FOR FAMILY BUSINESSES THERE IS MORE AT STAKE
Challenges arise when a group of owners take over from a founder—individuals have different needs and wants and the business must support the needs of the family and vice-versa. Conflict is natural and what has worked in the past may no longer work going forward. There is a need for a group of engaged owners—owners who understand all that has been invested in the family and the business over time, and the importance of a unifying Shared Purpose & Vision.
Engaged Ownership is the game-changing concept developed by Amelia Renkert-Thomas, and illustrated through her acclaimed 2015 release, Engaged Ownership: A Guide for Owners of Family Businesses (Wiley).
Amelia is a internationally-regarded family business consultant who knows, first hand, the challenges family business owners face. As former president of her own family's 5th generation manufacturing business, and as an award-winning family business consultant, Amelia brings grounded perspective from all sides of the family enterprise.
BECOMING AN ENGAGED OWNER MEANS UNDERSTANDING YOUR CORE CAPITAL
Core Capital is the unique blend of financial, human, and enterprise capital that make up the assets of a business-owning family. Core Capital includes the business itself, but goes far beyond it, including the savvy in the family’s lineage, and the entrepreneurial knowledge and drive developed over generations.
When owners think broadly about how all the forms of the family’s capital are invested inside and outside the business—not just the financial capital—they are more likely to deploy their capital wisely.
Engaged Family Business Leadership is driven by a Shared purpose, vision & Mission.
Family business owners’ Shared Purpose, Vision & Mission are the foundation of the goals and operations of board, management, and family. As owners, articulating a Shared Purpose is crucial because it underlies every decision made within the business.
Doing the work of articulating a Shared Purpose, Vision, & Mission is essential for the owners of any family business because it helps them state, clearly, what they value most, and how they prioritize it, within the business and the family.
Knowledge, Resources and Training
A guide for Owners of family businesses
Engaged Ownership: A Guide to Owners of Family Businesses illustrates the processes and strategies owners can utilize to overcome the challenges inherent in family enterprise ownership and governance.
The engagement process is illustrated through the story of the Owen family, four siblings who find themselves as third-generation owners of their family’s business following the unexpected death of their father.
Their story is one that will be familiar to many enterprising families, and it demonstrates how managing and non-managing owners can come together to make decisions about the future of the business and core capital.
training For family Business Advisors
The Engagement Toolkit is an exciting new development in the field of family business advising, giving advisors the skills, knowledge and practical tools to be even more effective and to initiate important conversations with their family business clients.
This 1-day certification program was developed following the overwhelming response to Engaged Ownership: A Guide for Owners of Family Businesses. Advisors will gain practical tools, manuals and in-depth knowledge covering the 6 key areas of engagement.
At the end of the course, advisors will have access to everything needed to work with their family clients on governance design, succession planning and multi-generational strategy.