Expert, Anita Brightley-Hodges believes that every new generation is likely to have aspirations different from that of the previous generation, which is why succession must be carefully planned and not just thought about as an event.
During an exclusive interview with Battabox.com, the founder and chairman of Family Business Place mentioned that in a multi-generational business, money is a fantastic enabler; an opportunity to make better choices.
However, she warned about the entitled generation because they may contribute little or nothing to the business, yet they want all the perks and benefits. “Family wealth will have been hard to generate, with many unseen and unappreciated sacrifices, yet can be scuppered so easily. And once it has gone, it has gone,” she said.
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According to her, people join a family business of five things; either you have passion for the business, or you have your name above the door, or your parents depend on the wealth of the business to sustain their lifestyle, you want more control of the money, or because you can’t get a job.
She added that there’s a place for nepotism in family business because there’s no reason why you shouldn’t give your child who can’t find a job a place in your organisation.
“It’s a fantastic opportunity to offer great training, build knowledge, have purpose and play to their strengths. It’s not always about having the top job. You can find a role for everyone in a family business,” she added.
7 Pillars for a Successful Family Business
When our correspondent asked Anita Brightley-Hodges for one factor that guarantees a successful family business, she graciously gave seven. Below are the seven pillars that are essential for success in business;
1. Trust
In every establishment, including a family business, trust is not automatic. It must be earned. It might be another family member, friend, or people around that you trust; that buy into your vision. The people you’re building with must be those you can trust and those who also trust you.
2. Love
Love is very important in family business because conflicts are likely to surface, but love conquers all. Many people running family businesses have attributed their biggest failure to never having a relationship with their parents. “Don’t ever lose sight of love because that’s all that matters,” she said.
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3. Joy
Ensure you don’t start a business that does not give you joy. If your business gives you joy, you become passionate about it. Your family business must be something you have passion for and enjoy doing; otherwise, don’t do it because it is so hard.
4. Kindness
Understand that everyone makes mistakes at some point, so you must remember to be kind. Be kind to people, especially those in your family and at work. Think, when was the last time you were kind to someone, and how did that make that person feel? When did you last ask if one of your family or colleagues was okay? When was the last time you were kind to yourself?
She said, “Kindness is really important because a blame culture is toxic. Everyone makes mistakes and hardworking folk will feel unvalued and exhausted from time to time. As the owner you must be the barometre for your people’s wellness.”
5. Creativity
Creativity is very essential in business. Anita believes that you can get out of any difficulty if you are creative. All over the world, things are changing in the economy daily, and you need to be creative and respond to new market needs. Innovation and being able to see things from a new perspective is key.
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6. Agility
Agility is the ability to change very quickly. Although this is very difficult for the older generation, it is vital because of the many uncertainties in life. If something is no longer working, you must adapt quickly and look at better ways of doing things.
7. Courage
You only have one life, so have the courage to live your dreams. Think it, say it, do it. Be smart, and surround yourself with other bright cookies who have bought into your idea. Don’t give up if you want a thriving, purposeful, profitable business. “With courage goes hard work, don’t give up in the face of challenging times,” she said. “And there will be many.”
