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From monthly archives: April 2019

We are pleased to present below all posts archived in 'April 2019'. If you still can't find what you are looking for, try using the search box.

Family Business: Grooming the Next Generation

The final measure of an organizational leader’s success is not only how well the organization functions after his or her tenure but also throughout their succession process. In other words, did the chief executive officer (CEO) prepare a successor that could continue to grow and advance the organization? In a family business, this is critical for the engine or business that drives the family’s wealth and well-being. Ideally, the next generation includes multiple talented members, actively involved in the business, and committed to its long-term success. The time will come when the critical question is asked, “Which member should be the next CEO?” Often, the answer is apparent, and sometimes multiple family members vie for the position. It’s important to note, however, parents may not always be an objective evaluator of the talents of their children. In fact, a professional, individual assessment should be considered to provide an independent evaluation of strengths and wea ...

Four Tips to Ensure a Successful Transition in Leadership

  It can be hard to let go. Whether it’s your own business, or you’ve been entrusted with the responsibility of leading a business, you invest time, energy and so much more to ensure its success. When it’s time to move on, you want to not only make sure the impact of all your hard work carries on after you leave, but also that the transition in leadership is as seamless as possible for all stakeholders involved. At First Bank, succession planning is one of our areas of expertise. With four generations of independent, single-family ownership, we uniquely understand the importance of a smooth transition to ensure the continued viability of any business. We are in the process of rolling out our own leadership transition. In September 2018, we announced CEO Tim Lathe would step down and Shelley Seifert, President, FB Corporation, would take the helm in May of 2019. Since then, we’ve leaned on our 100-plus years of experience to help ensure this importan ...

Family-Owned Businesses and Strong Cultures Can Go Hand-in-Hand

When I ask family-owned and other privately-held businesses about their competitive advantages, one of the most common answers I hear is about their ability to create a great environment for employees to thrive. Often, the culture of the organization is described as having a “family feel” in which employees feel closely connected to their colleagues, more engaged, face less turnover, and can be more nimble in how they anticipate and react to their customers’ needs. So, how do successful family-owned and other privately-held businesses create great cultures? By playing to their strengths. Such businesses may not have the resources available at larger organizations to help them develop a strong culture, such as large human resource departments to maximize team engagement, and the depth of talented leaders at the top of the company. Yet what they lack in resources, they make up for in other ways. By MICHAEL DIERBERG, Chairman of the Board, FB Corporation ( ...

Are There Threats Lurking Inside Your Business Walls?

Fraud is an unpleasant topic; however, with its impact on the rise, business owners and consumers alike are faced with this growing threat. Often, when fraud is discussed, many of us think of the countless teams of external thieves and cybercriminals targeting businesses daily. However, did you know The 2018 Insider Threat Report claims 66% of organizations consider malicious insider attacks or accidental breaches a higher probability to occur than external attacks? Also, that a larger number of firms consider insider threat more damaging than external attacks? Intentional Insider Threats Simply put, they’re not wrong. Although external fraud attempts are relentless and of constant concern, there are also countless ways insider threat—both intentional and non-intentional—is of credible concern to business owners. “Unfortunately, employees of organizations have found a myriad of ways to defraud their employers,” said Tony Gales, Partner/CPA and acting Internet Security M ...

Lessons from the Great Recession – How to Weather the Next Storm

It’s difficult to not learn anything after $1.1 trillion and 8.7 million jobs are lost in the matter of months. We are now a little more than a decade removed of the financial crisis of 2008. Nearly every walk of life, age range, and industry was affected; whether you lost a job, savings or retirement monies, or a business, there are several lessons we can glean from the Great Recession. Much like any dilemma, there is always work to be done and improvements to be made and reflecting on what happened is imperative to moving forward and uncovering what we have learned. It is in this reflective period that we can all learn how to persist through any future downturns or lean times. Here are some key takeaways from the Great Recession and lessons learned in its aftermath that can help to avoid negative financial moves. Instant gratification: The saying that “no news is good news” can prove to be true in some businesses; however, that same contentment lulled much of the U.S. into a false se ...

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