As the founder of Ferguson Alliance and someone who’s transitioned from CEO to a business advisor, I’ve seen the inner workings of many family businesses. I recently had the pleasure of discussing these experiences on the “Strategy and Leadership Podcast.” Here are some key insights and strategies I talk about for managing family businesses effectively: Introduction to Family Businesses: Understanding their significance in the global and U.S. economy. Challenges of Family Businesses: Exploring the unique dynamics and potential conflicts within family-run companies. Family-First vs. Business ..read more

As a business leader, helping your team reach optimal performance while maintaining harmony among your stakeholders can be challenging. You may dream of overseeing a well-oiled machine, but finding the right mix of performance pressure and support is a delicate balance. And navigating the complexities of family dynamics, business operations and financial management requires an intentional and strategic approach. In other words, it’s not for the faint of heart. During our years of experience at Ferguson Alliance, we have learned a lot about how to balance culture with performance through severa ..read more

One of my favorite quotes by Lewis Carroll is “If you don’t know where you are going, any road will take you there.” Without a Shared Vision of where you’re headed, you can’t really get to your destination. Our clients often come to us because they are experiencing signs and symptoms that indicate they lack a shared vision. These often look like: Lack of alignment: a sense that not everyone is “on the same page” or “rowing in the same direction” Leaders with competing agendas Silos forming in the organization Employees that are unaware of the company’s larger picture goals (or aware of them ..read more

I agree wholeheartedly with John Maxwell who said: “Everything rises and falls on leadership.” The quality of your leadership impacts everything in your organization. Leaders are catalysts of change Leaders drive your organization to success Leaders initiate action and provide guidance When everything is going well, it is leadership that keeps people from getting complacent. When things are going poorly, it is leadership that rights the situation and sets a new course. Leadership provides purpose, vision, and hope for the future. Without good leadership, a whole host of problems arise. Signs ..read more

Organizational longevity is usually a pretty good measure of success in the business world. It speaks of resilience, adaptability – and the ability to weather storms in an ever-changing economic landscape. At Ferguson Alliance, we are committed to increasing the lifespan of family businesses. 85% of the businesses here in America are family owned. Almost 80% of all new jobs are created through family business. Family businesses are the leading contributor to both philanthropy and innovation. And we have a disturbing trend. During the 1950s, the average lifespan of a family business stood at ..read more

Perhaps no business process is as undervalued and untapped as the onboarding of new team members. Instead of using this precious opportunity to win the hearts and minds of new employees, most organizations use onboarding simply as a chance to drown newbies in policies, materials, and information that’s soon forgotten. But it doesn’t have to be that way. A solid onboarding process can make sure new team members feel like a valued part of the group, right from Day One. At Ferguson Alliance, our years of family business experience have shown us key concepts that can make the onboarding process sm ..read more

Every family business, no matter its size or age, needs a system of governance that ensures its success, prosperity, and continuity from generation to generation. Without a clear and consistent method of governing your family business, you run the risk of becoming a statistic – currently, only 40 percent of family-owned businesses make it through the end of their second leadership generation. Plus – a mere 12 percent survive to the third generation, only 3 percent last through the fourth, and less than 1 percent of family businesses actually make it to a fifth generation of family leadership ..read more

Survey after survey reveals that tax issues, particularly those around income tax and state tax, are at the forefront of many family business owners’ minds. When it comes to taxes, family businesses have unique considerations – and extra rules that quickly can become confusing and burdensome. In addition, the dynamic and ever-changing nature of the tax code demands ongoing attention, underscoring the importance of a business-oriented tax advisor as a crucial part of a family business owner’s team. In our experience, we’ve found that we can classify critical aspects of tax planning for family b ..read more

Leading a family business organization is a complex effort – don’t let anyone try to convince you it’s easy! Any business leadership role is difficult to navigate, but family business can be especially challenging. Especially when it comes to finances. Here are some of the most common financial challenges we see in family businesses – along with some potential solutions. Lack of Vision and Planning While family business owners often excel in responding to immediate challenges, long-term planning, especially in financial matters, is often neglected. Planning around crucial aspects such as cash ..read more

As a family business leader, creating and leading a high-performing team is perhaps the most important thing you do. And just like every leader is different, every team is different. It takes curiosity, patience, and flexibility to determine what your team needs to be its best – and to create that kind of environment. At Ferguson Alliance, we’ve identified the following steps as good practice when thoughtfully engaging a team. Let’s take a look. Use Behavioral Assessments to Assess Strengths and Weaknesses We like to kickstart the journey of team management with a behavioral assessment. This t ..read more