Family owned Businesses, of any age or generation, need to take routine assessments of the health of their business, family, and individuals in the business. To get a clear true understanding, the assessment should consider, separately and in combination, all the factors that enhance the health of the Business Family. Critical areas that should be evaluated include: Leadership; Values; Change; Goal Orientation; Empowerment; Communications; Governance; Team Work; Interpersonal Relationships; Familiness; Customer Focus; and Individual Recognition.
The best way to find out what is actually going on in the family and business is to ask those in the family and in the business. Earlier ‘Check-Up’s examined Familiness, Family Values, Communication, and Customer Focus. This Family Business Check-up examines Leadership.
The leader’s role in the organization creates the foundation upon which to build the future. Successfully influencing the activities of members and the group is enhanced when members recognize the leadership as nurturing, caring, competent, and forward thinking. This dimension considers the strength of support for the group or organizational leader.
Each Family Member should address the following statements:
1.Leadership in our family business encourages individuals to think and make decisions for themselves.
2.We display strong confidence in the integrity and ability of our family leaders.
3.We are confident our family leadership will fulfill their commitments.
4.The leadership cares about each individual in our family and business as a person.
5.There is a defined process for leadership succession in our family.
How would your family, employees, and customers, clients, or vendors, answer these questions about Leadership by your family and your family business?
We will continue to explore critical areas for the annual check-up of Family Owned Business in later posts.
What are your thoughts regarding the Business Family Check-Up?
When was the last time your Family Business had a check-up?