The Ideal Family Business Leader part 2

Joe Schmieder
Joe Schmieder

As strong family business leaders juggle their many demands while balancing the needs of the business and the family, they also demonstrate these additional characteristics.

1.     Mentor & Role Model:  Nurtures, cultivates and develops family member talent as well as non–family talent.

2.     Innovative:  Leads and supports diversification efforts and drives towards preparing to reinvent portions of the business.

3.     Tough Minded:  Is willing to discipline and even fire family members when necessary.

4.     Listener:  Willing to listen to independent outside board members and advisors both in the business and outside of the business.

5.     Succession Preparation:  Plans ahead both for leadership succession and ownership succession of the business.  Is willing to let go when the time is right.

While this list covers a lot of ground – there are many other attributes that make a successful leader.  What would you say is missing from this list – what else do you think makes for a strong and effective family business leader?

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