FAMILY OR BUSINESS? - Should I choose? Many families discuss the running of their family business over the Sunday lunch and in doing so become a 'business family'. Often this is a natural dynamic. In this video, I focus on the consequences of NOT setting boundaries between business and family life - and offer some advice. What experiences have...
That is not literally in a contract. However, when we have confidentiality at work, it also includes our spouses. But what about family businesses, where family members work closely together? If the wife is on the board and the husband is head of HR, there may be situations that they each want to discuss at home. But the...
The winds of change are blowing. A quota law on gender balance on boards may soon become a reality. In our sister country, Norway, gender quotas have actually been a reality since 2006. Here, at least 40% of each gender must sit on the boardrooms of listed companies and public enterprises. "But surely I'm not going on the board of a...
Quotas for women on boards are problematic. But not as problematic as the consequences of not introducing them. That is how I have - without enthusiasm - come to see it. "Well, Eva, shouldn't boards be made up of the best qualified - regardless of gender?" Yes, in the perfect world; the world where all board members...
Has your company helped Ukraine - and told people about it? Lego and Bestseller have done something. They have donated triple-digit millions to relief organisations helping war-affected Ukrainians. And we know this because they have been open about their initiatives. Family-owned businesses being generous when it comes to contributing to the community is nothing new. Many communities...
There is no doubt. If a family of owners is to maintain domestic peace, it is important that all family members feel fairly treated in money matters. Example: the family's eldest daughter is the CEO and heir to her father, who is now chairman of the board. The director's sisters, who are passive shareholders, sometimes discuss the older sister's salary: I wonder how much she gets -...
Maybe they don't say it. But for the heads of family businesses, handing over leadership to the next generation can be difficult. After all, the experience of running a business doesn't come overnight. And shouldn't the course be maintained if the company has been successful for decades? A change of generation is like a change of driver,...
That sounds dramatic. But after a generational change, with the new generation taking over the reins, that could be the result. Fortunately, the owning family can prevent this situation from happening. Indeed, the risk can be minimised if the family is aware of the company's core values - and the importance of safeguarding them. Because we are different, both as individuals and across...
Owner-families should respect formal decision-making processes Many family businesses have a board and day-to-day management made up of a mix of owner-family members and people with no family ties to the business. The chairman of the board and several of the contract managers may be part of the owner family, while the rest of the management is not. In this case, the chairman and the employees should...
"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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