Best-selling author and executive coach David Irvine discusses the challenges of running a family business and how to overcome them. In part one Irvine focuses on the importance of governance, setting goals, holistic leadership and caring for the interests of the family.
It's a challenge to both build a business and raise a family, and combining the two must be done with great care.
Governance is the foundation of your family and your business.
There are three circles in any family business - owners, employees and family members - all three circles must have goals to meet and a defined process to meet them.
Family council meetings are important to create a plan that cares for the interests of the family.
The concept of holistic leadership is important - use the business as a tool to create what matters most to each family member.
Ask yourself why you are in business - the answer is not your business' mission statement, but the purpose of the business in your life.
Decide your quality of life first and set your business goals around what you need to support it.