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- Working in family business must not be equated to membership in the family.
- When people begin to think that what they do is who they are, they lose all objectivity about themselves and their work.
- A family business may be testimony to the creativity, ingenuity and tenacity of its founder but a family business must not be viewed as a monument to the founder. A business is no different from any other asset that produces a return on invested capital. There comes a time in the life of most every asset when the potential value has maximized. When that point is reached, it is time to sell the asset and re-deploy the proceeds so that it can be compounded again and again.
- The measure of one’s success is not how much money you have made nor the number of successful businesses run. One’s success is determined by how well you have prepared your children for the life they will lead and the challenges they will face.
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- The task of parents is to raise responsible adults, who have high self esteem and can function independently in this world.
- Oscar Wilde said, “The best revenge is living well.” That is all well and good, but inheritors/successors have the responsibility to compound the asset pool over the generations. Inheritors are responsible for being prudent stewards of their inheritance.
- After technical competence and fundamental business acumen, the ability to manage boundaries within the family, boundaries between the family and the business and interpersonal boundaries is the most important ingredient for success within the family and within the business.
- Acceptance as a family member is unconditional while acceptance in the family business must be conditional, based on proven competence and the ability to sustain high level performance in one’s job over time. When this principle is compromised, you end up with a less than competent employee who happens to be a relative. NOW you have a business problem AND a family problem.
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