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Communication Leadership Working in the business Coping with stress. The objective of this session. Identify ideas & initiatives that Next Generation family business members might implement in their own family business. “Making succession a success is the objective of NG”. - PowerPoint PPT Presentation
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CommunicationCommunication
LeadershipLeadership
Working in the businessWorking in the business
Coping with stressCoping with stress
The objective of this sessionThe objective of this session
Identify ideas & initiativesIdentify ideas & initiatives that that Next Generation family business Next Generation family business members might implement inmembers might implement in their their own family business. own family business.
““Making succession a success is Making succession a success is the objective of NG”the objective of NG”
Ideas and Initiatives
The following ideas/initiatives were summarised at the end of the Next Generation Workshop at the 2005
Family Business Australia Conference.
Communication Ideas and Initiatives:
• Form a family council to create or support a clear vision or mission for family & business
• Incorporate clear procedures to make this happen• Use outside support to implement improved communication
protocols– eg facilitators• Insist on regular communication via meetings (formal/informal)
important to ensure whole family clear on intent.• Take a leadership position with regard to the need for improved
communication.• Rules for communication – eg your family might decide yes or no to
business talk on Sundays• Allow mistakes by other Next Genner’s and the incumbent generation• Ok to agree to disagree• Try new channels of communication - think creatively about the
communication challenge.• Ensure good communication with other NG members and the
incumbent• Learn to document and distribute minutes of resolution.
Communication Ideas and Initiatives (Cont):
• Weekly/fortnightly phone calls/conferences between 1/4ly executive meetings to keep info flowing.
• Keep emotions out of discussions – try to remain clear headed
• Restructure decision making methods that inhibit communication (also ensure roles enable this to occur – who fits best?)
• Understand all types of communication within family & staff
• Have off-site meetings/external reviews to “keep the business honest” and allow to tackle sensitivity
• Daily lunches as a family • Understand what each generation wants and needs (don’t
leave it unsaid)
Download Ideas/Initiatives
Leadership:• Earn respect and credibility from the employees first• Change from a working role to a management role• Ensure leadership style in the business suits the business phase• 360 degree review to ensure leadership style appropriate• Seek feedback • Leader needs PASSION• Incumbent needs to clearly set out expectations for next gens
leadership style• Next gen needs to be clear on what they think they can achieve• Assess whether or not you think you are a leader – is the job for you
after all?• Outside support to assess the prospective leaders in the business –
are they right for the job?• Communication – set up family forums (in laws included) to ensure
everyone knows what’s going on
Download Ideas/Initiatives
Leadership:• Governance plan, constitution, independent board members,
junior board member program to give ownership/responsibility
• Process of finding leader needs to be honest – is it actually someone in the family or external? Utilise outside support to determine.
• Determine if obligation is driving decision – not true desire/ability
• Incumbent Gen needs to have a forum to retain some involvement in the bus after leaving – mentoring?
• Established criteria for leadership – to be documented and communicated widely (eg outside experience)
• Implement criteria objectively via review/board of directors when seeking leader for business
Download Ideas/Initiatives
Leadership:• Leadership skills need to be continually developed – outside
training and mentoring• Passion & motivation critical• Instill passion and ideas into kids at early age – cultivate early
and give freedom to explore• Equip leader for role effectively• Communicate clearly to all (suppliers/staff/family) to ensure
new leaders role supported & accepted• Work/Life balance issue needs to be acknowledged/supported
and formally agreed upon
Download Ideas/Initiatives
Leadership:• Identify a plan for future leadership
– Individual needs– Determine leadership issues– Develop action plan – eg external coaching– Communicate in advance – be transparent (no hidden agendas)– Timeframes/milestones– Seek constant feedback– Start now – it’s an ongoing and integral part of the business
• Identify which skills are lacking in potential leaders• Create environment & structure business to enable development of
family constitution• Open communication between all parties• Find a way for younger gen to develop skills whilst respecting older
gens needs/styles
Download Ideas/Initiatives
Working in the business:• Identify forum for next gen to express views and ideas• Traineeships, or shadowing of older gen, for new gens
to understand the roles better• Imaginary “sacking” of family members – have them re-
apply for the roles based on skills and correct fit for the role itself
• Ensure scheduled family meetings to discuss bus and family issues
• Balance family structure & hierarchy with bus structure to ensure correct fit
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Working in the business:• Open communication – meetings/forums• Mentoring process for new family joining bus• Case studies valuable learning tool• External experience “out in the real world” for next gen
very important• Encumbent to be clear on their role as decision maker • Allow family members to join bus on own terms but also
understanding the bus needs• Next Gen important to join a Forum Group to provide
support/advice & help in their journey to join the family business.
Download Ideas/Initiatives
Coping with Stress:• Proactive with stress – don’t let it take over• Compartmentalise stress – deal with it actively to
ensure it is kept under control• Process to discuss issues – find a respected “outsider”
to help • Retiring leader should be involved to support new gens
through the process of personal growth in bus. • Ask questions of your role and seek clarification to
understand intent• Find ways to handle relationships within and around
you better
Download Ideas/Initiatives
Coping with Stress:• Confirm and understand agendas, abilities, and roles of
all around to be more clear• Seek professional support to work better/ cope better• KPIs, staff performance measures on all around but esp.
yourself so as to be clear on your objectives.• Clearly understand the business first.• Respect the need for time away from the business to
clear the mind/soul• Make everyone accountable• Provide support and encouragement to both staff and
family to ensure they feel needed and appreciated
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