Governance and having an external sounding board
The meaning, purpose and importance of governance – 5m 25
Governance is something that can be an afterthought or ignored because it may not have much urgency or can be outside comfort zones. However, it’s incredibly important as it attends to the business’s future.
The benefit of values when considering governance – 12m 18
Values under pin strategy and how you run the business, as well as being the heart of the family and what you may consider as fair. Knowing what the values of the business are has impact on culture, so need to be clear. They may be hard to define if you have grown up within the family business, so it may help having someone external come in to help as values will help guide company policies.
Culture of a family business – 16m 29
Sometimes a family business can have two approaches to cultures: Very inclusive or what the family says goes. It’s important to remember that the family name is on the door, so anything that is done, comes back on the family. Be visible, have accountability and openness so that using your family name benefits the culture and firm.
Deciding on roles within a family business – 20m 58
There are lots of roles to consider. What’s important to remember when deciding who is right for a position is who you are within the business: are you a family member or an employee? It’s a good idea to have disciple and deploy simple approaches to separate between family members and peers. That way, you can recognise where skill sets and expertise lie and who is better suited to a role. If this is a struggle, having a non-family member come in helps give external perspective, takes you away from family politics and can create better equality.
Important questions to be answered within the current economic environment – 28m 34
How you treat employees will always be remembered. If you are going through a tough period, treat people well and live through your values and have compassion. Going forward, consider how your business model will operate, don’t put plans on hold, consider succession plans and have those difficult conversations.
Contact Details:
- Website: https://www.mazars.co.uk/Home/Webinars-Events/Podcasts/Exploring-Family-Business
- Email: contact@mazars.co.uk
- Twitter: @Mazars_UK
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In 2018, we launched our first Family Business survey in partnership with Family Business United. The survey revealed the challenges, opportunities and issues that family businesses are facing on a daily basis. And whilst the specific detail may change because of external factors, such as Brexit and now the global pandemic, it became clear that there are a number of issues that family businesses will always face, so we wanted to continue with our research in 2019 with a second survey and our 2020 survey will be published this Autumn.
To view the Family Business Survey 2019, click here
To request a copy of the Family Business survey when it is released, click here