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UFB Newsletter Issue #056 Financial Management
August 27, 2006
The Key To Family Business Success
ISSN 15465640

Understanding Family Business brings you articles and tips from Family Business Experts who understand family values and business systems.

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Understanding Family Business

August 27, 2006 Issue #056

Don't forget one of the most popular features of our web site is our initiative called Family Business Profiles.

A busy summer in addition to our consulting... I have been to Oshkosh WI, and to Reno NV to attend a Civil Air Patrol conference. David was away for 2 weeks for a combined family visit and to compete in the North American Pipe Band Championships in Canada.

But we have still added some exciting material to the website!

A new Financial Management section...

Financial Management - Tips and Tricks for the Family Business Owner Who Doesn't Have or Need a CFO... Yet!

Financial management - for the family business owner who doesn't have or need a CFO and all the trappings of big companies.

Let's face it - big companies need and can afford to have a whole arsenal of specialists and professionals to help them. They already know the tips and tricks.

But, many of our smaller - and some that are not so small! - clients don't have professional financial managers. But you still need to run a a tight ship financially. So, this section is for you.

Bank Reconciliations
Bank reconciliations - no fun, but family business staff and owners need to understand the procedure. Here's a good refresher.

Bank Sweep Accounts
Bank sweep accounts are a great tool for centralizing cash management amongst several accounts. But there are pitfalls - learn what to record and what not to record.

Journal Entries - Very Revealing!
Journal entries in accounting are somewhat analogous to the initial readings and observation that is made every time you visit your doctor. They are very revealing!

Credit card balance transfers - they're not as cheap as you think!
Credit card balance transfers are increasing. Watch out for the service fee you'll be charged to access this low interest rate.

And three articles that we had been asked to write for other publications.

Succession Planning Obstacles in Family Business

Succession planning for family businesses is like an obstacle course. Sometimes, the best way to look at a problem is to identify the obstacles to solving that problem.

Recognizing generations - know them by their weekends

Recognizing generations in your family business is difficult - it's typical to have employees that span an age range from early twenties or even late 'teens into the 60's and older.

Succession planning tactics

These succession planning tactics show you the way to a successful transition in your family business. Consider all of them - they're tested and proven to help you.

Don't forget the new feature on our site that will become even more prevalent. Our Family Business Blog [Blog is short for "web log"] mini-journal will keep you updated about site changes and other family business matters. Check it out regularly on the site from the NavBar button. Better still, subscribe to the blog using the RSS feed information on any of our pages, such as

Understanding Family Business.

Our expert, Dr. Ken Mackenzie, identifies 29 Leadership Practices [LP] that are really the foundation upon which 12 holonomic or enabling processes[HP] are built, and which, in turn, produce 6 desired organizational characteristics [DOC]. We'll look at each in this section.

LP27. Ensuring Improvements in Technology

Ensuring quality consists of processes to ensure that the organization's products/services meet the customers' quality standards. The organization actively supports its products/services to meet customers' needs; makes every effort to ensure that the customers properly use its products/services; avoids providing products/services that fail to meet customer requirements; works to eliminate and/or prevent situations in which Associates fail to meet the quality standards set for them; and finally, the organization seeks to improve the quality of its administrative task processes.

Take our fr*ee assessment on the 29 Leadership Practices...

That's it for this issue. If you have any comments, or if there are any topics you'd like to see covered, please let us know.

Comments, requested topics, blog messages...!

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