“Every family business has between 7 and 12 key business drivers. Every family business owner should know what they are, monitor them daily and keep asking “why” in relation to each one.”
“Be enthusiastic about your business, what it does and how it helps your clients. Otherwise, why are you doing it – and why should anyone engage with you?”
“In my 30 years of working with family businesses, the ones that have successfully transitioned from one generation to the next have exhibited the following attributes:
– A 10 year apprenticeship served by the younger generation.
– Everything from shop floor to the CEO’s desk must be learned, understood and worked.
– An understanding of what the numbers in the business mean – and what happens if you don’t hit them.”
“Only profit can build value. Only profit can repay debt. Only profit can build a sustainable business that contributes economically and socially.”