Family Business Bulletin – Don’t Be The Godfather Of The Family Business – 24th June 2017

Don’t be the GODFATHER of the family business!

 

I have had several business colleagues laughing at my expense recently, nicknaming me ‘The Godfather’ of the family business. Their ribbing was light-hearted and good natured and I took no offence.

 

The truth is, I will shortly become sixty-one years of age, my hair line is receding and greying and I can’t deny it. Fortunately, I try and keep in some form of shape so the waistline isn’t too bad, but the perception of where I am in life can’t be denied.

 

The challenge in a family business is that as the perceived leader, if you are not careful, all roads will lead to you – whatever your age. This isn’t good for the business, your people and most of all you.

 

If the team thinks you make all the decisions then they won’t think for themselves and leave the responsibility to you. Far better to empower them to make their own decisions (even if they are clearly the wrong ones) to enable them to be wiser, as well as the fact they are probably faster and stronger, which comes with youth!

 

If you assume the position of GODFATHER, you assume a position that is inescapable. If you assume the position of mentor then you have the right to a life…

 

Think about it.

 

If you are having challenges being the leader of the business you know where I am!

 

Regards,

 

 PR FBM

 

Peter

 

P.S. And remember… if I can help you in any way, just let me know!

Peppermint Wednesday: Trust Your Instincts – 21st June 2017

Welcome to the ALL NEW series of Peppermint Wednesday!

 

Shorter, punchier reflections based upon my book ‘Running On Empty – Thirty-Seven Mistakes I Have Made In Business! Each video simply explains what I’ve learned from my mistakes so you don’t have to go through the same pain!

 

Plus every couple of weeks, I’m also delighted to be sharing an interview from one of our Family Business Practice members, where they look at what they have learned from running a family business. I can tell you, there are some great stories we can all benefit from!

 

When that little voice in your head says ‘are you sure?’ it’s probably for a good reason – ignore it at your peril.

 

 

What are your experiences? Share your thoughts and join in the conversation on FacebookTwitterLinkedIn or just make a comment below and let’s help each other as family businesses to grow and develop.

 

If you enjoyed this episode, why not sign up to receive weekly notifications of new Peppermint Wednesdays? Just Click Here.

 

Until next week,

 

Regards,

 

PR FBM

 

Peter

 

P.S. And remember… if I can help you in any way, just let me know!

Family Business Bulletin – Exit Or Succession? – 17th June 2017

Exit or succession? The perennial challenge for a family business!

 

I have had a number of conversations recently with both family businesses and professionals regarding the direction a family business takes.

 

In the early years, it really is just about filling the fridge, putting food on the table and making a living. However, at some point a family business, if it survives and thrives, comes to a point in time where the family and its members have some challenging decisions to make and questions to answer:

Has the business been built to sell from day one?

Did you want to sell the business anyway?

Do you want to hand it over to someone else – a family member or perhaps an MBO?

Or does the business have nowhere to go if you leave it?

Etc etc….

 

My experience is that it all boils down to one key thing, above all others; You have to create a Family Plan! Everyone needs to be clear about what every member of the family wants first. Only then can you move forward and realise the effect those desires will have on a business.

 

There is no point setting strategic plans, marketing plans, sales plans etc if the individuals don’t know what they want for themselves. You need a Family Plan and then you can move forward. If you’re having challenges with this subject you know where I am!

 

You know where I am…

 

Regards,

 

PR FBM

 

Peter

 

P.S. And remember… if I can help you in any way, just let me know!

Peppermint Wednesday: Building Rapport With Michelle Mills Porter – 14th June 2017

Welcome to the ALL NEW series of Peppermint Wednesday!

 

I’m delighted to be sharing the next of several interviews from one of our Family Business Practice members, where they look at what they have learned from running a family business. I can tell you, there are some great stories we can all benefit from!

 

Building rapport with a client is obviously an extremely important skill to have. Michelle Mills Porter helps the know, like and trust process with clients by using a unique set of tools…

 

 

What are your experiences? Share your thoughts and join in the conversation on FacebookTwitterLinkedIn or just make a comment below and let’s help each other as family businesses to grow and develop.

 

If you enjoyed this episode, why not sign up to receive weekly notifications of new Peppermint Wednesdays? Just Click Here.

 

Until next week,

 

Regards,

 

PR FBM

 

Peter

 

P.S. And remember… if I can help you in any way, just let me know!

 

Family Business Bulletin – Talking About Excellence Is One Thing, Delivering It Is Something Quite Different – 10th June 2017

Well, as I write this we are getting to a fever pitch in the current UK General Election. By the time you read this we will have a new government.

 

One thing is very clear; many of the interviews I have seen and heard contained a narrative about excellence, usually to gain a political point. In fact (with very few exceptions), the opposite has been demonstrated with painful regularity. Frankly, what I have seen from all of the parties, media and connected industries is a self-gratifying feeding frenzy towards a short term goal.

 

For the politician, it’s about being in an elected government and a job for the next five years. For most of the political commentators, it’s about justifying their position so they retain their job. I have seen very little in the way of excellence, more like ‘anything will do’ so long as we get the next vote or the next interview…

 

Little has been said about how businesses, in our case family businesses, feel. Any potential contribution from us was unlikely to be heard, unless for a temporary political point. The perception by mainstream politicians and therefore press, is that there are few votes in it.

 

It’s also crystal clear that all political sides have precious little knowledge of how we as a family business would operate should their promises come into fruition. Particularly when you see and hear of some of the downright crazy suggestions for policies which are being made up on the hoof to gain another potential voter. It’s no wonder so many individuals and businesses are disenfranchised with politics, particularly now, at a time when we need vision, strategy and results.

 

Whatever your political viewpoint, my feelings are clear; that family businesses will continue to roll with the punches and do their utmost to deliver excellence as often as possible. At times we fail, but always we redouble our efforts, as our family and employees depend upon it.

 

Talk is cheap, delivering excellence is not just a state of mind, it’s a passion that has to be attended to every single day and that’s how a multi-generational business thrives and survives. Excellence isn’t just turned on at a whim – it’s something that is a way of life.

 

Unfortunately, our politicians and media simply don’t understand this concept.
If you feel excellence is lacking in your family business, whatever the reason, perhaps we need a chat?

 

You know where I am…

 

Regards,

 

PR FBM

 

Peter

 

P.S. And remember… if I can help you in any way, just let me know!

Peppermint Wednesday: Work With Good People – 7th June 2017

Welcome to the ALL NEW series of Peppermint Wednesday!

 

Shorter, punchier reflections based upon my book ‘Running On Empty – Thirty-Seven Mistakes I Have Made In Business! Each video simply explains what I’ve learned from my mistakes so you don’t have to go through the same pain!

 

Plus every couple of weeks, I’m also delighted to be sharing an interview from one of our Family Business Practice members, where they look at what they have learned from running a family business. I can tell you, there are some great stories we can all benefit from!

 

I built a major corporate business in my thirties simply by working with great people. I have built even better family businesses by doing the same thing.

 

 

What are your experiences? Share your thoughts and join in the conversation on FacebookTwitterLinkedIn or just make a comment below and let’s help each other as family businesses to grow and develop.

 

If you enjoyed this episode, why not sign up to receive weekly notifications of new Peppermint Wednesdays? Just Click Here.

 

Until next week,

 

Regards,

 

PR FBM

 

Peter

 

P.S. And remember… if I can help you in any way, just let me know!

Family Business Bulletin: Do Events Work For Family Businesses? – 3rd June 2017

Some do, some don’t!

 

This week we attended two key business events in our area; one was with a great regional networking organisation called Sterling Integrity and the other was our own Family Business Practice Charity Bash!

 

Sterling Integrity are a family business and they have struck a great balance between quality and quantity in their networking groups (I attend one regularly in Worcester) and this was their last major event of the year.

 

Our own event was the annual Family Business Practice Charity Bash, held this year at the Black Country Living Museum, the ticket proceeds going towards their latest round of gathering funds.

 

The events had different styles, but both worked for one very simple reason; the majority of visitors were family businesses who understood the value of quality networking. Neither event was an attempt at getting as many people through the door as possible, as both organisations wanted the right sort of people, who understood how networking enhances our business. It’s not a short-term thing, and to win you have to take a genuine interest in people and their businesses.

 

Both organisations received many compliments about the respective days, which is proof that they both worked. Principally because the organisers understand the keys to family business: People are there to fill the fridge, work with individuals that can help them sleep at night and create relationships with genuine organisations they know, like and trust.

 

If you need to assess your networking strategy for family business, you know where I am!

 

Until the next time…

 

Regards,

 

PR FBM

 

Peter

 

P.S. And remember… if I can help you in any way, just let me know!

Peppermint Wednesday: An Interview With Terry Livesey – 31st May 2017

Welcome to the ALL NEW series of Peppermint Wednesday!

 

I’m delighted to be sharing the next of several interviews from one of our Family Business Practice members, where they look at what they have learned from running a family business. I can tell you, there are some great stories we can all benefit from!

 

Terry Livesey fills his fridge by making sure the end product a client buys is absolutely the best result he can attain – nothing less will do…

.

 

What are your experiences? Share your thoughts and join in the conversation on FacebookTwitterLinkedIn or just make a comment below and let’s help each other as family businesses to grow and develop.

 

If you enjoyed this episode, why not sign up to receive weekly notifications of new Peppermint Wednesdays? Just Click Here.

 

Until next week,

 

Regards,

 

PR FBM

 

Peter

 

P.S. And remember… if I can help you in any way, just let me know!

 

Family Business Bulletin: What Goes Around Comes Around – 27th May 2017

I read recently that there will be a plethora of nineties US hit comedy shows returning to our screens such as Will and Grace and Roseanne. It will remain to be seen how they translate into this decade and the new generation of potential viewers. They are being recycled in the quest for more money. We see the word ‘franchise’ quoted repeatedly these days in the world of TV and cinema, effectively rehashing an old idea.

 

I have attended many networking events in the past few weeks and I have noticed two things:

 

Firstly, I am older than most of the attendees!

 

Secondly, a lot of speakers are rehashing content I first heard perhaps thirty or forty years ago (unfortunately pretending it’s their own, which does them no credit).

 

Family business in some ways, is similar…

 

The first generation builds the business and hopefully then, the business gets to a point where it passes to the next generation, tapping into youthful energy and enthusiasm.

 

The trick for the older generation, is not to be dismissive when the younger generation repeat stuff you may have heard, seemingly a thousand times before, because whilst it might be old news to you as a first generation, it’s probably your offspring’s first time!

 

And your offspring will probably have to learn the same lessons you learned (good or bad) in their own time, as they may or may not listen to your history, preferring to find their own way.

 

And the recycling of what was once a good idea for the business might turn out to be good or bad – who knows?

 

Such is the life of a parent.

 

Such is the life of a family business.

 

If you’re having this kind of fun in your family business perhaps we need a chat?

 

You know where I am!

 

Until the next time…

 

Regards,

 

PR FBM

 

Peter

 

P.S. And remember… if I can help you in any way, just let me know!

Peppermint Wednesday: Understand Financial Muscle – 24th May 2017

Welcome to the ALL NEW series of Peppermint Wednesday!

 

Shorter, punchier reflections based upon my book ‘Running On Empty – Thirty-Seven Mistakes I Have Made In Business! Each video simply explains what I’ve learned from my mistakes so you don’t have to go through the same pain!

 

Plus every couple of weeks, I’m also delighted to be sharing an interview from one of our Family Business Practice members, where they look at what they have learned from running a family business. I can tell you, there are some great stories we can all benefit from!

 

 

 

 

What are your experiences? Share your thoughts and join in the conversation on FacebookTwitterLinkedIn or just make a comment below and let’s help each other as family businesses to grow and develop.

 

If you enjoyed this episode, why not sign up to receive weekly notifications of new Peppermint Wednesdays? Just Click Here.

 

Until next week,

 

Regards,

 

PR FBM

 

Peter.

 

PS. And remember… if I can help you in any way, just let me know!