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Family Business

GETTING PROMOTED: HOW TO TRANSITION FROM FRIEND TO MANAGER

June 6, 2017 By BMN

How would you respond to managing a friend who becomes a problem employee? If this is your first time managing, you may not even realise this scenario could come up. As a manager, there are heightened levels of responsibility and liability. How well you manage your employees impacts the company. What if your coworker feels they deserve the promotion more than you? The following article gives some insights into dealing with these situations: http://thepsychologyofbusiness.com/getting-promoted-how-to-transition-from-friend-to-manager/

This article was suggested by our mentor Trevor Payne

4 Ways Family Businesses Can Tackle The Missing Middle

April 18, 2017 By BMN

The following article highlights four areas to pay attention to for sustaining a profitable and purposeful family business operation: https://www.tharawat-magazine.com/sustain/4-ways-family-businesses-can-tackle-missing-middle/

This article was suggested by our mentor Trevor Payne

The role of family cohesion in family business profitability

April 12, 2017 By BMN

A strong family equals a strong business. Studies prove that cohesive family businesses generate stronger returns and last longer than non-cohesive ones. The following article explains three reasons family cohesion matters for family businesses: https://www.intheblack.com/articles/2016/08/12/the-role-of-family-cohesion-in-family-business-profitability

This article was suggested by our mentor Trevor Payne

3 Reasons Why Hiring Friends and Family Is a Bad Idea

February 14, 2017 By BMN

Hiring your friends and family to help get your small business going can be a good thing. But is it good in the long run? The following article describes three not-so-great things that often happen when you employ friends or relatives: http://www.businessknowhow.com/manage/hiring-friends-family.htm

This article was suggested by our mentor Trevor Payne

Relying on your business to help fund retirement? Start preparing for your exit now

November 22, 2016 By BMN

Over half of Australian SME owners under 50 haven’t done any retirement planning and experts say that they are leaving it too late to prepare their businesses for sale. The latest instalment of MYOB’s SME Snapshot highlighted that one third of surveyed small business owners are not contributing to their superannuation and while 44% believe they will need $1 million for a comfortable retirement, more than half have little belief they’ll get there. Read the full article here: http://www.smartcompany.com.au/finance/75466-relying-business-help-fund-retirement-start-preparing-exit-now/

This article was suggested by our mentor Bob Joubert

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