Business tv PWC tells how to behave when your son is the MD
Posted on August 15th, 2008 | by admin |
More expert business advice from Paul George from the Business Families Team at PricewaterhouseCoopers, as he gives examples of the kinds of problems family business face, and effective ways to deal with them:
“There are obviously some different roles here and that can cause some different situations, difficult situations. I mean I think one leader of a fabulous UK business said to me the other day is the one thing you always have to remember is he’s married to the mother of his managing director and difficult decisions always have to be made. I think one family business leader told me he found it a big break through in his family relationships when he’d worked out that raising performance issues over the family Christmas dinner was probably not a good way to behave.
Yeah this stuff is difficult, this stuff is difficult and it has to be managed I think those who do it well are very rigorous about separating the different roles they play, about doing business especially the hard parts of business and difficult discussions in the right environment, in the office at the right time but this is not easy stuff and more generally if you look at some of the retorts about benefits of the family businesses some of the big problems in family business can come where family dynamics do go wrong, where there a problems within the family and it also easy for that to spill over, down into the business. Typically these are relatively non-political organisations, providing that the family is getting on well, can become enormously political if there is a problem within the family.
I think one of the key things is to have some clarity and structure around what the deal is. What the deal is within the family about the relationship with the business so at the sort of simplest level I think best practices for family owning businesses to have clarity about, you’re a shareholder, what are your rights in terms of getting involved in the business, can you turn up and view and if so when, can you work in the business, …
Duration : 0:3:0 Views : 22.
7 Responses to “Business tv PWC tells how to behave when your son is the MD”
By businesstvmark on Aug 16, 2008 | Reply
Good advice for …
Good advice for family businesses!
By businesstvkelsi on Aug 16, 2008 | Reply
Great advice again …
Great advice again from Paul George.
By BusinessExpertLouise on Aug 17, 2008 | Reply
Paul gives lots of …
Paul gives lots of advice in this video that can be relevant to lots of families in business. Great vid.
By businesstvrebecca on Aug 17, 2008 | Reply
Good advice for …
Good advice for keeping work lives and personal lives separate.Your have to choose the right time to discuss things, I can think of a few wrong times…
By businesstvAndie on Aug 17, 2008 | Reply
Most family …
Most family businesses kind of get this concept mixed up and I have witnessed situations like this where family businesses have got business and personal life mixed up and more often than not it has had negative consequences.
By businessexpertjeremy on Aug 17, 2008 | Reply
Some good advice …
Some good advice for any persons involved in business which have a personal relationship (family or friends) is to recognise the potential for goal/purpose drift over time. Recording personal goals and reviewing these periodically ( Paul George’s advice about having a serious formal meeting each year) and being open when those goals start to change can identify and quell potential areas for future conflict.
By businessadvice on Aug 18, 2008 | Reply
the potential for …
the potential for major family drama is so high! Doing business with friends can be bad emough ;-0