CAN WE TALK?POWERPOINT

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Discovering What Works for the Next
Generation Ira Bryck UMass Family Business
Center UMassFBC.com IraBryck.com
1st Families in Business Day - November 8, 2013
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Free Ice Cream Tomorrow!

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Lets just determine ROI and send me my checks
o

Whats the problem? Lets work, get along,
prosper, and stop quibbling! fom
Ownership
I am SO taking a risk, and want my reward, not
to mention a vote fo
If you dont add to the bottom line, you
shouldnt own stock om
om
fo
fom
Management
fm
Family
Its Thanksgiving- lets stop talking about
work f
We cant keep hiring relatives who arent up to
the task m
Forget dividends, we need new machinery, and I
need a new car! fm
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Is it an opportunity, or instead of the real
world?
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Who gets to decide what is discussed, and how?
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How do you deal with misbehavior, and clarify
roles and expectations?
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Its not the money, its the appreciation
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How do the creators and preservers come to terms
with each other?
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He wont step up!
She wont let go!
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What sort of advice and perspective are most
helpful?
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How do things need to change?
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• Take a step and then another
• Job descriptions ?
• High value activities ?
• Goals and metrics ?
• Management by Objectives ?
• Performance evaluations ?
• Compensation policies ?

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• Take a step and then another
• Job descriptions ?
• High value activities ?
• Goals and metrics ?
• Management by Objectives ?
• Performance evaluations ?
• Compensation policies ?

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• Job descriptions
• Every single thing you do
• Including procrastinations
• What do you control because you dont trust?
• What are you a genius at?
• What are you only very good at?
• What could 2 people each do 80 as well as you?
• What jobs do you have through default, that are
  not done best by you?

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• Take a step and then another
• Job descriptions ?
• High value activities ?
• Goals and metrics ?
• Management by Objectives ?
• Performance evaluations ?
• Compensation policies ?

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• High value activities
• Genius on top, then very good
• Draw line below is stop doing list
• How to push authority down
• 20 if you catch me doing that
• Who is a genius in what youre only very good at?
• Are your high value activities in keeping with
  the purpose?

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• Take a step and then another
• Job descriptions ?
• High value activities ?
• Goals and metrics ?
• Management by Objectives ?
• Performance evaluations ?
• Compensation policies ?

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• Goals and metrics
• How do the goals serve your objectives and
  mission?
• Not everything that can be counted counts not
  everything that counts can be counted
  Albert Einstein
• What is the One Thing?
• (i.e. customer count)

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• Take a step and then another
• Job descriptions ?
• High value activities ?
• Goals and metrics ?
• Management by Objectives ?
• Performance evaluations ?
• Compensation policies ?

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• Management by Objectives
• SMART specific, measurable, achievable,
  realistic, time limited
• Drucker people dont know the right objectives
• How to be objective about objectives?
• What drives what?
• i.e. quality and service, or customer count?

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• Take a step and then another
• Job descriptions ?
• High value activities ?
• Goals and metrics ?
• Management by Objectives ?
• Performance evaluations ?
• Compensation policies ?

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• Performance evaluations
• 45 of HR directors dont think they give
  accurate appraisal of employees work
• 42 say employees not correctly rewarded
• How can this be a tool that helps, instead of
  judges?
• How does this relate to improving individual, as
  well as collective, performance?
• How does this help create a great workplace?

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• Take a step and then another
• Job descriptions ?
• High value activities ?
• Goals and metrics ?
• Management by Objectives ?
• Performance evaluations ?
• Compensation policies ?

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• Compensation policies
• How is salary an investment, rather than an
  expense?
• How to reward the right attitude, loyalty,
  perspective?
• How to be appropriate about the family factor?
• How to reward increasing the familys asset?
• What investment can a non owner have in a
  liquidity event (if any)?

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• Take a step and then another
• Job descriptions ?
• High value activities ?
• Goals and metrics ?
• Management by Objectives ?
• Performance evaluations ?
• Compensation policies ?

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• Budget awareness
• How does the company make money?
• How can a non owner be helped to think like a
  stakeholder?

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• Take a step and then another
• Job descriptions ?
• High value activities ?
• Goals and metrics ?
• Management by Objectives ?
• Performance evaluations ?
• Compensation policies ?

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• Company of Owners
• What is an Owner vs an owner?
• How can a non Owner be appreciated and rewarded,
  with money and other currencies?
• What kind of partnership can you have with non
  owners?

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• Take a step and then another
• Job descriptions ?
• High value activities ?
• Goals and metrics ?
• Management by Objectives ?
• Performance evaluations ?
• Compensation policies ?

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• Attracting/Retaining Best Brightest
• Is what attracts them the same as what retains
  them?
• What security can be offered?
• What incentive is there to build the family
  asset?
• How can you coach your key employees to be more
  in charge of their own financial situation?

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• Kikkoman's Mogi Family Creed (17th generation
  business)
• All family members desire peace. Never fight, and
  always respect each other. Ensure progress in
  business and the perpetuation of family
  prosperity.
• Loving God and Buddha is the source of all
  virtue. Keeping faith leads to a peaceful mind.
• All family members should be polite to each
  other. If the master is not polite, the others
  will not follow. Sin is the result of being
  impolite. Families--young and old, masters and
  workers--govern themselves by politeness then
  peace will be brought of their own accord.
• Virtue is the cause, fortune the effect. Never
  mistake cause for effect. Never judge people on
  whether they are rich or not.
• Keep strict discipline. Demand diligence.
  Preserve order--young and old, masters and
  workers.
• Business depends upon people. Do not make
  appointments or dismissals using personal
  prejudices. Put the right man in the right place.
  Loving men who do what they should brings peace
  to their minds.
• Education of children is our responsibility to
  the nation. Train body and mind with moral,
  intellectual, and physical education.
• Approach all living beings with love. Love is
  fundamental to human beings and the source of a
  life worth living. Words are the door to fortune
  and misfortune. A foul tongue hurts oneself and
  others. A kind tongue keeps everything peaceful.
  Be careful in every word you speak.
• Keep humbleness and diligence, which have been
  handed down over the years from our forefathers.
  Make every effort to do as much as you can.
• True earning comes from the labor of sweat.
  Speculation is not the best road to follow. Don't
  do business by taking advantage of another's
  weakness.
• Competition is an important factor in progress,
  but avoid extreme or unreasonable competition.
  Strive to prosper together with the public.
• Make success or failure clear, judge fairly
  punishment and reward. Never fail to reward
  meritorious service, and don't allow a mistake to
  go unpunished.
• Consult with family members when starting a new
  business. Never try anything alone. Always
  appreciate any profit made by your family.
• Don't carelessly fall into debt. Don't recklessly
  be a guarantor of liability. Don't lend money
  with the purpose of gaining interest, because you
  are not a bank.
• Save money from your earnings and give to society
  as much as you can. Never ask for a reward or
  think highly of yourself.
• Don't decide important affairs by yourself.
  Always consult with the people concerned before
  making a decision. Then employees will have a
  positive attitude in their work.

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• We will/wont ___ with FB members while not at
  workWe will/wont ____ when hiring, firing,
  promoting, FB membersWe will/wont ____ when
  making controversial FB decisions
• Best behaviors and attitudes about
• vacation, money, work / life balance,
• expressing emotions,
• advising/guiding family members,
• buying major toys

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Please let me know if theres anything I can do
to help. Ira Bryck [phone] Ira_at_UMassFBC.co
m