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UFB Issue #022 Choose Your Attitude March 25, 2004 |
ISSN 15465640 A free monthly e-zine with articles and tips from Family Business Experts who understand family values and business systems.
March 25, 2004 Issue #022 Family Business Experts https://www.family-business-experts.com http://www.familybusinessexperts.com
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In This Issue... 1. Our Managing Director Announces - 2. Business first family...Family first business Family and Community Foundations 3. Legacy through Leadership What are leadership practices? 4. Around the Family Business Experts web sites
SPONSOR MESSAGE #1
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"Why build JUST a Web site...
when you COULD build a Web BUSINESS?"
1. Our Managing Director Announces - More new and exciting things for you. Foundations are important in Estate Planning so we look at them from a couple of perspectives. Family foundations are a great tool to harness the energy and creativity of retiring family business owners. But they can be costly and involve a lot of red tape. Community foundations provide an umbrella under which to develop your family foundation without the red tape, hassles and cost. 18 questions answered in this interview with Ray Carraway, a CF executive director. We will soon be publishing Legacies in Leadership, based on the insights, experience and assessment tools developed world-renowned Dr. Ken Mackenzie and EMAC Assessments. So we are beginning a new section here in UFB to give you a glimpse into this fascinating work.
Whether to contribute, challenge (or hopefully even praise) our newsletter, I encourage you to contact me directly Don, or our editor David. Enjoy, and here's wishing you, your family, your clients... much success! Don Schwerzler, Managing Director SPONSOR MESSAGE #2
BizPlanBuilder [Jian] Helps you create your business plan quickly by organizing your thoughts into carefully scripted text. Great spread sheet templates for the financial projections. Includes resources and not just blanks to fill in.
SPONSOR MESSAGE #2 2. Business first family...Family first business: FoundationsWhen working on succession strategies with our family business clients we share a very important lesson we have learned: Unless a family business owner has something to move to, he or she is not likely to move from the family business. It is not just a matter of a title, but a place where they can be involved in what they have created. The family business is their "theater," it is how they are defined, it is where they go for validation. For many family business entrepreneurs, the idea of not being part of the family business is a concept that provokes many emotions. One strategy we recommend is to have the family business entrepreneur consider creating a family foundation. This is not something that goes into play after the person dies, but something that can capture their creative energy while they are still alive. On the positive side, they can help recreate the sense of excitement, visioning and togetherness the founder[s] had when starting the family business. But they can also involve a lot of red tape, hassles and cost. So we needed to find a better solution for many family business owners... Community Foundations are a collection of individual charitable funds, each separately accounted for, and each with its own design and purpose. A community foundation provides a wide range of services designed to help donors achieve their charitable dreams. Community foundations also promote philanthropy in a general way and give leadership to community initiatives. Read our entire interview with Ray Carraway, a CF Executive Director, who shows us how CFs work, how much investment is required, what geographic territory they operate in, when they might not be best for a family business succession plan strategy and a whole host of other pertinent matters. We think you'll be very favorably surprised at these effective and versatile succession planning vehicles. Family Foundations SPONSOR MESSAGE #3 More businesses than ever are using the Internet to reach local markets. If your business isn't one of them, you're going to be left behind. SPONSOR MESSAGE #3
What Are Leadership Practices?Leadership practices are the management systems that control short- and long-term success. Leadership practices are organization-wide processes for adapting to change. They are called leadership practices because the organization’s leaders are responsible for their proper operation. Family businesses that attempt to operate without these leadership practices do so without recognizing the key ingredients to maintaining a lasting legacy.The leadership practices presented in this book go beyond the usual traits and skills such as honesty, courage, and expertise. These qualities are always important, but they must be supported by leadership practices to be effective. The leadership of an organization is constantly confronted with change, threats, and opportunities. How it meets these will determine its success. [ See SWOT Analysis] Leadership practices are the practical translation of good intentions into meaningful actions. They require patience and persistence if one is to convert one’s intentions into effective action. It helps but it is not enough for the senior members of the firm to engage in leadership practices; they must be deployed throughout the organization in each unit and at all levels. Pursuing and instilling effective leadership practices throughout an organization in order to master change is the only real, sustaining legacy. That's why legacy through leadership is the main challenge facing family controlled businesses. It is our hope that this book will provide you the tools that will lead to your success as a family business.
4. Around the Family Business Experts web sites Search the entire content site
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