Leave Nepotism Out of the Family Business

As the founder of The Succession Planning Roundtable, I get the privilege of identifying and emcee’ing the programming for these quarterly events.

Knowing how difficult family business succession can be, I invited Gary and Will Graham of Graham Personnel Services (GPS) to do a program titled,

“Succession Planning for the S.O.B” …as in: Sons of Bosses…what were you thinking?

Their story was fascinating.  GPS didn’t just survive the succession plan with their father Gary Sr., they thrived, despite the sons buying the business right before the 2008 recession.  The business is flourishing.

As their story unfolded one key element stuck out.

There is no room for nepotism in a healthy, profitable business.

Gary put it like this, “A family business still has to be a business first.”

He couldn’t be more right. Over the years I have seen special treatment to family members cripple the potential of family owned businesses. I am impressed with the approach that Gary, Will and GPS take.  Here are 3 takeaways that if employed by other family owned businesses, could reap tremendous results:

• Adopt a formality of respect. If parents and children are working together using titles like Mom or Dad should be left at home
• It’s okay to not employ “other siblings” who are not a good fit for the business. Encourage them to find their own fit outside the business.
• Performance, not bloodline should determine employment status

What areas does your family owned business need some revisions?

Tip #76: Ditch the New Year’s Resolutions

New Year’s Resolutions don’t work. What does work is creating a new world view. Picture what your life would be like if you could design it just for you. Write down what that looks like as if you already have achieved it. For example, you may write, “My clients have become raving fans, giving me two qualified referrals each week. My business is growing at 30% each year because of their incredible support.” By creating this world view, you can now consciously and subconsciously do the things that will make your picture a reality.

If you want this year to be different, start it differently.

Even if everyone else around you starts proudly shouting their resolutions from the rooftop…

don’t get wrapped up in the hype.

It’s rarely the big broad sweeping changes we make that create the most profound difference. Instead, it’s the baby steps we take, shifting our behavior and putting sustainable habits in place.

It may feel glamorous to tout that this is going to be the year that you finally (fill in this blank with a massive unattainable goal you will give up on by February)…

but why do that to yourself?

Be kind to yourself. Be practical, and set yourself up for success, not disappointment.

Not sure where to start? Go to Amazon and “Look Inside” 128 Tips to Make You A More Effective Leader. Decide what baby steps you will take to make 2016 the year you actually create the foundational habits that will change your life. Breathe, and life LIVE the life you want…one baby step at a time.

A New Lesson in an Old Story

We learned this lesson in grade school. Slow and steady wins the race. The hare, a warning against procrastination and arrogance. The tortoise, a calling toward diligence and focus.  There is more to the story. Suppose the hare was able to run fast enough and hard enough in the final moments of the race to tie with the tortoise.  The question is:

Which was better able to enjoy the journey to their destination?

Too often we push ourselves beyond our limits as we rush to get to the finish line. We so thoroughly exhaust ourselves along the way that we are unable to enjoy our victory lap.  If we could learn to pace ourselves we could break the cycle of rush, recuperate, rush, recuperate. We waste a lot of energy, a lot of time, and decrease the efficiency and quality of our lives.

What areas in your life are you missing out on because you haven’t given yourself enough time to enjoy the journey?  Whether you want enjoy the sunset years of your professional career or simply enjoy the sunset each day, it’s time to transform your racing into pacing.