Advice and Insight for Entrepreneurs and Leadership Teams
During the Issues Solving Track™ (IDS™) of a recent quarterly meeting with a family business, two brothers started having this conversation:
Mark: “I’m sick of you taking jabs at me in these meetings!”
Scott: “I’m sick of you always thinking you’re right”
Mark: “Are you going to accuse me of being mom’s favorite again?”
As we turn the final corner of 2017, many family-owned businesses are preparing to become more profitable in 2018. When I took the helm of our third-generation family business several years ago, I was eager to boost our profitability. But what I found was that there are a lot of profit-eaters in a family-owned business. And they can be very difficult to get rid of without a robust and objective operating system in place.
Want to have a more profitable family-owned business in 2018? Watch out for these profit-eaters!