The premier resource for family business executives featuring the latest family business news and research articles from the leading universities and business publications.
There’s nothing better than running a successful business and growing rapidly. Riding the wave of success, you can do nothing wrong. Or can you?
Keeping your skill set up to speed in a fast growing business can be challenging. Founders who have homegrown skills are especially at risk. Fast growth brings founders into unchartered territory causing them to learn trial by fire. Many mistakes can be made, which won’t necessarily cripple the business
When we start out in our family businesses, we know all the answers and seldom seek advice.
We keep strategy in our heads and rarely see a need to share it with others. Family members are managing their own areas of responsibility with little overlap between them. We’re able to operate pretty effectively within our silos.
But then “growth” happens.
“Leading a family business can sometimes feel lonely and isolating”
Tim Cook, CEO of Apple, recently mentioned in an interview that leading Apple “is sort of a lonely job”. He mentioned the importance of seeking outside advice, and whom he turns to when he does. One example included calling Warren Buffett. I’m assuming you don’t have “Warren Buffett’s” number in your phone contacts, but think of whom you might have outside of your company.