Given where you are in your career, what made you decide to write the book now?
What’s an example of a typical client situation and what is the goal of your work?
Given the title of your book, explain what you mean by the soul and what’s love got to do with it?
Love is the driving force in all family businesses. Love is an underutilized, under-appreciated ingredient that can contribute to the success of a family business. In terms of the 10 obstacles to succession planning, it is the number one issue in regard to the lack of expression of appreciation, recognition and love. It drives family businesses.
One of the concepts you highlight in the book is the B.O.S.S. What does that mean?
B - Represents the Business and what does the business need in order to continue to be successful.
O - What do you want for the Other about what the Other wants? The idea here is to have a reciprocal commitment to each other’s success, and that is what creates a team in a family owned business.
S - What do you want for your Self. It is important to be able to articulate what you want for your Self, but you can’t have a team if people only think what they want for themselves. That is the reason for the Common Vision, another integral part of The Soul of Family Business.
S - What do you want for the other Stakeholders, which I would define as the family’s role, the employees, customers, vendors, the board and sometimes the community.
One of the famous theories you mention in the book is: “Hubler’s speck of dust theory.” Please explain.
Family members say if I bring that issue up its really going to upset our family and so I will let it go. And they let it go, and they let it go, and they let it go and it grows—that is what creates the problem.
What is the importance of legacy in family business?
What is the Last Challenge of Entrepreneurship?
What is the meaning of Kything and how does it relate to psychic energy and the “O” part of the B.O.S.S?
What is the business of gratitude?
What are the two major obstacles to success in family owned businesses?
It is not unusual for family businesses to become preoccupied with whatever they do in terms of production of goods and services. As a result, they often fail to have a plan.
In order to have a successful family business, they need to have four plans in place. The plans include an ownership plan, management and leadership plan, a business plan, and a family plan for how you are going to be a family without the undue influence of the business.