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Calling all small firm owner-manager/senior managers……

Wednesday, 20 February 2019

The Innovation Value Institute (IVI) at Maynooth University, Ulster University (UU), N. Ireland and Anglia Ruskin University, England are undertaking

 

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PWC Family Business Report 2019

Wednesday, 13 February 2019

PWC Irish Family Business Report 2019 PWC survey of over 100 businesses, conducted in late 2018, reveals that the Irish family business sector is

 

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The Impact of Family Business in Ireland

Sunday, 20 May 2018

Although this repost is based on findings up to 2005. It is important to know the impact that family business has in Ireland. 

 

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Mr Mark Green is a Business Consultant who has worked as a generational interpreter. below are his views on handing the business down to the next generation and how best to do it.

 

With five generations now together in the workforce, generational conflicts are changing the dynamics—and succession plans—of many family-run businesses.

 

This "generational stack-up" creates conflicting work styles and expectations that can make or break a family business, said Mark Green, author of Inside the Multi-Generational Family Business.

 

Close to 80 percent of U.S. businesses and 40 percent of Fortune 500 companies are family-owned, says Green, and they're common in every industry. "It's a huge part of who we are as a country," he said.

 

One of the biggest challenges in a family-run business is the continual change of roles as new generations join the mix.

 

In the past 50 years, the dynamics have become even more complex as family members live and work longer. In the past, family businesses were passed from one generation to another, says Green. "Now they're passed from one generation to many," he added. "The paradigm is shifting."

 

Many family businesses had to change their succession plans during the recession, said Green. In some cases, older generations returned to the business when retirement plans fell apart or to guide the company through a difficult time. In other cases, sons and daughters who chose different careers rejoined the family business when they were downsized or laid off, or because the business needed extra help.

 

As a result, Green's role as a family business consultant is often to be a generational interpreter. For example, he explains to sons that fathers expect them to be at their desks, the first to arrive and the last to leave. Then he explains to fathers that sons are now expected to attend Little League games and can work from mobile devices.

 

In addition, the older GI Generation (1901-1924), Silent Generation (1925-1942) and Baby Boomers all grew up before the Internet, while Generation X and Generation Y have been around technology their whole lives, says Green. That means even simple things like leaving voice mails versus texting can cause big communication issues.

For older family members who may lead a business for 25 years or longer, the role becomes that leader's whole identity, said Green. "It's not just a job, it's a lifestyle," he added. And conflicts arise when the next generation wants a turn to lead.

 

That's why family-run businesses may want to consider creating career tracks for family members, he said. Family firms also need to recognize the patterns and conflicts that exist between generations, as well as how each generation brings value to the table.

 

Family businesses may also want to consider building in time to teach younger family members what it means to be good owners before they leave home, and to create succession plans long before they're needed, Green said.

 

Even with the additional challenges, however, family-run businesses have a lot of benefits, said Green. They typically support their communities, provide jobs, and are stable, value-oriented, and successful. "It's a lot of work, but when it works it's a beautiful thing," he said.

 

Source: http://www.forbes.com/sites/northwesternmutual/2013/09/25/handing-it-down-the-changing-dynamics-of-family-businesses/#7489559667f6