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?