The premier resource for family business executives featuring the latest family business news and research articles from the leading universities and business publications.
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.
“One of the first things we lose as our companies grow is our innovative and entrepreneurial thinking – here’s how to gain it back”
As our businesses grow we struggle with the balance between being too hands-on and too far removed from the operations of the business. We’re encouraged to delegate and develop employees, which tends to draw us further away from the hands-on more entrepreneurial tasks of the business.