the right person to consult? And if the challenge is finding the right CEO to lead...
This should be a premise when family businesses hire external managers to run and develop the company. Because hiring externally may be necessary. But the owning family must ensure that the right candidate has both the right skills AND 100 percent buy-in to the values that underpin the company's existence. Otherwise, the company risks...
We can make the family business attractive to the next generation. But we need to listen to them and not force a future in the business on them. It's a fact. Very few family businesses make it to the 5th generation. And not surprisingly, it's the generational change that is critical to the future of the business. Not all family businesses have the best...
Not the same as men, and not the same as what's on offer. At least not one-to-one. But I would still argue that women do not opt out of boards or the top positions that are the last link in the food chain to a board position. Women just choose (more often than men) to acquire skills that unfortunately don't lead to...
It is a fact. Many family businesses have had serious internal disputes within the owning family - and yet the business has survived. The British monarchy is an extreme example: Queen Elizabeth I and her cousin, Mary, "Queen of Scots", were staunch opponents. They never met, but Elizabeth made sure Mary got her head chopped off after Mary...
That's how I worried others would think of me when I became head of the Norwegian division of my family's business. I was 'just' a trained sailmaker, I thought. And who knew how I would do in a company with a high level of specialisation, a large turnover and many employees?...
"Have you tested your family for talent, Mads Skjern?" You may know it. You and your family own, develop and run a business. But the division of responsibilities doesn't reflect transparent HR considerations. Maybe the family has allocated the posts based on traditions and family dynamics that have nothing to do with competences. Perhaps random...
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