“None of us is as smart as all of us.” Ken Blanchard
“Talent wins games, but teamwork and intelligence wins championships.” Michael Jordan
“Coming together is beginning. Keeping together is a process. Working together is success.” Henry Ford
Although the above quotes come from different fields, the concept of the power of teamwork remains the same. This concept is also relevant to family business. They have the advantage of being family, so they have a strong bond. But to remain a strong team whilst mixing family and business governance is a structure to ensure the family members remain aligned and work together as a team.
Dennis Jaffe recently discussed how family governance is aspirational, in ensuring a family achieves their vision. Although there are many definitions, he articulated it in a manner that sends a powerful message.
“To decide to work together rather than divide up their wealth and go their own ways, the collective family must create its own vision, a dream of who they want to become and what they want to do. They realise that together they can do some things they could not do as individuals. But if they wish to remain tied together, everyone must give up some personal power and autonomy to the family confederation. Some family members will leave, while others enter by birth or marriage. Each generation the family must therefore renew its commitment to each other. The extended family creates a family organization to realise its shared vision, this is their governance structure.
Governance is the platform they create to fulfill their promise and potential it organises the family and their promise and potential. It organises the family and their commitment to doing something useful and important with their wealth, by attracting and focussing the energy, creativity and commitment of talented family members in successive generations. It is conservative, in that it is designed to preserve legacy values and culture, but also generative, in that it creates and develops what are only possibilities as the family grows.”
Is your family business currently reaching their potential?