Family Business – why would you??

Actually, despite the headline, why wouldn’t you? A family business is a great way to provide for the family’s future & can also be a great place for the family to work together to create something meaningful – a legacy that outlives you all, or if you prefer can be sold as a strong business, again providing wealth for the family.

33% of publicly listed firms around the world are estimated to be family-controlled & 67% of all businesses around the world are estimated to be family-controlled.

So it’s not just good business, it’s big business!

Some of the most successful ones are businesses that I didn’t even realise were family businesses – Dyson, Porsche, Barfoot & Thompson, BMW, Ford, L’Oréal, H&M, Kone & even Wal-Mart. You can see a complete list of the world’s largest family businesses here - ?https://familybusinessindex.com/

However, there are certain dynamics that come with a family business, that don’t exist in a traditional privately owned business. I could talk for hours about it & the things that I have learned in my 12 years of advising & coaching family businesses & my 5 years of working in family businesses. Family business is unique & so much more complex than a traditional private business.

This is why I love what I do & it’s also why I have really been enjoying my study at Adelaide University.

My study has come about because I have joined Family Business NZ which is all about “supporting family businesses to thrive and prosper”.

Plus, a lot of the things that apply to family businesses apply to my other love – Professional Services. When you have up to 11 shareholders in a business, they become very much like a family & a lot of the dynamics are similar.

If you are a family business & would like to find out more about Family Business NZ then check out their website & ask me about membership - https://www.familybusiness.org.nz/

In the meantime, as we go into the Easter holidays & spend time with our families, I thought I’d share a few things that I have found from my ‘business family’…

Wishing you all a safe & fun Easter holiday ??

Here’s this week’s business tip, life hack & find of the week… And don’t forget the inspirational quote, which you can download as a wallpaper or lock screen for your phone.

As always, if you find great things that you’d like to share then feel free to email me for inclusion in one of my weekly newsletters.

Better Business: How full is your capacity ball?

This week I had to stop & re-evaluate things. I was becoming overwhelmed & felt like I would never get things done before we break for Easter & I head off to Fiji for a business conference next week. I had to take a clarity break & understand why my capacity ball was suddenly so full.

Fortunately, it didn’t take too much to work through the Delegate & Elevate tool & re-prioritise what I could or could not do & what I could delegate out.

I know that I am not a 40 hour per week worker – I’m generally at my best at around 60 hours per week but once I go over this then I start to feel overwhelmed, exhausted & unhappy.

As this article says, “Let’s look at our time as a ball. As we fill our time up with duties and activities, we use up our capacity. Everyone’s capacity ball is unique to the amount of time during the week in which they do their best work. Some operate best at 50 hours a week, some at 35 or 70 hours a week. Whatever your number, you know and can feel when your capacity ball is filling, full, or overflowing.”

This article shows you how you can manage your time to get your accountability chart roles fulfilled, & your rocks done?within your best amount of time & when it’s right to delegate & hire.

I am so grateful to have Jen back in the office this week & I have managed to delegate a lot to her, but it also meant saying no to some things that just weren’t priorities at the moment.

If you haven’t met Jen yet – then take a look at this post to see more about her - https://www.dhirubhai.net/feed/update/urn:li:activity:6919752320821981184/

Bring on Easter & Fiji I say!

https://www.eosworldwide.com/blog/capacity-delegate-elevate

Better Life: 20 quotes & notes

My colleague John Spence shared this article and described it as a GREAT, GREAT, GREAT list with truly life-changing ideas. High praise indeed from the man who is recognised as one of the top business and leadership experts in the world. So, how could I not read it & then share it?

The article says that there are 20 quotes & notes that we need to read 20 times a day until they sink in.

“Happiness doesn’t start with a relationship, a vacation, a job… or any external source. It starts with your thinking and what you tell yourself today. Remind yourself of this truth. And remind yourself that the absolute best lessons we learn in life are the lessons we learn over and over again. The human mind needs lots of proactive reminders—lots of practice—to operate effectively through thick and thin.”

It then goes on to explain why daily notes & quotes help & lists some great things like:

• Start replacing the phrase “I have to” with “I get to” whenever you catch yourself complaining.
• You can’t control how other people behave. You can’t control everything that happens. What you can control is how you respond to it all. In your response is your power.
• If you have the power to make someone happy today, do it. The world desperately needs more of that right now.

Read the full article to get the whole benefit of the 20 things & start incorporating them into your daily habits, here :

FIND OF THE WEEK: Start here: A guide for family business succession

This little book is an absolute gem for family businesses. It takes you through the Harvard 3 circle model & asks you some great questions that help you to decide how to set up the family business for succession.

It’s from an academic & research-based model but is a practical guide that gives you a step by step method to start your family business succession.

Sara is a fellow EOS Implementer & friend. As the former director of the Family Business Center at the University of St. Thomas, trained coach and Certified EOS Implementer, she has a unique ability to help family businesses. This book comes from her years of experience in working with these businesses.

https://www.amazon.com/Start-Here-Family-Business-Succession/dp/1726710610

BONUS: I have 3 of these physical books that I am happy to give away to a family business that wants some help & if I get more than 3 enquiries, then I’ll get some more in – just email me – [email protected] & I will send one your way.

PS: You can also read more about the 3 circles model here .

BONUS QUOTE

“Your family and your love must be cultivated like a garden. Time, effort, and imagination must be summoned constantly to keep any relationship flourishing and growing.” - Jim Rohn

You can download this wallpaper or lock screen for your phone, here .

CALL TO ACTION

If you’d like to learn more about any of these tools or would like to find out how I can help you achieve a better life through creating a better business then book a free Discovery Call with me - https://calendly.com/debra-chantry-taylor/eos-vth

Debra Chantry-Taylor

Professional EOS Implementer | Entrepreneurial Leadership & Business Coach | Speaker

You can check out previous newsletters here - https://debrachantry-taylor.com/newsletter/

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