Four full hours this morning on Family Business. Focus on the big paradox - business or family or both?!
How to ensure that the business can move through generations intact... but considering that business systems have one logic and family systems another.
Legacy vs individual gain
Communities vs transient
24/7 vs 9 to 5
Emotion vs rational
Given vs planned
Tradition vs change
Harmony vs justice
Tolerance vs standards
Need policies; purpose; process and a paradox...
Family first or business first when thinking about family and business issues - different cultures approach it in different ways.
A lot of time spent on transition between the family...
Think long term, not get too focussed on short term - set milestones for long term - is it an excuse for low performance though?
If you do a financial analysis using standard Discounted Cash Flow (DCF) you will get a short term because it assumes current cash is better than future cash. Other options include scenario planning and "options". How little can I pay today to get better information to a better decision later?