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Other Added - The Code of Conduct for the Privately Held Business
Imagine for a moment that you get a call from a good friend…They invite you to dinner to discuss something “very important”. You have no clue what this “very important” subject is, but they’ve peaked your curiosity and accept their invitation. You have other things to do but are dying to know what’s so darn important that they’re willing to buy you dinner. After all, this friend is the biggest penny-pincher you know, they never buy you anything, let alone dinner!They pick you up from
We all hav
As a boy I was in Boy Scouts. And since then I’ve spent a good part of my life in the program – once in a professional capacity then later when my son joined our local pack, then troop. I still volunteer today. Like me, I’ll bet that you know a number of Eagle Scouts. Even if you don’t think so, I’m sure you do. They’re all over, and I think I’ve met more in fundraising than in the average profession. Eagle Scouts worked hard to get to the pinnacle of the Boy Scouting program. They did the badges,
When I suggest there may be a need for a “Code of Conduct” I am not talking about a need based on employee behavior, I am talking about the need based on family behavior. The family business is a cornerstone of the US economy. It’s the American way, free enterprise and all that gooey stuff we read about. And, it’s true.
Family owned/privately held organizations, both small and large, with succession issues, family preparation and second and third generation leadership issues often have several family members that hold management positions within the company. Often time’s interaction between family members can create problems for the business. In some extreme cases employees may actually begin to takes sides on a variety of issues based on the particular family member they have elected to support. Sometimes, family issues may exist within the minds of the employees and the actual family members have no idea how their interaction has created the problems.
I have seen brothers be vengeful against brothers in the family business to the point that the business suffers and may risk failure. I have seen family relationships destroyed over business issues, jealousy and even greed. I have listened to distraught fathers try to determine succession within the business when two sons believethey are air apparent to the kingdom and Dad just can’t pick one over the other. I have seen family businesses run by second and third generation family members that demonstrated exceptional competency, vision and skills to continue to grow their business. Then again, I have seen a few empty suits and empty dresses when it comes to running the business as well. I have seen sons that couldn’t wait to get their hands on the business just so they could sell it and escape with a fortune. Then again, I have seen fathers that have elected to sell simply to avoid the family conflict involved in passing the leadership reins down to another family member.
We all hav
A large number of individuals dream of owning their own business. A number of those individuals are able to make that dream come true. If you are one of those individuals, there may come a point in time when you have too much business. Too much business often means a large amount of money. Instead of complaining about too much business, there are many business owners who take action. This action often involves outside assistance, such as an answering service.An answering servic
Family owned/privately held organizations, both small and large, with succession issues, family preparation and second and third generation leadership issues often have several family members that hold management positions within the company. Often time’s interaction between family members can create problems for the business. In some extreme cases employees may actually begin to takes sides on a variety of issues based on the particular family member they have elected to support. Sometimes, family issues may exist within the minds of the employees and the actual family members have no idea how their interaction has created the problems.
I have seen brothers be vengeful against brothers in the family business to the point that the business suffers and may risk failure. I have seen family relationships destroyed over business issues, jealousy and even greed. I have listened to distraught fathers try to determine succession within the business when two sons believethey are air apparent to the kingdom and Dad just can’t pick one over the other. I have seen family businesses run by second and third generation family members that demonstrated exceptional competency, vision and skills to continue to grow their business. Then again, I have seen a few empty suits and empty dresses when it comes to running the business as well. I have seen sons that couldn’t wait to get their hands on the business just so they could sell it and escape with a fortune. Then again, I have seen fathers that have elected to sell simply to avoid the family conflict involved in passing the leadership reins down to another family member.
We all hav
A brand is the perception of a product or service in the mind of the consumer. Believe it or not, we all have our own personal brands. Each of our “target audiences” has a perception of us. Sometimes this perception is exactly what we want it to be and sometimes, it is dramatically different.Companies take great care, and spend millions upon millions of dollars, to influence the perception of their target audience. They conduct sophisticated research studies and test and retest all forms of ma
I have seen brothers be vengeful against brothers in the family business to the point that the business suffers and may risk failure. I have seen family relationships destroyed over business issues, jealousy and even greed. I have listened to distraught fathers try to determine succession within the business when two sons believethey are air apparent to the kingdom and Dad just can’t pick one over the other. I have seen family businesses run by second and third generation family members that demonstrated exceptional competency, vision and skills to continue to grow their business. Then again, I have seen a few empty suits and empty dresses when it comes to running the business as well. I have seen sons that couldn’t wait to get their hands on the business just so they could sell it and escape with a fortune. Then again, I have seen fathers that have elected to sell simply to avoid the family conflict involved in passing the leadership reins down to another family member.
We all hav
Great marketing campaigns begin with great ideas. You cannot simply follow the crowd anymore, capitalizing on what has worked for others. These are not ordinary times.Today's economic and cultural climate calls for extraordinary and imaginative marketing strategies, coupled with targeted publicity campaigns. There are so many media possibilities now that the skilled advertising and PR practitioner must also be skilled in media research and placement.Here in Sedona, Arizona, for examp
We all hav
Payroll time clock software keeps track of time and attendance information of an employee in an accurate way. By utilizing the payroll time clock software, you can eliminate the use of paper time cards, handwritten records, and badges. It helps to generate a wide range of efficient reports including attendance, overtime, payroll policies on start and end times, gross pay, holiday, and sick time. Workers can punch the starting time and end time, straight from their own desktops by using a networked PC
We all have different strengths, different methodologies and different experience in the world of wholesale distribution. These differences will impact our individual approach to any task or project. This can become an area of risk for some of us. We must be conscious of our own unique style. This is especially true when it comes to a family run business. To use a phrase from General Russell Honore when he took over during the Katrina Hurricane crisis, “We can’t afford to get “Stuck on Stupid!” He made that comment to the media when they tried to interrogate him about all the mistakes made during the aftermath of Katrina. As Owners, CEO’s, Presidents or just family share holders, we can not afford to get “Stuck on Stupid” when it comes to running the business. We must put the business needs ahead of our personal needs. It is absolutely essential that you look forward and not back if you are going to continue to grow the business.
I am not suggesting that a “Code of Conduct” will resolve succession issues. That in itself is an entirely new discussion. However, I am saying that a “Code of Conduct” will not only make the succession transition smoother, it can also circumvent any potential problems related to internal family interaction. Additionally, you might want to consider creating a family business doctrine that outlines the values and principles that you want to maintain in the business. The family business is what built this country. There’s no question about that. But, it is not without its problems. If you are the president of a privately held company and you have absolutely no family issues in running the business, you are in the minority. Consi
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