Strategy
As I was working on this blog, a timely piece of wisdom from Seth Godin hit my inbox. Seth writes:
“We talk about risk like it’s a bad thing. But all forward motion involves risk.”
He is spot on.
There was risk starting the business.
Risk with each new hire.
Risk growing a geographical market.
Risk with the newest product... Read the Full Story
I work with many family business owners that are passionate about what they do. They work to carry on a business that was built by family – by parents, grandparents, even great-grandparents and beyond. These family business owners are so busy providing for their employees, for their communities, for the next... Read the Full Story
This is one of the biggest problems in family business governance, where parents are trying to be fair to the children, and they think being fair means being equal.
In family business, fair does NOT mean equal. This well-intentioned misconception generally causes all sorts of problems and disharmony. It is the very thing the parents were trying to... Read the Full Story
While I love reading articles like “the top 10 ways to….” or “how to succeed in business without really trying”, sometimes I’m more curious about how to avoid mistakes or pitfalls. This leads me to today’s topic: how to fail at family business succession planning.
First, what is a succession plan? Before I tell you how to avoid failing at it, it’s best that I define it first. ... Read the Full Story
April 1, 2016: The acquisition became official, and with it came a whirlwind of EPIC proportions. No matter how many books you read or how well you think you prepared for change, there will be surprises along the path of a company integration.
As referenced in an early blog entry, the Harvard Business Review’s research places the failure rate... Read the Full Story
“The father buys, the son builds, the grandchild sells, and his son begs.” Scotland
“Rice paddies to rice paddies in three generations.” Japan
“Clogs to clogs is only three generations.” England
“Wealth never survives three generations.” China
“Shirtsleeves to shirtsleeves, in three generations.” United States
It’s a common phenomenon around... Read the Full Story
We did it! Our first R5 is in the books.
Just 3.5 years ago, Compass Point was just two coaches (Tom and myself) and a dream of what our future team could look like. It’s wild to see how much we have grown with all the work we have put in! Now as a team of 4 (and ... Read the Full Story
In working with many families and their businesses, I’ve found that every family has its own unique DNA, behaviors, values, and traditions. Yet, there is ONE theme that made all the families seem very similar...and that is the tension, angst, and, at times, a complete unwillingness to eat a meal together due to a lack of clarity around making business decisions for the family... Read the Full Story
Captain’s Blog: Over the past 3 years the team put many hours into setting up the company up for an acquisition. Getting the RIGHT people, in the RIGHT seats, doing the RIGHT things, and we had worked hard developing our... Read the Full Story