Bringing BFF to CFBC
In November Deanna Salo of Cray Kaiser and Dr. Harold Welsch, Coleman Chair of Entrepreneurship at DePaul University, attended the Business Families Foundation (BFF) conference in Miami, FL. The CFBC has partnered with BFF to bring a curriculum to our community that dives deep into the family business model. We are very excited to bring this programming to you and can’t wait to get started in 2016. To give you a sneak peek into the world of BFF, we’d like to share some of Deanna’s takeaways from the three day BFF conference. We look forward to exploring these topics with you during the Roots courses very soon. Stay tuned for more information!
- Family businesses need to make decisions quickly to deploy capital. Learn to be a fox and not a hedgehog.
- The Family Business System (Three Circles of Family Business Model): FAMILY, BUSINESS and OWNERSHIP are all equally important for a business to successfully continue from one generation to the next.
- Communication is the # 1 key to success.
- When creating your vision, ask:
1. Where are we going?
2. Why is that destination desirable?
3. Who gets to define the destination?
4. How is the destination defined?
In a transition, you must be able to respond to the above four questions.
- Love is at the center of all beginnings. First build a family, then a business and then the community. (Ron Mannix)
- Howard Stevenson’s Five Truths:
1. You are accountable for your actions.
2. You can never know all you need to know.
3. Predictions are guesses.
4. Every action is a bet.
5. The house sets the rules, generally, to its own advantages and you get to decide how you want to play.
- Ask the next generation: “What are you trying to GROW and what matters?”