Family Business

What Happens When the Family Business Outgrows the Family?

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 skill sets are especially at risk. Fast growth brings leaders into unchartered territory causing them to learn through trial by fire. Many mistakes can be made, which won’t necessarily cripple the business, but can cause serious harm.

“we could be great owners, but we weren’t necessarily the best managers”
–Andrew Molson, Molson Coors Brewing Company

I really like this statement from Andrew Molson. It proves that the Molson Family recognized their limitations and accepted the idea that someone else could manage the business more effectively than the family. More…

Family Business Resources

Creating Your Team – Are You a Founder or a Leader?

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.

When the business begins to grow rapidly, we begin to realize we can’t continue to do everything ourselves. We need the help of others and begin to openly share strategy and decision-making with others.  More…