Having a concentrated version of the Annual Conference up in North Dakota in September. Glenn Ayres is coming back to be the key note speaker. Should be a wonderful learning experience.
Great time! Educational, entertaining, refreshing and reflective! The Lloyd Family gave a wonderful tour of the Larson Square Lofts and The Arches Business Building.
It was wonderful to see the Family show how growing in the business and off the business are done. The family also showed true openness in the regards to family functionality. Great Legacy Lloyd Family!!
The Egger Family from Egger Steel Company was this years Sioux Falls Award winner. Presented by last year recipient Dave Austad of Austad’s Golf. Two positive examples of succession planning.
Learning from Other’s Experiences: Sioux Falls Legacy and Award Program
Published October 15, 2009 1 1 Comment
I hear it every time we host a family business program…”I can’t believe they (the family presenting) are going through the same struggles our family business is trying to deal with.”
Learning from other’s experiences is one of the best educational tools available. And within our organization, we have a phenomenal group of founders, senior leaders, transitioning leaders and next generation family members who are willing to share their experiences with the goal of helping other family businesses through some of the same struggles while sharing tools and best practices to help them reach their goals.
I think some of the best ideas from the Lloyds were:
- “To guarantee that your legacy will be short-lived, make sure to leave succession planning in the hands of the next generation.” Craig’s willingness to share how difficult planning ownership transition for him has been hit home for a lot of those in the audience.
- Christmas, Holidays and Birthday gatherings are NOT the appropriate times to discuss financials of the family business! The Lloyds have done a remarkable job at professionalizing their family business meetings, evolving from the kitchen table to a family business council.
- “Family members assume everything and discuss nothing. The most successful family businesses make more written agreements than oral agreements.” The formal documents that have been developed to deal with family employment, decision making, owners values are great samples for others to use to begin discussing their own family business documents.
- Ownership issues: Asking difficult questions of G2 and of Craig and Pat, to really understanding what being an owner means and what risks and responsibilities go with that. All too often, family businesses are passed onto the next generation, having no serious discussions with G2 about what it means to “own” the business.
- “Training” Craig to communicate differently, to “ask” questions of G2 instead of “giving orders” is a valuable lesson for all senior generation leaders!
Hats off to the Egger family of Egger Steel for their well deserved recognition as the first recipient of the Boyd Hopkins, Sr. Excellence in Family Business Award. Steve and Burke did an excellent job of defining some of the key challenges as they tackled transitioning from 2nd to 3rd generation.
Once again, I think Burke struck a chord with most in the audience when he shared some of the generational differences, views on the “status quo” and how to operate a business, and his desire to continue this family legacy to the next generation.
Audio Call – October 28 Creating and Managing Effective Family Councils
Published October 15, 2009 1 Leave a CommentTags: www.fambus.org
Creating and Managing Effective Family Councils
The Priarie Family Business Conference was in Sioux Falls this year. A great turn out. And Announced that next years conference will be in Sioux Falls also. WATCH FOR DETAILS.
Succession planning, family conflict, family meetings, and even business structure for a family business: all of these are topics that are the tip of the iceberg for helping families business succeed. Not to mention estate planning, buy and sell agreements, governance, shareholders, non family managers and board of directors. Realistically, most of these are issues that must be tackled as a process. They need more then just a one time meeting and write something up. Proper family business planning can take years when there are no issues. Realistically only 3% of the cases go to the third generation. Get real. Most family businesses are needing some education about the process. Get it at www.fambus.org.
