The Crucial Question for Family Businesses: Family Needs or Business Priorities? Construction

The Crucial Question for Family Businesses: Family Needs or Business Priorities? Construction Businesses |
Family or business first? Have you ever wondered? There’s no right or wrong answer for that. It depends on what people believe or how they’ve been taught to believe. While some people implement the family-first business, others believe in the business-first family. Both may seem right from different perspectives, but there’s more to it than just being right or wrong.
In this week’s episode, we’ve had the pleasure of having a conversation with another industry expert, specializing in family business advocacy. Rob Ferguson is the founder and president of Ferguson Alliance, a family business strategic advisory service. Having led middle-market family-owned businesses for more than ten years, he uses his qualifications as a Certified Exit Planning Advisor and NACD Board Leadership Fellowship to help CEOs and boards navigate generational changes. His goal is to modify the statistics so that family companies last longer. He believes that with the correct foundation in place, family businesses may build an infinite legacy. He joined us today to talk about the essential question for any family business: family needs or business priorities first.

CHAPTERS
04:43 Family first business or business first family.
08:30 How does the performance of a family member affect the non-family members in a business?
09:28 The mentality shift.
13:20 The importance of setting requirements.
17:46 Finding the prime zone.
22:23 Firing a family member.
24:11 Structuring a succession plan.
25:40 Essential elements of a succession plan.
28:10 The transition of business ownership.
34:15 Integrating family values into the business culture.
37:01 Handling biases as a mediator.
44:15 Educating young people who become business owners.
47:11 Out of the shadow.
51:33 Generational differences.

KEY TAKEAWAYS

Asking yourself ‘Are you a family-first business or business-first family’ is important as a business owner.
Set requirements that must be fulfilled to earn a position at your organization, especially for family members.
Find the prime zone in your business.
Keep the business ownership in your blood family.
Build a succession plan that will choose the best replacement as the next business owner.
Listen for intense. Not how it's being said, but what is being said.

RESOURCES
Connect with Rob Ferguson
LinkedIn -   / robertaferguson  
Website - https://ferguson-alliance.com/

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