The Code of Conduct ---- It seems almost ludicrous that this is a topic that many of us should consider in privately held distributorships.
When I suggest there may be a need for a ?Code of Conduct? I am not talking about a need based on employee behavior Maxx Crosby Jersey , I am talking about the need based on family behavior. The family business is a cornerstone of the US economy. It's the American way, free enterprise and all that gooey stuff we read about. And, it's true.
Family ownedprivately held organizations in wholesale distribution, both small and large Trayvon Mullen Jersey , with succession issues, family preparation and second and third generation leadership issues often have several family members that hold management positions within the company. Often time's interaction between family members can create problems for the business. In some extreme cases employees may actually begin to takes sides on a variety of issues based on the particular family member they have elected to support. Sometimes, family issues may exist within the minds of the employees and the actual family members have no idea how their interaction has created the problems.
I have seen brothers be vengeful against brothers in the family business to the point that the business suffers and may risk failure. I have seen family relationships destroyed over business issues, jealousy and even greed. I have listened to distraught fathers try to determine succession within the business when two sons believe they are air apparent to the kingdom and Dad just can't pick one over the other. I have seen family businesses run by second and third generation family members that demonstrated exceptional competency Johnathan Abram Jersey , vision and skills to continue to grow their business. Then again, I have seen a few empty suits and empty dresses when it comes to running the business as well. I have seen sons that couldn't wait to get their hands on the business just so they could sell it and escape with a fortune.
Then again, I have seen fathers that have elected to sell simply to avoid the family conflict involved in passing the leadership reins down to another family member.
We all have different strengths, different methodologies and different experience in the world of wholesale distribution. These differences will impact our individual approach to any task or project. This can become an area of risk for some of us. We must be conscious of our own unique style. This is especially true when it comes to a family run business. To use a phrase from General Russell Honore when he took over during the Katrina Hurricane crisis Josh Jacobs Jersey , ?We can't afford to get ?Stuck on Stupid!? He made that comment to the media when they tried to interrogate him about all the mistakes made during the aftermath of Katrina. As Owners, CEO's, Presidents or just family share holders, we can not afford to get ?Stuck on Stupid? when it comes to running the business. We must put the business needs ahead of our personal needs.
It is absolutely essential that you look forward and not back if you are going to continue to grow the business.
I am not suggesting that a ?Code of Conduct? will resolve succession issues. That in itself is an entirely new discussion. However Clelin Ferrell Jersey , I am saying that a ?Code of Conduct? will not only make the succession transition smoother, it can also circumvent any potential problems related to internal family interaction. Additionally, you might want to consider creating a family business doctrine that outlines the values and principles that you want to maintain in the business. The family business is what built this country. There's no question about that. But, it is not without its problems. If you are the president of a privately held company and you have absolutely no family issues in running the business Antonio Brown Jersey , you are in the minority. Consider yourself very lucky and commend yourself on how you have been able to run your business and avoid family challenges.
If you are one of the majorities of privately held businesses that has experienced family issues you might consider a ?Family Code of Conduct?.
Family issues and challenges that become easier to manage with a ?Code of Conduct? are a great segway into the next topic I'd like to discuss in this issue of The Howl.
Do You Need a Board of Directors? ------ The question should not be ?Why do I need a Board of Directors?
The question should be ?Why don't I have a Board of Directors? Is it because you think you are too small, you see no value in having experienced business people that provide input and advice. Do you think you are the only one that understands your business? Are you so self admired that no one could possibly help you? Do you have ALL the answers? IF you answered yes to any of these
questions with the exception of the first one, (you think you are too small), then you need more than just a Board of Directors. You need some personal coaching and counseling.
First Derek Carr Jersey , any business, no matter how small, can benefit from some form of an advisory group. If your business only employs a few people and your sales are less than $1 million dollars you should still have some format to discuss issues outside the day to day realm of normal business. The bigger you become and the more people you employ, the more reason to utilize a Board of Directors for guidance and support.
A Board of Directors Bo Jackson Jersey , elected by ownership, can provide the kind of support necessary to take the company to the next level. No man is an island and it can become very lonely at the top. Growing an organization is hard work. The president of the corporation not only has to surround himself with an excellent team but he must be able to rely on another power to challenge him and his team.
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