An Online Publication by Generational Equity
Finding ways to reward non-family executives in a family-owned business can be one of the biggest challenges faced by owners of a small- to mid-sized firm. However, it’s imperative for the health of your business that you retain top performers, especially as your growth demands you hire talent outside the family.
What can you do to keep your best employees motivated and acting like owners even if you can’t share ownership? [Read more…]
Few things are harder to manage in a family business than the need to part ways with an underperforming relative. However, for the business to thrive, you must address all poorly performing employees, including those you see at the Thanksgiving table.
Maybe your great aunt really needs to retire so you can upgrade the accounting system. Maybe your niece is an entitled, lazy jerk. Maybe your brother needs to fulfill his dream of starting a different kind of business.
Regardless of the circumstances, here are five don’ts to follow when it comes time to separate a family member from the family business. [Read more…]
The holiday season can be an excellent time for reading and reflection, with the long weekends of Thanksgiving, Christmas and New Year’s falling in a six-week period.
We recently tapped into the brain trust at Generational Equity and asked, “What books do you recommend to fellow business leaders?” Here are their answers. [Read more…]
Creativity in the form of new, highly targeted products and services and refined customer support are the lifeblood of middle-market companies. Thus, the smart executive aims to nourish creativity in his or her workforce.
Lest you think creativity is some touchy-feely subject for academics, think again.
The consequences of discouraging creativity can be dire. Missed revenue opportunities are just the first outcome. Employees who feel hemmed in become unmotivated and may even leave your organization in order to pursue their good ideas elsewhere. [Read more…]
It’s a fact – all business managers, particularly mid-sized company owners, are busy. It’s also a fact that building your leadership and technical skills is necessary to stay current and grow your business.
In an increasingly complex global business environment, you need to stay ahead of the crowd to achieve corporate goals.
So, how do you make time to develop the skills that will help you grow as a leader and benefit your company? With limited time, where should you focus your efforts in skill building? [Read more…]