Researching your market - How do successful digital businesses do it?
Researching your market - How do successful digital businesses do it?
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More expert business advice from Paul George from the business Fam...
More expert business advice from Paul George from the business Families Team at PricewaterhouseCoopers, as he reveals why he thinks taking on a non-family member in that senior positions in your family business could be the wisest move:
"I think hiring senior staff from outside the family is always a challenge for family businesses, particularly the first time they do it, it's a big step for someone senior to come into a family business and be very conscious, a bunch of unwritten rules, very unclear about how the family operate, the feasibility of the business and I think family businesses are also quite nervous about whether they can compete with public company reward scenarios like share options, because typically the don't want to complicate the equity position with share options and so on.
In fact I think family businesses, good ones, don't need to be so defensive about this, I think they're very attractive employers.
I think a lot of senior people in business have got very tired of the public company circuit, have seen through the essentially lotto ticket type approach that co driven compensation from a public company drives them to and I think a thoughtful family business that's thought through clearly how its going to relate to a senior management person can offer a very attractive package and I've seen them hire some very, very attractive people, very good people.
In terms of a family business looking outside the family for guidance I think there's an extremely valuable role even in a family business that's still family managed for a strong non exec team on the board. Families find these individuals with strong business experience who get to know the business, get to know the family just invaluable in helping them guide through some of the issues they face and that's an arrangement that works extremely well in almost every circumstance that I've seen where the right people have ended up on the board.
How easy is it for a family to reach out beyond that for advice? Well it's a big step for some of them sometimes and I think it needs to be to advisors that understand the environment. I think for a family business to be talking to advisors who don't understand what's different and special about a family business can be a very difficult process but quite a large reason to find a good one."
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OPEN Forum: the online community designed for business owners. (Video: busi...
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