Credibility for the Family Business
Family Business Forum News
by Jim Klaes
“Business is simple,” Tom Monroy told students and others in McNeill Auditorium at UTEP’s College of Business this past June.”We over-think and make it harder than it has to be,” said the Ph.D. from Baldwin-Wallace College.
“I myself learned everything I needed to know from my grandmother, who started our family business,” be said.”It was not until 1943,” he pointed out, “that Harvard Business School taught the first course…ever…in general business management.”
Monroy named six disciplines a company leader must have to establish credibility: discovering personal strengths and weaknesses, appreciating those who do the work and supply the goods, affirming shared values, developing capacity (of the individuals and, therefore, the company), serving a common purpose, and sustaining hope that the shared goals will be achieved. More…
by Michael Carp and Keren Ludski
Our business started out as a paying hobby – we didn’t even know what the running costs were! But as Kez’s Kitchen quickly grew into a serious venture involving many more members of the family, we were determined not to let rifts or arguments over money or hiring and firing issues ruin our lives and get in the way of success. So we set up a Family Council and appointed an independent Chairman of the Board. We haven’t looked back. None of us initially had any skills to run a business and we would have “drowned” if we hadn’t made these decisions.
Michael was the logical choice as CEO with his business and legal background and Keren says there is no-one else she would rather trust in the job. Our mother wanted to scale back her involvement in the business and Keren was planning to have more children. Despite having founded the business, Keren didn’t want the day-to-day stresses of running the company. She was already feeling “torn” by the conflicting demands and family values have always been extremely important to us. So, while it was a difficult decision for her to let go of this “other baby,” the family unit always comes first. Keren is still very involved in the business as Director, Business Analysis and has a say in all decisions as a member of the Board. More…