Can Family Business Consultation Improve Your Business

Do you know what family business consultation is? First let me tell you what it’s not: family business consultation is not therapy. Instead of focusing on the past and all the problems of the family, he focus is on improving the function of your business (which may of course also improve family relationships). We don’t go deep into your childhood or sibling rivalries. The results of this work are measured by improved business performance in the here and now.

In my work with family businesses, there are four components that I have found to be crucial. These include managing conflict, succession, communication, and roles.

Manage Family Conflict

As part of a family business, you know how quickly conversations can degenerate into conflict. Arguments are more likely in a family business because family members are more comfortable with each other (and therefore less censored) than regular co-workers. Not only can workplace conflict hurt relationships among family members, it can reduce your credibility and professionalism with other employees.

To get better results and enjoyment from your business, you and your family can:

o Recognize the causes of business disagreements.

o Change the course of communication before conflict develops.

o Better understand family member’s views on business issues.

o Assertively state your thoughts and opinions.

o Develop a system for handling disagreements in a private office (not in front of employees).

Do you think you and your business will perform better with lower conflict? I bet so.

Plan for Change in Business Structure & Succession

Your business will eventually change over time. You may consider bringing on junior partners, promoting someone, or creating new titles and responsibilities for people. Family members, business partners, or investors may consider a change in the business structure. Planning for succession is a key component to the success of a family business.

To effectively plan for your business’s succession, you should be able to:

o Openly discuss issues related to succession.

o Learn how people really feel about taking over the business–don’t assume that your son or daughter really wants to or feels comfortable telling you how they truly feel.

o Address potential challenges to a new partnership or business structure up front.

o Anticipate family members’ and employees’ positive and negative reactions to changes.

o Ensure a smooth transition into your new business structure.

Enhance Family Business Communication

Many of the family businesses I have worked with surprised employees (and even me!) by how much they argue. In your family, it may feel normal to have disagreements or even a heated argument. It may blow over and no one is bothered much by it.

Even when this enters the workplace, it may still feel natural to you and you may not even notice

– but other people do. And it often makes them feel uncomfortable. Simple conflicts and communication difficulties can block your business’s ability to thrive. The good news is that these challenges are easy to address. Family business consultants helps to:

o Point out communication problems.

o Coach family members on developing new communication patterns.

o Establish regular times for family business members to have meetings.

o Make meetings more effective and efficient.

Clarify family member business roles

The fourth key point is role clarification. A common problem in many family businesses is that individual roles and responsibilities tend to get blurred. Have you experienced this? You and your family members step on each other’s toes and it isn’t clear who’s in charge of what or whom?

Business roles are different from family roles. This can become confusing – not just for family members, but also for your employees, and even customers. An absence of role boundaries often results in communication difficulties and conflict.

To have a thriving family business you need to:

o Clearly identify and label specific business roles for each family member and employee.

o Ensure that each individual is content with his or her business role.

o Outline job descriptions and responsibilities for each individual.

o Create clear roles for new hires.

o Establish the organization’s hierarchy and determine who reports to whom.

As a family business, you have a unique opportunity to thrive. In my experience, family businesses have more passion, creativity, and loyalty than the average business. Once you harness these things and address the four components of conflict, succession, communication, and roles, your business will thrive. And on a final note, don’t forget to spend quality non-work-related time with your family members.

Website Business – Equitymillions System Review

Website business is one of the lucrative business on the internet.

If you do a search on Google keyword suggestion tool for the word “website business” related , you will find below current searches per month :

a) Website business – 90,500

b) Virtual real estate – 18,100

c) Sell website – 18,100

d) Flipping website – 2,900

e) Flip website – 2,400

f) Site flip – 1,300

From those statistics you will know that many web entrepreneurs or internet marketers are looking for effective ways or methods to jump into the bandwagon of selling websites for profits.

A search on Yahoo for the keyword “website business’ will bring in about 2 billions websites and blogs that are involved in the website business or virtual real estate industry.

Today I am going to give my readers a review about a unique and one of a kind private website flipping membership site that deals in selling websites for profits.

The membership site is Equitymillions.

I personally knew the creator of Equitymillions from the private RJ forum.

Their names are Brian Owens & Tyler Ellison.

Being the most active and respected forum members who always comes out with a brilliant and new ways to make money online and i am not surprised that they created Equitymillions out of their years of doing online business and helping others to make money online.

Even the Richjerk himself endorsed their website business membership site and the Richjerk is well known to the forum members that he never recommends crappy or low quality systems for his massive subscribers list.

Here’s a few benefits that their website business members get when they join the membership:

a) There is a forum and a marketplace for members to buy and sell websites

b) The top poster in the forum will work one on one with Brian himself on site selling.

c) Monthly site selling summits

d) Brian and another internet marketing guru will do a conference call with their members to guide them on virtual real estate business

e) They will teach you on how to make 1000s of dollars per month with a tiny list of less than 20 people.

f) 30 videos inside member area that teaches you every tricks and tips in your website business niche.

g) Free website hosting that comes with site builder tools for a great looking websites for those non techie members.

h) More than 4,500 templates for your website design that you can choose from.

There’s a lot more to it but I just want to mention the key point here so that you will understand what it is all about.

I am confident that the website business will continue to grow and more smart people will jump in the bandwagon and sell websites as their source of income.

Thank you for reading and good luck.

10 Tips to Make a Family Business Better Than a Quoted Business

Four weaknesses family businesses are prone to, be aware of these and avoid the worst effects:

Conflicts of interest

The family owners have the power to pursue their own objectives and desires. These may not always coincide with the best business interests of the company.In a publicly owned company the pressure from shareholders and the organisational structure should ensure this doesn’t happen to any significant degree. Of course you may still find the company sponsoring the CEO’s favourite sport or even team!

Poor profit discipline

A family business can be inclined to focus on product quality, on having the best equipment, on building a sales empire, or some other ‘non profit’ oriented strategy.

A comparison between small companies and their publicly owned counterparts indicated that the family businesses had lower profit margins, typically half what the publicly owned companies made. Partly this will be a consequence of the different motivators. Public companies are motivated to report growing profits, family owned businesses are more conservative, for competitive and tax reasons they can be less enthusiastic to recognise profits. Nevertheless, there is food for thought on profitability.

Inflexible marketing

When opportunity presents itself, a family business can be reluctant to embrace it, if it requires investment, particularly if that means equity investment and the things that go along with that, dilution and outsiders becoming involved in the business.

The family firm can become ‘engrained’ in a particular fashion or phase and not always recognise the need to continually change and move with the times.

This does not apply to all family businesses, but where a family run business fails it is more often due to poor marketing rather than a problem with production or operations. Once market position is lost, it is slow and difficult to win back. It is highly unusual for the management team that lost the ground in the first place to be capable of winning it back.

Excessive nepotism

Nepotism is the promotion of relatives on the basis of family rather than merit. Weighing against this are the forces of the marketplace. Any company which promotes incompetent people on the basis of family relationships will soon start to suffer at the hands of the competition. The non-family managers can burdened with carrying their incompetent colleagues and of course their opportunities for advancement are restricted. Faced with this combination they are more likely to become disillusioned and leave. So this policy can lead to the firm losing some of its most valuable employees, jeopardising its long term survival.

Six advantages that family businesses have, build on these strengths

Personal sacrifice

The tradition in many family companies is to put the company first, to take dividends only if there is surplus cash and to take a pride in working for the family business. Companies with this ethos can keep going through hard times which would force any other company out of business. An extreme example of this is Weyerhaeuser which incurred an incredible 40 years of losses whilst growing into an industrial giant.In times of recession family businesses can pull together. Family members know it’s their own business they are tightening their belts for. They will give up salary, time and status in order to help the company through a rocky patch. In difficult times family businesses have fewer uncertainties.Family members reporting to one another, confiding in one another growing the business together with the same goals, that is the advantage of a family business.

Valuable reputation

A family’s reputation can sometimes have a beneficial influence on community relations, banks may be influenced by past relations with the family.Family members have ‘star quality’. Customers don’t want to talk to a nameless faceless person. Everyone feels better talking to the person that runs the show. The guy who’s name is over the shop. How convenient then if there are 3, 6 or even a dozen or more people in the organisation sharing just that name! The experience of dealing with a family member can be just as reassuring as dealing with the managing director.There are plenty of big businesses out there portraying an image that says ‘We are bigger, we are more businesslike’. The family business can take a different approach. One that says ‘We are the owners, we care about you and we’ll make sure you’re taken care of’ a lot of people will buy because they like the family approach.Family tradition, pride and responsibility can contribute to the business’ long term success. The family name can become synonymous with quality.

Employee loyalty

Family involvement and management can avoid the problem of excessive turnover in management employees. In other words the family tie is likely to keep the manager in the business. If a non family manager finds a job that suits him better he will leave. If he joins a competitor or even worse decides to set up on his own, this creates a major threat to the business. The small business often relies upon its own techniques or innovations or on providing a faster service and on personal relationships. The departing manager can often take this ‘inside’ information with dire consequences for his former employer.In contrast the combination of family pressure, loyalty and expectation of future advancement tie the family member into the business.

The larger family companies often find it helpful to have family members involved in employee relations.

United shareholders and managers

Quoted companies often have ’employee share option schemes’ because it is seen as beneficial to have employees who are also partial owners of the business. In a family business this is almost always present. This mutuality creates a focus on long term performance rather than short term profit. For instance an investment in research and development. There is greater flexibility more leeway to try something different. The flexibility might not always result in the best decisions being made.There might also be an additional advantage of greater secrecy, they are better able to keep the competition guessing.

Better teamwork

Family business members don’t have to second guess the motives of their co managers or partners. They rarely need to worry about a family member ‘jumping ship’ to work for the competition. Junior family members can speak their mind without the fear they would otherwise have of being fired. The family team can argue over strategy or operations even when one member has their history, heart and soul invested with one particular option. Relatives can do that because they know one another and trust one another. With a non family member it’s much easier to harbour a grudge or allow personal conflicts to build up.

Stability

Many family businesses shy away from projecting their family image, they believe it makes them appear less professional. Other family businesses have found it pays dividends to portray their family background. It shows they are in business for the long term. They will provide continuity for both customers and employees. They don’t need to worry about next quarters profit figures, they can focus on five years time. Running any business is hard work. Managers who’s motives and ethos are understood at home are more likely to be at ease with their work , less stressed about their work – life balance. Building a business with people you care about can be infinitely more satisfying than building a business with people who don’t share the same connection.