Tag: family

How to Talk About Money in Your Family Business – Family Business Advisors #business

#family business

#

How to Talk About Money in Your Family Business

“Chains of habit are too light to be felt – until they are too heavy to be broken.” – Warren Buffett

Talking about money within the family business can be uncomfortable and awkward. What’s worse is that everyone knows about it; financial questions and concerns can be at the forefront of everyone’s mind. Few habits are so critical and yet translate so directly to the success of your family business. David Harland. Managing Director of FINH

It is up to the family business leaders to engage their family in these conversations, and to do so with honesty and directly. The early rounds might be difficult, but the end result is a better work environment and easier conversations about other complex issues (such as remuneration or financial agreements). Start early so that you can establish a precedent, make clear the expectations, and deal fairly with others.

Begin with a trusted family advisor – someone to help facilitate difficult conversations – who can project an image of fairness, conscientiousness, and experience.

We often feel that our loved ones know us so well that we don’t have to voice concerns or bring in a third party. It’s the role of the business leader to let go of these assumptions and find a real solution. Communication needs to be clear and open, and this is best when the conversation includes an element of impartiality and specialized knowledge.

It’s unfortunate that so many family businesses start out with an informal management structure and don’t have specific practices and policies for family members. Instead, the structure of the family business is often made up as it goes, which can create an impediment to honest communication later on.

Topics of Conversation Between Members of the Family Business

The family conversation should have goals and should be prepared for, just like any meeting with a non-family business partnerThat also includes having a formal agenda. It’s common to have three levels of interest at play: business issues, family issues, and ownership.

So what you should talk about? Start with family’s history, legacy, and values. The younger a member of the family is introduced to this message, the better. I recommend placing extra emphasis on a multigenerational approach to human capital appreciation.

Chances are that your family has a mix of dominant thinkers and dominant feelers. The thinkers might be more open to the practical realities of business success. Feelers will appreciate the sense of togetherness, shared accomplishment, and appreciation among members of the group. Guide the topics of conversations into those areas where you’re most likely to get buy-in from individual members; other issues can be dealt with more easily afterwards.

Emotion Will Be Part Of It; Deal With Emotion Early

“Select your words carefully. Spoken words may have positive or negative effects, depending on the manner and timing of your speech.” Abdurrahman Bagdadizade Paksoy to his sons, addressing how the Paksoy family was shut out of its own business in 1956

Every business requires emotional decisions and every family brings emotionally charged relationships. These two don’t always mix nicely.

Emotion is a real dynamic that isn’t going away, but it can be dealt with effectively and even harnessed to create a positive dialogue. Use family councils to address family matters. Even if your family members share the same values, they may not share the same vision. If your family runs the risk of starting new battles every time an old one is closed, it’s best to start with outside facilitation early on and stick with it through to the end.

Create a sense of family unity with family stories. Make sure that younger generations can connect to the trials, successes, and anecdotes of the past. Let them speak and take care to actually listen. If less experienced members of the family are eager to bring a “fresh perspective” or innovative new ideas, this is the forum where they get their chance.

Tell a cautionary tale about past business episodes – especially if it has a personal impact. Not only will this help synergize the emotion in the room, but it will help emphasise the importance of properly addressed financial agreements. Just try not to get side-tracked in story land; it’s up to the business leaders to maintain focus on the long-term goal of multi-generational capital accumulation.

Always remember that money is a sensitive issue for many people. You’re likely to run into topics like fairness and competitiveness. These are important, but ultimately dangerous if mishandled because they can re-open old wounds or divert the conversation. Have a plan in place to stay on target.

There’s never a perfect time to talk about family business issues, with one exception: earlier is better. The sooner these conversations start happening, the sooner your family business can develop the type of effective communication that will stand the test of time.

For Advice on communicating about finance in your family business please call FINH 07 3229 7333





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Family Business Association #business #careers

#family business

#

Mission Statement / Who we Are

The Family Business Association is the leading independent, non-profit organization serving family business enterprises. It provides educational programming and a forum for these businesses to collaboratively exchange knowledge and experience. The Family Business Association is dedicated to the recognition and implementation of best business practices and ethical standards among these enterprises.

It takes hard work, determination and persistence for a family business to succeed. It also means being willing to take risks. Family businesses face the same tough challenges every other business endures but they also encounter a unique set of personal and professional challenges that non-family businesses could never imagine.

Despite these obstacles, family businesses power Massachusetts economic engine and are the backbone of the United States economy. Family businesses provide significant employment opportunities, revenue generation, economic growth, and are also traditionally active within their local communities.

FBA Events

Sponsors





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Department of Family and Community Services – NSW Businesslink – now FACS Business Services

#business link

#

Lefthand navigation

NSW Businesslink – now FACS Business Services

Businesslink was merged in to the Department of Family and Community Services as Corporate Services, Business Services on 1 July 2014.

The Business Services Unit primarily provides internal services to Family and Community Services, but also continues to provide services to a range of clients external to FACS including NSW Department of Education and Communities, Aboriginal Affairs, State Property Authority, Office of State Revenue, Juvenile Justice, NSW Mental Health Commission, Treasury Corporation and a range of non government organisations.

Services include a broad range of core, transactional and value-added services, specialising in areas such as Finance, Human Resources, Information Technology, Projects, Property, Workforce and Business services.

To find previous Annual Reports from NSW Businesslink, visit the opengov website .

Contact Details

Business Services Client Support Contact Details

Recruitment Enquiries

For all recruitment enquiries, please phone 1800 203 966.

National Criminal History Record Check Enquiries

Businesslink is accredited to undertake National Criminal History Record Checks. Should your organisation wish to utilise this service, the contact details appear below.

Regional Service Centres

Hunter

Suite 1B, 239 King St, NEWCASTLE 2300
PO Box 2160 Dangar 2309
Phone: (02) 4925 0000
Fax: (02) 4925 0040

Northern

Suite 1, 120 Dalley St, LISMORE 2480
PO Box 1140 Lismore 2480
Phone: (02) 6623 1900
Fax: (02) 6623 1911

Southern

Suite 1.04, 7-9 Morisset St, QUEANBEYAN 2620
PO Box 1629 Queanbeyan 2620
Phone: (02) 6122 3500
Fax: (02) 6122 3511

Western

Suites 5 6, 234-236 Summer St, ORANGE 2800
PO Box 2552 Orange 2800
Phone: (02) 6363 6150
Fax: (02) 6363 6166

QUICK LINKS

Footer navigation links





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Department of Family and Community Services – NSW Businesslink – now FACS Business Services

#business link

#

Lefthand navigation

NSW Businesslink – now FACS Business Services

Businesslink was merged in to the Department of Family and Community Services as Corporate Services, Business Services on 1 July 2014.

The Business Services Unit primarily provides internal services to Family and Community Services, but also continues to provide services to a range of clients external to FACS including NSW Department of Education and Communities, Aboriginal Affairs, State Property Authority, Office of State Revenue, Juvenile Justice, NSW Mental Health Commission, Treasury Corporation and a range of non government organisations.

Services include a broad range of core, transactional and value-added services, specialising in areas such as Finance, Human Resources, Information Technology, Projects, Property, Workforce and Business services.

To find previous Annual Reports from NSW Businesslink, visit the opengov website .

Contact Details

Business Services Client Support Contact Details

Recruitment Enquiries

For all recruitment enquiries, please phone 1800 203 966.

National Criminal History Record Check Enquiries

Businesslink is accredited to undertake National Criminal History Record Checks. Should your organisation wish to utilise this service, the contact details appear below.

Regional Service Centres

Hunter

Suite 1B, 239 King St, NEWCASTLE 2300
PO Box 2160 Dangar 2309
Phone: (02) 4925 0000
Fax: (02) 4925 0040

Northern

Suite 1, 120 Dalley St, LISMORE 2480
PO Box 1140 Lismore 2480
Phone: (02) 6623 1900
Fax: (02) 6623 1911

Southern

Suite 1.04, 7-9 Morisset St, QUEANBEYAN 2620
PO Box 1629 Queanbeyan 2620
Phone: (02) 6122 3500
Fax: (02) 6122 3511

Western

Suites 5 6, 234-236 Summer St, ORANGE 2800
PO Box 2552 Orange 2800
Phone: (02) 6363 6150
Fax: (02) 6363 6166

QUICK LINKS

Footer navigation links





Tags : , , , , , , , , , , , ,

Family Business Association #business #card #designs

#family business

#

Mission Statement / Who we Are

The Family Business Association is the leading independent, non-profit organization serving family business enterprises. It provides educational programming and a forum for these businesses to collaboratively exchange knowledge and experience. The Family Business Association is dedicated to the recognition and implementation of best business practices and ethical standards among these enterprises.

It takes hard work, determination and persistence for a family business to succeed. It also means being willing to take risks. Family businesses face the same tough challenges every other business endures but they also encounter a unique set of personal and professional challenges that non-family businesses could never imagine.

Despite these obstacles, family businesses power Massachusetts economic engine and are the backbone of the United States economy. Family businesses provide significant employment opportunities, revenue generation, economic growth, and are also traditionally active within their local communities.

FBA Events

Sponsors





Tags : , ,

10 businesses named after family members – Mollie Makes #business #proposal #format

#creative business names

#

Choosing a name for a business is tricky it s got to be catchy, memorable and sum up ‘you’ too. We searched the web for crafty companies who took family names as the ultimate personal inspo. Find out how this line-up of crafty businesses came up with their shop names.

So you re looking for a business name. How about naming it after Nan, or combining your name with your partner s like celebrity power couples? If all else fails use our trusty craft business name game. take your favourite colour and find the quirky paint name for it, use one word from the colour name, add your craft of choice and the name of the street you grew up on (or a family member s name). Shuffle them round until they make no sense! So, Dayroom Crochet Orange or Henrietta Embroidery Villa. Huzzah, it works! Now you try.

1. Flossie Limejuice

Shelagh called her business “Flossie Limejuice after her mother-in-law s nickname for her grandson’s toy rabbit. Aww!

2. Anais Aiyla

Mish named her business after her daughters Zoie Amelia Anais and Emilie Aiyla Aeon. She says: “When we moved back to the UK from the Cayman Islands, one way I found to help them adjust to their new (very cold) surroundings was to crochet for them.”

3. Bobostitch

Cross stitch queen Hannah Sturrock named Bobostitch after her son’s mispronunciation of his sister Baby Olive s name. “She was born around the same time, says Hannah. The name is a constant reminder for me that the business is totally intertwined with our family life.

4. Lily Val

Owner Valerie McKeehan says: “Lily is a nod to my mother. We both share a love of flowers, in particular, stargazer lilies!”

5. Mingo Grace

Designer Farrah Gee named her children’s clothing brand after her little twins’ middle names.

6. Kit and Nancy

Maker Laura named her business after her grandmas: Kit and Nancy.

7. Bob John Knitwear

Jonie Worton’s knitwear company is named after her equally hands-on grandfathers, engineer John and builder Edgar known as Bob.

8. Clarise Crafts

Alyssa borrowed her business name from her mother Denise, who set up a jewellery business with her friend Claire under the name Clarise , merging the two friends names. Alyssa says: “I do get called Clarise but I see it as my crafty alter-ego!”

9. Holly and Evie

Let’s not forget the most important family members of all! Lucy Vernon named her knitwear company after her first dog Holly, and her current pooch, Evie.

10. Lily Dot

Aussie “vintage whimsy” store Lily Dot was named after two very creative grandmas.

Named your business after loved ones too? Leave your business name and link in the comments below and tell us why you chose the name.





Tags : , , , , , , , ,

Department of Family and Community Services – NSW Businesslink – now FACS Business Services

#business link

#

Lefthand navigation

NSW Businesslink – now FACS Business Services

Businesslink was merged in to the Department of Family and Community Services as Corporate Services, Business Services on 1 July 2014.

The Business Services Unit primarily provides internal services to Family and Community Services, but also continues to provide services to a range of clients external to FACS including NSW Department of Education and Communities, Aboriginal Affairs, State Property Authority, Office of State Revenue, Juvenile Justice, NSW Mental Health Commission, Treasury Corporation and a range of non government organisations.

Services include a broad range of core, transactional and value-added services, specialising in areas such as Finance, Human Resources, Information Technology, Projects, Property, Workforce and Business services.

To find previous Annual Reports from NSW Businesslink, visit the opengov website .

Contact Details

Business Services Client Support Contact Details

Recruitment Enquiries

For all recruitment enquiries, please phone 1800 203 966.

National Criminal History Record Check Enquiries

Businesslink is accredited to undertake National Criminal History Record Checks. Should your organisation wish to utilise this service, the contact details appear below.

Regional Service Centres

Hunter

Suite 1B, 239 King St, NEWCASTLE 2300
PO Box 2160 Dangar 2309
Phone: (02) 4925 0000
Fax: (02) 4925 0040

Northern

Suite 1, 120 Dalley St, LISMORE 2480
PO Box 1140 Lismore 2480
Phone: (02) 6623 1900
Fax: (02) 6623 1911

Southern

Suite 1.04, 7-9 Morisset St, QUEANBEYAN 2620
PO Box 1629 Queanbeyan 2620
Phone: (02) 6122 3500
Fax: (02) 6122 3511

Western

Suites 5 6, 234-236 Summer St, ORANGE 2800
PO Box 2552 Orange 2800
Phone: (02) 6363 6150
Fax: (02) 6363 6166

QUICK LINKS

Footer navigation links





Tags : , , , , , , , , , , , ,

How to Talk About Money in Your Family Business – Family Business Advisors #business

#family business

#

How to Talk About Money in Your Family Business

“Chains of habit are too light to be felt – until they are too heavy to be broken.” – Warren Buffett

Talking about money within the family business can be uncomfortable and awkward. What’s worse is that everyone knows about it; financial questions and concerns can be at the forefront of everyone’s mind. Few habits are so critical and yet translate so directly to the success of your family business. David Harland. Managing Director of FINH

It is up to the family business leaders to engage their family in these conversations, and to do so with honesty and directly. The early rounds might be difficult, but the end result is a better work environment and easier conversations about other complex issues (such as remuneration or financial agreements). Start early so that you can establish a precedent, make clear the expectations, and deal fairly with others.

Begin with a trusted family advisor – someone to help facilitate difficult conversations – who can project an image of fairness, conscientiousness, and experience.

We often feel that our loved ones know us so well that we don’t have to voice concerns or bring in a third party. It’s the role of the business leader to let go of these assumptions and find a real solution. Communication needs to be clear and open, and this is best when the conversation includes an element of impartiality and specialized knowledge.

It’s unfortunate that so many family businesses start out with an informal management structure and don’t have specific practices and policies for family members. Instead, the structure of the family business is often made up as it goes, which can create an impediment to honest communication later on.

Topics of Conversation Between Members of the Family Business

The family conversation should have goals and should be prepared for, just like any meeting with a non-family business partnerThat also includes having a formal agenda. It’s common to have three levels of interest at play: business issues, family issues, and ownership.

So what you should talk about? Start with family’s history, legacy, and values. The younger a member of the family is introduced to this message, the better. I recommend placing extra emphasis on a multigenerational approach to human capital appreciation.

Chances are that your family has a mix of dominant thinkers and dominant feelers. The thinkers might be more open to the practical realities of business success. Feelers will appreciate the sense of togetherness, shared accomplishment, and appreciation among members of the group. Guide the topics of conversations into those areas where you’re most likely to get buy-in from individual members; other issues can be dealt with more easily afterwards.

Emotion Will Be Part Of It; Deal With Emotion Early

“Select your words carefully. Spoken words may have positive or negative effects, depending on the manner and timing of your speech.” Abdurrahman Bagdadizade Paksoy to his sons, addressing how the Paksoy family was shut out of its own business in 1956

Every business requires emotional decisions and every family brings emotionally charged relationships. These two don’t always mix nicely.

Emotion is a real dynamic that isn’t going away, but it can be dealt with effectively and even harnessed to create a positive dialogue. Use family councils to address family matters. Even if your family members share the same values, they may not share the same vision. If your family runs the risk of starting new battles every time an old one is closed, it’s best to start with outside facilitation early on and stick with it through to the end.

Create a sense of family unity with family stories. Make sure that younger generations can connect to the trials, successes, and anecdotes of the past. Let them speak and take care to actually listen. If less experienced members of the family are eager to bring a “fresh perspective” or innovative new ideas, this is the forum where they get their chance.

Tell a cautionary tale about past business episodes – especially if it has a personal impact. Not only will this help synergize the emotion in the room, but it will help emphasise the importance of properly addressed financial agreements. Just try not to get side-tracked in story land; it’s up to the business leaders to maintain focus on the long-term goal of multi-generational capital accumulation.

Always remember that money is a sensitive issue for many people. You’re likely to run into topics like fairness and competitiveness. These are important, but ultimately dangerous if mishandled because they can re-open old wounds or divert the conversation. Have a plan in place to stay on target.

There’s never a perfect time to talk about family business issues, with one exception: earlier is better. The sooner these conversations start happening, the sooner your family business can develop the type of effective communication that will stand the test of time.

For Advice on communicating about finance in your family business please call FINH 07 3229 7333





Tags : , , , , , , , , , ,

Department of Family and Community Services – NSW Businesslink – now FACS Business Services

#business link

#

Lefthand navigation

NSW Businesslink – now FACS Business Services

Businesslink was merged in to the Department of Family and Community Services as Corporate Services, Business Services on 1 July 2014.

The Business Services Unit primarily provides internal services to Family and Community Services, but also continues to provide services to a range of clients external to FACS including NSW Department of Education and Communities, Aboriginal Affairs, State Property Authority, Office of State Revenue, Juvenile Justice, NSW Mental Health Commission, Treasury Corporation and a range of non government organisations.

Services include a broad range of core, transactional and value-added services, specialising in areas such as Finance, Human Resources, Information Technology, Projects, Property, Workforce and Business services.

To find previous Annual Reports from NSW Businesslink, visit the opengov website .

Contact Details

Business Services Client Support Contact Details

Recruitment Enquiries

For all recruitment enquiries, please phone 1800 203 966.

National Criminal History Record Check Enquiries

Businesslink is accredited to undertake National Criminal History Record Checks. Should your organisation wish to utilise this service, the contact details appear below.

Regional Service Centres

Hunter

Suite 1B, 239 King St, NEWCASTLE 2300
PO Box 2160 Dangar 2309
Phone: (02) 4925 0000
Fax: (02) 4925 0040

Northern

Suite 1, 120 Dalley St, LISMORE 2480
PO Box 1140 Lismore 2480
Phone: (02) 6623 1900
Fax: (02) 6623 1911

Southern

Suite 1.04, 7-9 Morisset St, QUEANBEYAN 2620
PO Box 1629 Queanbeyan 2620
Phone: (02) 6122 3500
Fax: (02) 6122 3511

Western

Suites 5 6, 234-236 Summer St, ORANGE 2800
PO Box 2552 Orange 2800
Phone: (02) 6363 6150
Fax: (02) 6363 6166

QUICK LINKS

Footer navigation links





Tags : , , , , , , , , , , , ,

How to Talk About Money in Your Family Business – Family Business Advisors #business

#family business

#

How to Talk About Money in Your Family Business

“Chains of habit are too light to be felt – until they are too heavy to be broken.” – Warren Buffett

Talking about money within the family business can be uncomfortable and awkward. What’s worse is that everyone knows about it; financial questions and concerns can be at the forefront of everyone’s mind. Few habits are so critical and yet translate so directly to the success of your family business. David Harland. Managing Director of FINH

It is up to the family business leaders to engage their family in these conversations, and to do so with honesty and directly. The early rounds might be difficult, but the end result is a better work environment and easier conversations about other complex issues (such as remuneration or financial agreements). Start early so that you can establish a precedent, make clear the expectations, and deal fairly with others.

Begin with a trusted family advisor – someone to help facilitate difficult conversations – who can project an image of fairness, conscientiousness, and experience.

We often feel that our loved ones know us so well that we don’t have to voice concerns or bring in a third party. It’s the role of the business leader to let go of these assumptions and find a real solution. Communication needs to be clear and open, and this is best when the conversation includes an element of impartiality and specialized knowledge.

It’s unfortunate that so many family businesses start out with an informal management structure and don’t have specific practices and policies for family members. Instead, the structure of the family business is often made up as it goes, which can create an impediment to honest communication later on.

Topics of Conversation Between Members of the Family Business

The family conversation should have goals and should be prepared for, just like any meeting with a non-family business partnerThat also includes having a formal agenda. It’s common to have three levels of interest at play: business issues, family issues, and ownership.

So what you should talk about? Start with family’s history, legacy, and values. The younger a member of the family is introduced to this message, the better. I recommend placing extra emphasis on a multigenerational approach to human capital appreciation.

Chances are that your family has a mix of dominant thinkers and dominant feelers. The thinkers might be more open to the practical realities of business success. Feelers will appreciate the sense of togetherness, shared accomplishment, and appreciation among members of the group. Guide the topics of conversations into those areas where you’re most likely to get buy-in from individual members; other issues can be dealt with more easily afterwards.

Emotion Will Be Part Of It; Deal With Emotion Early

“Select your words carefully. Spoken words may have positive or negative effects, depending on the manner and timing of your speech.” Abdurrahman Bagdadizade Paksoy to his sons, addressing how the Paksoy family was shut out of its own business in 1956

Every business requires emotional decisions and every family brings emotionally charged relationships. These two don’t always mix nicely.

Emotion is a real dynamic that isn’t going away, but it can be dealt with effectively and even harnessed to create a positive dialogue. Use family councils to address family matters. Even if your family members share the same values, they may not share the same vision. If your family runs the risk of starting new battles every time an old one is closed, it’s best to start with outside facilitation early on and stick with it through to the end.

Create a sense of family unity with family stories. Make sure that younger generations can connect to the trials, successes, and anecdotes of the past. Let them speak and take care to actually listen. If less experienced members of the family are eager to bring a “fresh perspective” or innovative new ideas, this is the forum where they get their chance.

Tell a cautionary tale about past business episodes – especially if it has a personal impact. Not only will this help synergize the emotion in the room, but it will help emphasise the importance of properly addressed financial agreements. Just try not to get side-tracked in story land; it’s up to the business leaders to maintain focus on the long-term goal of multi-generational capital accumulation.

Always remember that money is a sensitive issue for many people. You’re likely to run into topics like fairness and competitiveness. These are important, but ultimately dangerous if mishandled because they can re-open old wounds or divert the conversation. Have a plan in place to stay on target.

There’s never a perfect time to talk about family business issues, with one exception: earlier is better. The sooner these conversations start happening, the sooner your family business can develop the type of effective communication that will stand the test of time.

For Advice on communicating about finance in your family business please call FINH 07 3229 7333





Tags : , , , , , , , , , ,