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Review the 2024 Family Business Survey results and learn more about the integral insights and data gathered regarding family businesses.
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1 Family Harmony
Working with Your In-Laws Isn’t Always a Terrible Idea
By Josh Baron and Rob Lachenauer, BanyanGlobal
Originally published on HBR.org, June 16, 2014It’s not always easy working in a family business as a family member—but working for that family business as an in-law can be a whole other challenge. BanyanGlobal’s Josh Baron and Rob Lachenauer describe the best way to work together effectively and successfully.
2 2024 Family Business Survey
Three Optimistic Findings From First Bank’s 2024 Family Business Survey
By Mike Dierberg, Chairman, First Bank
Originally published in the St. Louis Business Journal, May 2024
In 2021, First Bank launched its Center for Family-Owned Businesses to provide family businesses the insights, solutions and networking opportunities they need to be successful, as well as the solid framework necessary for building upon their family business legacy.
To stay apprised of the specific needs and challenges of family businesses, we again commissioned the expert assistance of market research firm MacKenzie Corporation, a second-generation family business in Orange County, California, to conduct our 2024 Family Business Survey.
3 Employee Engagement
A New Beacon Is Illuminating the Path to Success: Employee Satisfaction and Engagement
2024 Family Business Survey Finding: Business priorities for 2024 include employee satisfaction and engagement - this rose 12 points from 2023 to 2024.
In the dynamic landscape of family businesses, where tradition meets innovation, leaders are continually adapting to shifting priorities to maintain their competitive edge. As we stride into 2024, it's evident that beyond the perennial focus on sales, marketing, and growth, a new beacon is illuminating the path to success: employee satisfaction and engagement.
According to the 2024 Family Business Survey, this paradigm shift revealed that nurturing a thriving workforce has become a top-tier priority for family business leaders worldwide.
1 Succession Planning
When Your Need for Control Negatively Impacts Your Succession Dreams
Originally published on www.orangekiwillc.com, April 8, 2022
The article, “When Your Need for Control Negatively Impacts Your Succession Dreams,” by Orange Kiwi, LLC, and originally published on www.orangekiwillc.com, provides critical insights to help owners pivot their leadership approach to achieve a successful business succession. The author shares five threats owners must overcome to eventually transfer management and governance of their family business.
2 Family Education
My Father's Wisdom
Originally published on www.marksanborn.com, February 5, 2024.
Written by Mark Sanborn, Pres. of Sanborn & Associates, Inc., international bestselling author, award-winning leadership speaker, and guest speaker on our webinar titled, “The Fred Factor–Turning Ordinary Leaders into Extraordinary Leaders.”
The article, “My Father’s Wisdom,” by Mark Sanborn, and originally published on marksanborn.com, gives a personal account of how the author’s father not only provided good advice verbally to him as a child but also supported that advice through his actions. The author shares four specific lessons he learned from his father’s wisdom.
3 Leadership
Going from Zero to Hero
Originally published on www.marksanborn.com, May 23, 2022.
Written by Mark Sanborn, Pres. of Sanborn & Associates, Inc., international bestselling author, award-winning leadership speaker, and guest speaker on our webinar titled, “The Fred Factor–Turning Ordinary Leaders into Extraordinary Leaders.”
The article, “Going From Zero To Hero,” by Mark Sanborn, and originally published on marksanborn.com, explains how great leaders want heroes on their teams, not zeroes. It also outlines a specific action plan for “heroes” within an organization as well as the recipe on how to avoid becoming a “zero.”
1 Selling the Business
Is It Time to Sell the Family Business?
By Carol Hannigan and Omar Romman
Originally published on Family Business Magazine, November 27, 2023; BanyanGlobal The decision to sell a business can be difficult, especially when it’s a family business. How does a family business leader determine when it’s time to sell the family business and how can he or she best ensure a successful sale?
2 Transition Planning
Are Cold Feet Really the Issue? Why There Is a Better Way to Measure Owner Readiness
Originally published on www.orangekiwillc.com, March 29, 2023
The article, “Are Cold Feet Really the Issue? Why There Is a Better Way to Measure Owner Readiness,” by Orange Kiwi, LLC, and originally published on www.orangekiwillc.com, describes the “cold feet” phenomenon of business owners when preparing to sell or transition their business. The author shares a valuable tool, established by Orange Kiwi, that measures critical variables that are indicators of success.
3 Succession
Successor Training: Take it Slow
By Chris Yount
Originally published on Family Business Magazine, January 26, 2024.
Your vision and legacy are too important to be left up to chance.
The article, “Successor Training: Take it Slow,” by Chris Yount, and originally published on Family Business Magazine, discusses the process of slowly transitioning successors into the family business. The author also outlines three courses of action to take if you deem an heir is not up to the task of leading the organization.
Family Business Management Solutions
Achieving long-term success as a family business demands the right tools. Let First Bank’s tailored family business solutions help your organization achieve success now and for generations to come.
Center for Family-Owned Businesses Family Business Survey
First Bank is committed to bolstering data and resources for family businesses. The Family Business Survey provides integral insights and data to help expand resources for family businesses. Learn more about the survey, 2024 results, and how you can be an important part of building resources for all family businesses.
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