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.