A list of 10 things that Gordon Wusyk has discovered over the last 30 years of advising business families
Gordon was inspired today to attend the launch of the Boyle McCauley Mobile Health clinic powered by TELUS Health in Edmonton as the Mustard Seed Development representative.
Many business families are strong supporters of their local communities and the charities they support can make a real difference. There are many reasons why these entrepreneurs pursue philanthropic paths, including giving back to the communities that have helped them, engaging their employees and building culture, living out their values in their home town, sharing their wealth with others, giving in a tax-effective manner, and on and on. There seems to be no end to the good reasons we hear for business leaders wanting to support worthwhile charities.
Governance typically involves well-intentioned people who bring their ideas, experiences, preferences and other human strengths and shortcomings to the policy-making table. Good governance is achieved through an on-going discourse that attempts to capture all of the considerations involved in assuring that stakeholder interests are addressed and reflected in policy initiatives.
For more information about governance, Family Councils, Advisory Boards and how we can help you read more at Autumn 2019 PFI Generations Newsletter
In the 1970’s at Harvard University, two professors (John Davis and Renato Tagiuri) developed a model which illustrates in a powerful way how the dynamics of a family engaged in business differs from a traditional (non-family) business. The model – subsequently known as “The 3 Circle Model” – has become a standard within our understanding of family business, across the globe. This is not surprising, since the model accurately and yet simply depicts some of the key and profound ways families in business interact.
For years, I travelled the world, and was quite frankly oblivious to the pervasive nature of family business everywhere I went. As I reflect on it now, in Asia, Europe, North and South America as well as Africa, families working together in business is not only common – it is the norm for business ownership, by far! From the factories in Asia producing goods for the world, to the corner fruit seller in Africa, relatives working together in commerce are everywhere.
Two key values of most families working together in business (and families as a whole) are loyalty and harmony. Who wouldn’t want these in their family after all? And values that are strong in a family are almost always strong in the businesses they run as well. In general, this is a great thing. Loyalty given and received within the business can create longevity in the employees, with lower turnover and deep experience as a result.
Congratulations to Predictable Futures on being nominated for the Canada CEO Trusted Advisor Award!