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 Family Business: It’s Complicated!
Maybe your family is like the Johnsons. They have discovered that owning a family
business can be a mixed blessing.
On the positive side, Johnson family members have common interests, such as playing
golf, traveling or volunteering in the community. As a result, they are able to spend
time together and enjoy each other’s company. Now if you add shared ownership in
a family business, a common interest that provides employment opportunities and a
reasonable return on investment – well, that’s tough to beat for any family.
When Steve Johnson started his business, he was the sole owner and only employee. Not much likelihood of
disagreement over marketing strategy, job responsibilities or dividend policy. With Steve’s hard work and business savvy,
the company grew and talented people joined the business. Then Steve got married, and his family grew – three little
people joined the Johnson family. Life was good!
Jump ahead 15 years, click to read more.
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Quarterly Insight
Just like a choir, each family member may have something different to contribute to help your family and business work in harmony. The key is for family members to understand their roles and responsibilities so they know how, and when, they can voice their opinions in a constructive manner. Many successful family businesses have established “family councils,” which serve as a forum for educating family members and helping them learn how to be responsible owners. Creating guidelines for communication is typically an essential part of the work of a council.
Like an effective choir director, those guidelines can help a family integrate a voice that may otherwise be a bit too loud or a little off key. The result – many family voices combining to make beautiful family business music together.
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C.E.O of Malt-O-Meal is featured in The New York Times
Few people understand the delicate balance of managing and governing a complex family business better than John
Brooks. And for good reason. His own family has owned Malt-O-Meal for generations. Like many other family-owned
businesses, they made the strategic decision to hire a C.E.O from outside the family. Chris Neugent was first hired by
Malt-O-Meal as vice president for sales and marketing in 2001, was promoted to chief operating officer in 2004, and to
C.E.O. in 2008.
Read The New York Times' recent interview with Malt-O-Meal's CEO by clicking here.
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 Announcing Our New Office in Florida
Located on the Treasure Coast, just north of Palm Beach, Vero Beach is “Where the
tropics begin” due to its transitional climate. From this office, we’ll bring our consulting
services to family businesses in South Florida and to owners of family businesses who
spend their winter months in the area. Here’s how to contact our new office.
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 Minnesota Family Business Awards
John Brooks is pleased to sponsor the reception in conjunction with the 2011
Minnesota Family Business Awards. The awards are dedicated to recognizing outstanding Minnesota-based businesses, and promoting the considerable value family businesses bring to the state's economy and quality of life. To read more about the organization and the upcoming awards ceremony, click here. |
