by Doug Gray | Jan 30, 2023 | Business, Coaching, Consulting, Family Wealth, Leadership, Personal Development, strengths, Success
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:
Video posted on Monday 1/16/23.
Link: https://www.linkedin.com/feed/update/urn:li:activity:7020809894287015936/
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
Or schedule me at contact us
by Doug Gray | Apr 23, 2013 | Business, change, Employment, Leadership, Managers, money, Sales, strengths
Hello Ric,
So nice to see you yesterday. (I’m excited about the volunteer work we are doing for …)
Yesterday we talked about the possibility of providing assessments for senior leaders at Company ABC.
We have never discussed your need for multi-method, multi rater assessments that have tremendous predictive validity. This methodology is much better than any assessments I have found, in 30+ years of assessment work. If interested, I encourage you to forward the attached information to your colleagues for review.
How much would you be willing to invest in information that predicted your senior leadership talent and bench strength and succession needs? I would like to meet with you or your colleagues who might need such predictive assessments.
I have partnered with Adam Ortiz, at Executive Development Consulting, to do this work for other clients. We would love to provide these assessments for Company ABC, at any location.
Your benefits include:
- Scalable, duplicatable model with external objective assessors
- We have the capacity to deploy immediately, with teams of assessors already working throughout the world
- Doug and Adam bring expertise with a career of assessments, plus leadership coaching expertise throughout the world.
- This multi-method, multi rater assessment process can be replicated throughout any division at your firm, and the reliability and validity is extraordinary.
- Cost effective assessments that provides objective data, with tremendous predictive validity, that have extraordinary value to you and your colleagues as you make strategic decisions about senior leaders.
If you have any interest in discussing any coaching or assessment work, please let me know.
I am confident that we can provide tremendous value to your firm.
Respectfully, Doug Gray, PCC
704.895.6479 office, 704.995.6647 cell
https://actionlearnin.wpengine.com/
by Doug Gray | Nov 13, 2012 | Business, change, Coaching, exercise, Leadership, Managers, safety, strengths
Reason #9. Rock climbing.
I love to lead climb.
In my 20s I spent several months rock climbing the best cliffs in the United States. For 3 months I lived in a car with several friends, and we travelled to Boulder, CO and Devils Tower, WY. We ate granola. And macaroni and cheese. While studying guidebooks. Or talking with lanky climbers from all over the world.
Boulder Canyon and Eldorado Canyons were meccas for serious climbers. As a lead climber, my partner and I started on the bottom and climbed all day, until we summited on a ledge. Then we rappelled back down, or hiked down. Every afternoon the thunderstorms terrified us. Every climb had terrifying sections. At Devils Tower we did overhanging aid climbs that required swinging traverses. Just like James Bond on the Eiger in Switzerland. We learned to mitigate risks.
When moving on vertical rock, you have 4 potential points of contact. If two feet and one hand are enough, then you can move the other hand. Climbers learn to distribute weight evenly. To select resting places. To control energy exertion. To keep your hands below your heart to reduce fatigue. To ignore fear.
After days or weeks, your hands develop callouses. After many first ascents, your confidence increases. So you try something harder.
And then you fall.
My most terrifying fall was about 40′ late one afternoon. I had felt invincible. Then the crack thinned out. I could not find any placement. My legs shook. I could not climb back down. And my last piece of protection (climbing hardware) was about 20′ below me. Because I had felt so confident… I had climbed higher than I should have.
I recall pausing. There was a choice. And I chose to fall. I still recall that instant, some 30+ years later.
So I tumbled 20′ to the climbing hardware, then another 20′ below that, until my partner saved my life. We were hundreds of feet above the canyon floor.
That instant of choice reminds me that we can choose to be safe, or not.
Just like adults on a job site. Or adults sorting through career choices. Or adults considering a risky move.
What are some reasons why you care about safety?
by Doug Gray | Dec 9, 2011 | change, exercise, family, Leadership, Managers, Meetings, money, Personal Development, strengths, Success
Recently our high school-aged daughter asked, “Daddy, you talk to people all day long about their success. If you can make it simple, what are the two keys to success?”
If she was quizzing me, then I failed. Perhaps because I did not expect the question, perhaps because I wanted to say something special to her.
I said something trite: Focus on your strengths. Persist. Follow your passions. Build a great team. But sadly, like most of us, perhaps, I just could not find the words. Frankly, I struck out.
Then yesterday someone made it simple. Now I can answer her…
What are the 2 keys to success?
1. Attention, and 2. Support.
Just as we attend to an infant and support their growth, we create gardens of success. Every successful person talks about those who gave them attention. Their mentors. Their elders. Their coaches. Those who listened well, believed in them, supported them. After repeated actions toward a desirable goal, those people thrived and eventually felt successful.
This morning I shared this idea with someone. She doodled a circle, then drew an exclamation point, bold, in the center of the circle, to represent “attention,” then she gave it legs to represent “support,” then gave it an arrow to represent a future success. That image works!
******************
The same pattern occurs in a coaching engagement. When I first meet someone they may be uncertain of the process, unclear about why they are receiving the attention. A common fear is that coaching is a process of “fixing behavioral gaps or deficiencies.” As if we could dunk people into a “flea and tick bath” and they emerge cleaned, ready for the next challenge. Instead, people decide if they like the attention, if they can use the support, and if they want to develop their strengths. That choice is the key to success.
So, key coaching questions may include, “Who do you need to give more attention to?” Or, “How can you support someone’s strengths?”
Time to go… I now have an answer for my daughter.
What are you going to do?
by Doug Gray | Dec 9, 2011 | Business, Employment, Leadership, Managers, strengths, Success
I hate the phrase “soft skills.”
Yesterday, I was at a project site, working with 10 people in 10 hours, and each person had concerns related to CORE business skills. Nothing ”soft” at all.
Their concerns included: conflict management, communication, delegation, listening, feedback, role clarity, alignment, engagement, motivating others, self-motivation, maximizing productivity of others, career development, managing work and family and health….
These are CORE Skills. Essential to their success. And there is nothing “soft” about developing these skills.
Perhaps it is time to rename skill development into two columns: Core skills (essential to business, hard to quantify) and technical skills (secondary to success, easy to quantify.)
- Consider what is taught in MBA programs? Or your training department?
- Consider what is tied to your employee incentives? Or promotions?
- Consider what has determined your success to date?
- Consider what will likely determine your future success?
My hunch is that your answers to questions 1 and 2 included technical skills. Easy to train, easy to measure, easy to track, yet secondary to your success.
Yesterday, one of my clients talked about his “Success Team.” He listed 4 influential people, and 3 were on site. I urged him to develop at least 6 people on his Success Team. And if he did not know the names of his target Success Team members, I urged him to select “the smartest person in the U.S. who wants this project to succeed.” He wrote down that phrase, and he will find the people soon.
Thankfully, we can each develop our core business skills when we ask for help.
One of my coaches says, “Individuals do not succeed, despite what history books and company records state. Teams succeed.”
So, how are you developing your core business success skills?
Who are you asking for help?
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