by Leslie Dashew
In my many years of specializing in work with family businesses and families of wealth, I have found that the single most important indicator of success for these families is a shared vision. When a family shares a clearly articulated picture of the future, they have the foundation for making decisions about the use of resources, for selecting members to carry out responsibilities and for creating guidelines on how the family will function.
When members of a family understand that they are all trying to achieve the same objectives and they recognize their interdependence, they take better care of their relationships. This process is especially important for families who share ownership of active or passive assets and/or when overall leadership is shared by more than one person. More…
Related Matters Newsletter
John F. Baugh Center for Entrepreneurship
Institute for Family Business
For Nancy Upton, the key to success in wrestling with the issues that arise in a family business is simple: set up formal mechanisms to grapple with the issues, and get as much as possible written down.
Upton, Director of the John F. Baugh Center for Entrepreneurship and the Institute for Family Business, both at Baylor University, spoke to the Family Business Center May 12, under the elegant crystal chandeliers and stained glass windows of the Yankee Pedlar Opera House.
Families and businesses, she points out, often have conflicting sets of needs and values. Yet, in a family business, the two areas overlap. Formalizing the corporate culture reduces the tension inherent in that overlap. More…