Family business leaders must not only build a successful business for today. They must also build it for the next generation along with the leadership and shareholder team to continue their work.
Active Knowledge Question:
How do you see your role as a family business leader for today and tomorrow?
The role of a leader in a family business is a complex one. Not only are they leading the business and seeking to make it successful for the benefit of the family, they are also serving as a role model to the next generation of the family. In fact, they are responsible for seeding the entrepreneurial spirit into that next generation and they are on show 24/7.
To be a family business leader takes a person who equally loves their work, their family, and their family that is yet to be born. They cannot afford to be lost in any one of these to the exclusion of the others.
‘Trust, integrity and loyalty are the foundation stones upon which my business is built’ – Lindsay Fox, founder of Linfox.
Their character is also on display as they are providing the example of what type of a person can lead both a thriving business and family. They are crafting the mould in which their family will act as business leaders.
‘The 8 rules to successful business:
- Recruit only the best and interview them very well.
- Train them very well.
- Give them the best equipment and support possible.
- Tell them precisely what is expected.
- Provide feedback with only one system of measure.
- Tell them where to seek assistance.
- Leave them alone as much as possible.
- Reward them well; today and something for the future’.
– Richard Pratt, founder of Visy Industries.
Running a thriving business is a full-time job. However, as a family business leader, you must be conscious of and actively craft the impact your example has on the next generation as well. You must have a clear image in your mind as to what a worthy leader looks like and transfer this image on to the next generation of leaders.
A final quote to reflect on: ‘Our upbringing has helped us greatly as leaders. It taught us how to give orders with the knowledge that they will be followed’. Laurence Freedman, co-founder of Equitilink Ltd.
Next week’s leadership theme: ‘Your vision is your quest’.
An entirely new level of performance.
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All the best in the success of your business,
Richard Shrapnel
