7 Pillars of Successful Family Businesses

During the course of my years as a family business advisor, I've been able to deduce my own notion of what seems to be missing or rarely spoken of. By opening up the conversation around the 7 pillars: Trust, Love, Joy, Kindness, Creativity, Agility and Courage everyone around the table can contribute without getting stuck or bogged down with the language of business.

Each can bring their own genuine thoughts to the table and at the root of any successful transition a shared understanding of these values is a fantastic icebreaker and starting point.

TRUST - This is mistakenly taken for granted. It is not an automatic quality of family members working together. It has to be earned. And remember, trust can be eroded in a heartbeat if it is not protected. Once trust is established, then we're talking..... about anything.

LOVE - At the end of the day, love is all there is. As a leader of a family business, we value the love of our family, friends, colleagues and workmates above all else. It is the driver to fulfilment. It is the reason for our success. It is the legacy we all want. It is the law of attraction. It is enduring. At the end of our lives we want to know we have loved and been loved. Business or no business.

JOY - If what you are doing in the family business isn't bringing you joy .... then get out. Life is too short to stuff a mushroom. It is a gift and we are only on the planet for 80 years if we are lucky. You deserve to have a joyful life. Don't work in the business out of guilt, obligation or purely for money. Joy is an inside job. My advice is not to look for others or other things to bring you joy. You will only be disappointed and disempowered.

KINDNESS - Think of the last time you were kind to yourself. Then think of a time when you were kind to someone else. And then .... think about what it felt like when someone was kind to you? An act of kindness releases dopamine, it gives us confidence, we live longer, it boosts our confidence and the creates the same in others. My goodness I'm feeling it as I'm writing this.

CREATIVITY - This is the key to fulfilment, joy, confidence, empowerment and true leadership. All weaknesses and threats to ourselves and our business can be turned on its head, simply by thinking creatively. And I mean anything. It's not always a solitary thing, indeed getting the family together and thinking creatively, verbally, visually will bring about huge rewards around the challenges facing the family business. Alone we can go faster, together we can go further.

AGILITY - This is like a muscle, it has to be flexed. It's a response mechanism when we are in our flight or fight mode. The ability to change, be flexible and move quickly and stealthy is something we have to master. The repercussions of 'if it ain't broke why fix it' thinking is hugely damaging. And often held dear by seniors too frightened to let go. Markets and business move weekly, daily, hourly. Of this we can be sure. The key is to keep up or better still be ahead of the trends, and act with confidence and conviction. 

COURAGE - It's one thing to think it; another to say it; and an altogether different thing to do it. Breathe deeply and find the courage to take action. It's hard, but we can think of numerous luminaries who ooze courage from every pore. In the face of adversity, this is where it matters most. Whether it be around the business or family relationships, if we are serious about making life better, more secure, more profitable, more fulfilling, then we have to find the courage to change things. And of course as a family in business, we are stronger together. 

These pillars you won't see in any business text book, but without them, then in my opinion the family business will fail. Conversely if we can grasp each of these elements by the horns, the future is very bright. We can't always do what's needed on our own. That's where I come in. As an independent, experienced, trusted, skilled coach, advisor, mentor, teacher - my passion is to serve and get the family from A - B wherever that may be and whatever it may take.