Family Business.
Family Enterprise.
UNIQUE ENTITIES
The passion and pride in ownership family members bring is what makes family businesses so enticing and magical. Helping family members learn how to work and make decisions together is key to the success of both the family and the business. Clarifying family member roles, their relationships with other owners, boards of directors, and company employees is crucial. The same emphasis should be given to succession and leadership planning. Ginni Galicinao brings these interlocking systems into focus.
Family Business.
Family Enterprise.
unique entities
The passion and pride in ownership family members bring is what makes family businesses so enticing and magical. Helping family members learn how to work and make decisions together is key to the success of both the family and the business. Clarifying family member roles, their relationships with other owners, boards of directors, and company employees is crucial. The same emphasis should be given to succession and leadership planning. Ginni Galicinao brings these interlocking systems into focus.
THREE CIRCLE MODEL OF THE FAMILY BUSINESS SYSTEM
First designed in 1978, this model remains a clear visual on the dynamics that influence families and their businesses.
By Renato Tagiuri & John Davis, Harvard Business School
THREE CIRCLE MODEL OF THE FAMILY BUSINESS SYSTEM
First designed in 1978, this model remains a clear visual on the dynamics that influence families and their businesses.
By Renato Tagiuri & John Davis, Harvard Business School
Understanding Family Governance
Family businesses/enterprises are complex systems. Through experience and client feedback Ginni Galicinao knows that the governance process is liberating and empowering for the family and its extended team of executives, directors and employees.
Your family governance strategy becomes the blueprint for effective communication and collaboration in support of the growth and flourishing of the family and the business. Because each family business is unique, your governance plan may address the distinction between family assemblies vs family councils, whether the creation of a family charter is for you, and the importance of procedures around decision-making and conflict resolution.
Successful families work collaboratively to design, implement and practice governance within the family, the family enterprise, and as a tool to develop the rising generation. While strong financial and business practices are key to success, embarking on the governance process ensures that a family addresses all the intertwined systems that enable them and their business to thrive and prosper together.
GRAPHIC CREDIT: “Borrowed from your Grandchildren,” Dennis T. Jaffe
Succession
Successful succession is about beginning early, preparing and moving into action. This process takes place over a long period of time for the current leader, the family, and the organization. As the business world becomes more complex, global and competitive, a plan must be carefully designed, implemented and anticipated.
Begin Now!
Exploratory conversations begin within the family. Are any family members interested in working for the company? Deciding what skills and talents are necessary and then designing a mentorship program for your potential successor(s) is crucial. As their apprenticeship progresses, determine how committed they are to this career. Is it truly their (not your) passion? As their commitment grows, clarify what other expertise they need to acquire. Within the organization, begin to create a vision and strategy for the future family and family business. And begin to cultivate the necessary cross generational partnerships. Finally, come together to co-design a strategic plan for the future, including the creation of a new leadership team.