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What You’ll Learn From This Episode:
- Having a clear vision for the family business
- Avoiding the feeling of frustration in running a family business
- Applying the 'accountability chart'
More...
Related Links and Resources:
Go to www.thesagepages.com/secret and what you will find there are 6 places to focus on to have a world class family business. It's actually an outline for her upcoming book.
Summary:
Sara B. Stern is on a quest to help owners get what they want from their family business and build lasting legacies. She is the former director of the nationally recognized Family Business Center at the University of Saint Thomas in Minnesota, a seasoned coach and trained EOS Implementer. She grew up in a family business and has worked for several.
Her experience makes her uniquely skilled at helping family businesses implement practical tools that help them get clear about their vision, gain traction toward that vision and be a healthy team.
Here are the highlights of this episode:
She loves working with multi-generational family businesses with at least 10-250 employees and they are hungry for a change while staying rooted to their legacy and values. She helps them to be really healthy with each other as they work together. These family businesses may feel the frustration when the profit is not there or where it used to be, and Sara wants them also to avoid to just randomly assign positions or create positions for their family members.
Sara’s Valuable Free Action (VFA): Sara advises to use what she calls the 'accountability chart'; get your leadership team and discuss what do you need in the business. Write down the key functions then create bullet points. After creating the structure, figure out the people who are uniquely skilled and have the experience to do that job. She says running a family business is not even close to a nightmare, it's a joy. If you're running a family business and you're trying to figure out how to move it from one generation to the next, Sara wrote a very short book about this, google "Start Here" by Sara B. Stern
“According to research that family businesses give more generously to their communities, they're very loyal to their employees, and they're just incredible employers" – Sara B. Stern