In this series Stuart Mathews, Partner in Trowers Corporate department and Owner Managed Businesses group is joined by Caroline Gourlay, a renowned business psychologist, author and leadership coach.
Caroline works with family and owner managed businesses of all sizes and in this series they explore a range of issues on the dynamics of family businesses including leadership, decision-making, avoiding disagreements and managing change.
The series is available in 4 episodes with the first two episodes available on Trowers and Hamlins Business YouTube Channel and can be viewed below.
Episode 1 – How well is the business being led and managed – Part 1
- Primary Colours Leadership Model
- Absent Leadership
- Bottom-up Leadership
- Directors duties under the Companies Act 2006 – promoting the success of the company and acting with reasonable care, skill and diligence
Episode 2 – How well is the business being led and managed – Part 2
- All aboard teams
- "Don't worry, you'll pick it up" directorships.
- "One rule for us" – role modelling.
- Tensions between family dynamics and commercial business requirements.
- Directors duties: Independent judgment and conflicts of interest.
- Bringing in outside NEDs or executive directors: Benefits and challenges.
- Advice for family businesses on bringing in NEDs or executive directors – fit for the business
Episode 3 – How decisions are made and disagreements avoided / resolved
- Family Business Circles Model.
- Benefits shareholders' agreements and partnership agreements.
- Pitfall: Fear of conflict – vaguely agreeing.
- Pitfall: Decision making - the danger of compromise and consensus.
- Pitfall: Groupthink – authority and speaking up
- The benefits of Family Charters to clarify family business relationships – deciding on how to decide.
Episode 4 – What happens when things change?
- Planned change – succession planning and strategic change.
- Benefits shareholders' agreements for decision making for planned change, exit or sale.
- Unplanned change – working with private wealth colleagues.
- External change – the pandemic and crisis.
- Digital pivot strategies – playing to strengths.
- Challenges of stepping up during a crisis.
- Primary Colours Leadership Model – resilience and change.
