Lessons from an Evening with Family Businesses

It was such a pleasure to attend Prairie Family Business Association 's tour and award program last night! Not only did I get to reconnect with old friends, I also learned about family business VIKOR - glad they're handling building communications towers because you won't find me 2,000 feet up! - and was able to celebrate A-Ox Welding Supply Company Inc for receiving the Boyd Hopkins Sr. Family Business of the Year Award!

Through presentations and conversations, here are a few reminders for family business success:

1- Face the tough conversations. It may not always be pleasant, but if you have trusted advisors and care for your family, you can persevere through the tough conversations and tackle the complex issues and more often than not, come out the other side better and closer.

2 - Brave new realms. Don’t let being a family business and maintaining the family legacy be a hinderance to expanding your business when you have the opportunity. Dipping a toe into new product lines or divisions can help to ensure a business will stand the test of time. Find “bolt on” opportunities that are adjacent to what you currently excel at and make sense for your business to expand into.?

3 - Make a plan - but don’t stop there. When talking about succession, you definitely need a plan. But once you have one, don’t assume you’re done! Things change, people change, circumstances and goals change. Your succession plan should be ever-evolving to fit the situation in the present moment.

4 - Hire people that are smarter than you. You can’t build a stellar team without being confident enough to include those that are smarter than you. Hire people that amaze you. That have talents different from yours. Only with a diverse team of incredible talent will you be able to achieve your best possible outcome!

5 - Join a peer group. I think this applies to every single person who wants to grow and be better than they are today - regardless if you’re involved in a family business. But when you’re in a unique situation of family business, being a part of a group that reflects that same experience from which you can learn is priceless. I know Prairie Family Business does an excellent job with peer groups, but there are also many other family business peer group opportunities around the country. If you need help finding one that fits for you - please let me know and I’d love to connect you with people in your area that might be able to help!