There are many opinions about the top strengths of family business leaders.
One of my recent projects answers that question.
We (Kent Rhodes, Ed.D) and I recently developed and validated a 360 assessment process for next generation family business leaders. See www.AssessNextGen.com for details. We determined the top 50 items.
Our recent research found that the number 1, top strength, or Career Catalyst for family business leaders is Item 13: “Keeps confidences about family business wealth.”
Hmmm. On a scales of 1-10 how well does your family business keep confidences about family wealth? Here are some quick thoughts about how to apply this finding to your family enterprise or family business consulting.
For more details contact Doug Gray, Ph.D. at Gray@theFBCG.com or Kent Rhodes (Ed.D.) at Rhodes@theFBCG.com
Here is the transcript for your reference and sharing:
Title: What is the most important strength for Family Business leaders?
Description on YouTube post: A quick research update from www.AssessNextGen.com. We can now answer that ancient question, “What is the most important strength of Family Business leaders?” Here are some tips for your family enterprise or consulting.
Transcript of video:
Sometimes people wonder, “what are the top competencies that family business leaders need?” And I’m happy to report some early results from the Assess Next Gen Family Business Leadership 360 assessment. This data is from 163 responses in the last few months. Here is the top score, in other words, the Career Catalyst, the behavior that is number one. I’ll give it to you and then I’m going to ask you to reflect on it.
The top score, the thing that our raters said others ought to do, is item number 13: “Keep confidences about the family business wealth.” To repeat, the most important strength of Family Business leaders is to “keep confidences about family business wealth.” What does that mean for you and your family or your enterprise?
I recently asked that question of a friend of mine, John Broons, who’s in Australia, who is pretty brilliant. And he said, “family wealth needs to be part of the conversation. It’s too often not discussed.”
I agree. We need to prepare for risks, like a transition or a succession or continuity or another line of business. And too often family members don’t have any idea of what’s next. There’s the core business. Perhaps there might be other lines of business, but family wealth conversations should definitely stay within the family.
Many of my clients have a charter or clause which states, “This is what we will say, and to whom.” They may have a conversation with the wealth advisor and estate attorney, and they may not have that conversation with somebody like me, a business consultant. The family members are the only ones who have access to that information. This is to protect them from journalists or politicians or inappropriate people seeking to learn something about that wealth. And often this confidentiality clause is written in an agreement. So we’re really talking about the two first words here…
Keep confidences. The most important strength of Family Business leaders is to keep confidences.
How do we keep confidences? I think we need to reinforce some useful guidelines. My clients require trust guidelines. Let me give you a quick example. One of my clients has eight G4 children on this side and four children on this other side. Potential conflicts, right? So they made an agreement in writing, and verbally reinforced it in every one of their meetings, about what could be shared with Doug as the family business consultant working with that G4 generation. My focus is on leadership development. Part of my job is to reinforce for them what’s confidential and what they need to keep confidential.
It’s a bit like driving a car when you’re driving down an unfamiliar road. You’ve got the white lines on the right side, the yellow lines on the left side. Like a good driver, we need to keep confidences. We don’t want to go to the edge of those lines. We don’t want to go off the center of the road. We certainly don’t want to go in the dirt or the gravel on the side.
So, my invitation is to keep confidences about family business wealth. Keep that conversation sacred. There you go. Tip of the moment.
For more details on the Assess Next Gen Leadership 360 process, see www.AssessNextGen.com
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Please share these testimonials with your team or organization:
“Doug Gray makes the complex understandable. More important, he makes it doable.”
Craig E. Aronoff, Ph.D., author, Chairman and co-founder, The Family Business Consulting Group, Inc.
“Doug builds on the OKR approach with practical and valuable guidance for individuals, teams and organizations. If you plan on implementing OKRs for your organization, you need this book.”
John Mattox, PhD, author, Head of Talent Research, Metrics that Matter, Explorance
“Introducing the OKR framework has not only allowed us to align our company goals throughout the organization, but it has also provided an easy mechanism to give visibility into how we drive operational accountability.”
Justin Jude, Acting President, LKQ Corp, North America
“Finally, a much needed leadership focus on the importance of clear objectives and specific, measurable results. This book will be useful not just for the present but throughout a practitioner’s career.“
Dave Vance, PhD, author, Executive Director, Center for Talent Reporting
You may have heard about Positive Psychology. But, you may not know “What it is? Why does it matter to you? How can it help you or your team?”
Here are some quick answers and 5 riveting videos for you to share.
1. Let’s start with “What is Positive Psychology?”
In simple terms, it is the art and science of well-being. Think of you “at your best.” Maximizing your strengths. Asking, “What would make my life more meaningful” or “How can my team flourish?”
2. Why does it matter to you?
Here are some of the benefits of Positive Psychology:
Positive Psychology is a vast science with countless applications. The most inclusive model to describe well-being is called PERMA.
The PERMA Model was developed by my favorite psychologist, Martin Seligman. (We have met twice and discussed my research on positive psychology coaching.) I strongly recommend his seminal 2011 book, “Flourish”.
“PERMA” stands for the five essential elements that contribute to individual or team well-being. These are:
1. Positive Emotion (P)
For us to experience well-being, we need positive emotion in our lives. Any positive emotion such as gratitude, satisfaction, hope, curiosity, or love falls into this category. We each have subjective experiences of positive emotions.
I made a short video on Positive Emotion (P) for you. You can watch it here.
2. Engagement (E)
When we’re truly engaged in a situation, task, or project, we experience a state of flow. Time seems to stop, we lose our sense of self. We concentrate intensely on the present. We excel at challenging tasks. You can increase engagement for yourself and your team.
I made a short video on Engagement (E). You can watch it here.
3. Positive Relationships (R)
Humans are social beings and good relationships are core to our well-being. You can develop meaningful, positive relationships with others. We can measure fMRI images that describe the quality of your relationships. We can develop better relationships and accelerate behavioral or performance outcomes. (That was my dissertation research.) Curious about the details?
I made a short video on Positive Relationships (R). You can watch it here.
4. Meaning (M)
Meaning results when we serve a cause bigger than ourselves. Your meaningful outcome may be quantitative (e.g., earn $100k/year or give away 15% of earnings per year). Your meaningful outcome may be qualitative (e.g., care for your loved ones or serve humanity in some way.) We all need meaning in our lives to develop well-being.
I made a short video on Meaning (M) for you. You can watch it here.
5. Accomplishment/Achievement (A)
Many of us strive to master a skill, achieve a goal, or win some competitive event. Achievement defines us. Or not. Accomplishment is another element that contributes to our ability to flourish.
For specific details, I made a short video on Accomplishment/Achievement (A). You can watch it here.
Now that you understand the PERMA model, I hope you will use it to increase your well-being and help your teams flourish.
P.S. Let me know how you are flourishing?
P.P.S. Let me know if you like this long-form email or if you prefer the shorter ones?
Action leads to learning. What are you waiting for?
To contact Doug Gray, CEO, PCC, call 615.236.1892 or contact us here. Today.
Define a meaningful goal or outcome for the leader/ coachee. (A measurable performance or behavior)
Focus on the leader/ coachee’s agenda. (“I’m a little concerned about…”)
Intervention or possible action for the leader/ coachee. (“Have you considered…”)
Takeaways or next step for the leader/ coachee. (Model accountability and change.)
% of adherence to this model? (0-20%, 20-40%, 60-80%, 80-100%)
Understanding of Positive Psychology Coaching (PPC) protocols:
Introduction to Positive Psychology
Positive Psychology (PP) may be operationally defined as the science of well-being and optimal functioning. The phrase “positive psychology” was coined by Maslow (1954) and is rooted in humanistic psychology. Recent research in PP has defined five clusters of scientific findings, the PERMA model, that describe positive emotions, engagement, relationships, meaning, and accomplishments (Seligman, 2011). The construct of signature strengths can be assessed using the Values in Action (VIA-72) questionnaire (Seligman & Peterson, 2011). The construct of Psychological Capital (PsyCap) can be defined as a dynamic, higher-order construct comprised of hope, efficacy, resilience and optimism (Luthans, Youssef-Morgan & Avolio, 2015).
Introduction to Positive Psychology Coaching
This Positive Psychology Coaching (PPC) program was designed in response to a perceived need for development of business leaders actively engaged in professional coaching. The confidential relationship between coaches and coachees will be maintained throughout this research. Autonomy and mastery are critical aspects of professional coaching relationships, and will be maintained throughout this research.
The goals of this PPC program include: (a) assessing and developing individual character strengths using validated strengths-based assessments, (b) adhering to a structured evidence-based protocol for positive psychology coaching, (c) developing a strengths-based goal attainment process customized for each leader (coachee), (d) measuring Goal Attainment Scaling (GAS) by evaluating adherence to three goals that are personally meaningful and relate to business outcomes for the leader (coachee), (e) modeling action planning and accountability in each coaching session by evaluating adherence to the coaching protocols, (f) quantitatively and qualitatively measuring the effect of positive psychology coaching on coachee outcomes.
Coaching engagement goals
The goals for each coaching engagement will be defined by each client (coachee) and customized with their professional coach. Each coachee will be encouraged to define three goals that are personally meaningful, relate to business outcomes, and can be measured using the goal attainment scale (GAS). Representative examples of coaching engagement goals may include (a) driving retention and organizational performance through tactical execution, (b) developing strategic thinking and planning, (c) developing leadership capability in key areas to leader success, (d) aligning and integrating current role with desired future role, (e) developing executive presence, (f) aligning operations with other business sectors to drive shared accountability and measurable impact on business outcomes.
Coaching engagement outcomes
The outcomes of each coaching engagement are typically described by knowledge, skills and abilities (KSAs.) Examples of knowledge outcomes for the coaching engagement may include (a) aligning the leader’s role with organizational vision, mission, and values, (b) defining how the leader’s role expectations affect collaboration with others, (c) understanding the strengths and values that describe each leader “at their best” and incorporating those strengths into regular vocabulary, and (d) defining key actions essential to reinforce business outcomes.
Examples of the skills outcomes of the coaching engagement may include (a) building capacity to manage resources and the productivity of others, (b) developing strategies for managing energy and time to improve productivity, (c) communicating the leader’s vision and key messages in an impactful manner, (d) developing skills in written messaging that focus on strength-based leadership, (e) modeling self-awareness by incorporating signature strengths into leadership and management activities, (f) applying conflict resolution skills to reach mutually beneficial and positive outcomes, (g) demonstrating effective active listening skills, (h) accurately reading a situation and projecting confidence, decisiveness, assertiveness and poise under pressure, (i) modeling collaborative leadership skills by creating actions plans that include partnering with other leaders, supporting performance goals, building key alliances, and implementing business outcomes.
Examples of the abilities outcomes of the coaching engagement may include (a) fostering innovation, (b) directing initiatives that build alliances and mutual respect, (c) communicating across business sectors by translating key messages between different groups, (d) leading alignment with others using strategic thinking, (e) enhancing problem solving ability to approach common issues/concerns with extraordinary thinking to foster innovation.
Possible activities for PPC engagements
The following list of evidence-based activities is a descriptive resource and is not intended to be prescriptive for any professional coaching or consulting engagement.
Encourage your coachee to take a validated assessment such as the Values in Action (VIA-72) assessment or the Psychological Capital (PSQ-12) assessment
Conduct a strengths-based interview of your coachee using results from the Values in Action (VIA-72) assessment
Conduct a strengths-based interview of your coachee using results from the Psychological Capital (PSQ-12) assessment
Encourage your coachee to describe their best leadership story (“At my best story”) using results from a validated positive psychology assessment
Encourage your coachee to determine three performance or behavioral goals, that are personally meaningful, that relate to business outcomes
Measure achievement of those three business-related goals using the goal attainment scale (GAS)
Encourage your coachee to develop a gratitude journal
Encourage your coachee to document “Three Good Things” for a day or a week, and note any contributing variables or patterns
Invite your coachee to practice multiple acts of kindness toward others, especially within 24 hours
Conduct a Best Future Self activity or guided meditation activity
Encourage your coachee to document the quantity and quality of physical activity, emotional shifts and cognitive energy, for at least 24 hours
My bias/ The bottom line:
The art and science of professional coaching requires that professional coaches adhere to the AD-FITTM protocol model.
See details in the products section.
For details on assessment, interventions, certification, training, or research contact us today.
RE: The Positive Organizational Leadership Project (POLP)
Goal:
Invite practitioners/ leaders/ consultants to share digital stories of HOW they are applying Positive Psychology individually and organizationally.
Assumptions:
Leaders practice leadership. We can all be better leaders.
We can leverage technology and our communities.
Relationships matter. When we model relationships that matter, then we increase awareness and learning.
Background:
After attending the International Positive Psychology Association conference in Montreal, Canada, in July, 2017 one theme stood clear. Marketing and branding for practitioners using positive psychology is NOT well defined. Market confusion abounds. This Positive Organizational Leadership Project emerged as one initiative to help practitioners share HOW they serve clients in our global marketplace. Join us?
Process:
(a) share this invitation broadly, (b) schedule a 30-minute session with Doug Gray here or at https://actionlearnin.wpengine.com/ (c) receive Time Trade confirmation with calendar link (d) encourage participants to write responses to the 5-7 questions below and email them to doug@action-learning.com 24 hours prior to our scheduled call so that we can each be well prepared, (e) download https://zoom.us/ software and familiarize yourself with software on YouTube, (f) at the scheduled time, record 5-10 minutes of video session using https://zoom.us/j/3432485703 (g) send MP4 recording to practitioners for their distribution, (h) post on https://www.youtube.com/user/dgrayful/videos channel with invitation to be included in the project.
Possible questions:
Self-introduction: Who are you, what do you do, where are you located, do you have a website or invitation to share with others?
Self- awareness: If you have taken the assessment at https://www.viacharacter.org/www/, what are your top 5 signature strengths? How would you describe yourself, at your best, using those top 5 signature strengths? (FYI, my top signature strengths are creativity, hope, perspective, honesty, zest.)
Definition: One common definition of positive psychology is the science and practicing of flourishing or thriving… how do you typically define positive psychology?
What attracts you to the science or practice of positive psychology?
Clients: Who do you typically serve in your PP consulting work? Please share 2-3 examples/ case studies/ successful interventions or client experiences.
Trends: What trends or market opportunities do you see in the future for positive psychology consulting?
Referrals: Who else can you refer me to who (a) is a Positive Psychology consultant and (b) might be willing to be interviewed in this project?
How can you help? Share this invitation broadly. Thank you in advance for your participation.
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