How Does a Family Business Make the Transition
from Entrepreneurship to Professional Management?
Family Business Quarterly
More often than not, less smoothly and gracefully than everyone would prefer. That was the consensus of small-group discussions at a recent Executive Breakfast meeting of Northeastern’s Center for Family Business.
William Finard, president of Finard & Co. and thespecial guest at the meeting, recalled his own experience trying to professionalize the real estate business his father had started. “There was no support at all,” he recalled. “I had exposure to the family business all my life, but no experience in it.” More…
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…