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1 Strategy
The Power of Perspective: Long-View Strategies in Privately Held Businesses
In a world where quarterly reports and short-term gains often determine business leadership’s decision-making, privately held businesses possess a unique strategic advantage: the ability to focus on the long view. Unlike their publicly traded counterparts, these unique businesses aren’t beholden to stock market fluctuations or shareholder pressure.
Private ownership allows them to cultivate a long-term vision, invest in sustainable growth, build up reserves, attract top talent, and build lasting partnerships; ultimately, creating a competitive edge that sets them apart.
2 Success
Navigating New Family Business Horizons: The Evolving Advisor’s Role
Written by Joe Ambrose, Vice Chairman/Managing Director, First Bank Wealth Management
In recent years, there has been a notable shift in where advice for family-owned businesses comes from and how that advice is perceived. Business owners have traditionally turned to accountants, insurance agents, bankers, and lawyers for professional guidance due to the technical complexities involved with these areas. However, there is a noticeable shift toward seeking advice on non-business, yet equally important, aspects of family business.
3 Business Management
The Perception of Family Businesses: Strengths, Challenges, and Competitive Positioning
Written by Jenny Dinnen, Co-Owner & President, MacKenzie Corporation
Family businesses are built on strong values, deep-rooted traditions, and a genuine passion for what they do. But are public perceptions aligned with these realities? A recent national study conducted by MacKenzie and Next Gen Collaborative surveyed over 1,300 U.S. adults to understand how family businesses are viewed today. Along with their strengths and differentiators, the findings revealed key perception gaps that could be affecting brand reputations, workforce attraction, and overall competitiveness.
1 Leadership
This Quiz Reveals Your True Leadership Potential!
Edited from Lifestorming by Dr. Marshall Goldsmith, Ph.D., Exec. Coach and Educator, Award-Winning Author, and Thinkers 50 Hall of Fame Member and Alan Weiss
Originally published on marshallgoldsmith.com.
Great leaders are thought to possess great character. Take the quiz and rate yourself to determine what your strengths and weaknesses are in the six key elements of character. Also, see the authors’ recommendations to consider when building character
2 Family Education
Preparing the Next Generation: Is it really necessary to work outside of the family firm?
Written by Isabel C. Botero
Originally published on generation6, August 29, 2024 The article, “Preparing the Next Generation: Is it really necessary to work outside of the family firm?”, originally published on generation6.com, the author discusses the typical advice of requiring next generation leaders to work outside of the family firm for external experience. Isabel Botero argues there is no data-substantiated evidence for this claim.
3 Transition Planning
Why Next-Gen Leadership Transitions Fail: Planning for a smooth succession in a business is a good idea. Trusting that plan? Even better.
Written by Denise Federer, Contributing columnist to the Business Observer
Originally published on Business Observer, March 16, 2023The article, “Why Next-Gen Leadership Transitions Fail,” originally published on www.businessobserverfl.com, describes how full buy-in and holistic commitment to a solid succession plan are essential for success. Denise Federer explains how trust, cooperation from all parties, and transparency will help ensure a smooth transition.
1 Succession Planning
Wind Up Not Down
Written by Dr. Stacy Feiner, Growth Strategist and Performance Psychologist
Originally published in Crain’s Business MagazineThe article, “Wind Up, Not Down,” written by Dr. Stacy Feiner, Growth Strategist and Performance Psychologist, and originally published in Crain’s Business Magazine, discusses how developing an exit plan for your business isn’t about winding down but rather winding up. The author encourages business owners to step up as owners, build their bench, and enhance value.
2 Transformation
Managing Change in a Rapidly Changing World
Written by Dr. Marshall Goldsmith, Ph.D., Exec. Coach and Educator, Award-Winning Author, and Thinkers 50 Hall of Fame Member
Originally published on marshallgoldsmith.comThe article, “Managing Change in a Rapidly Changing World,” written by Dr. Marshall Goldsmith, Ph.D., Exec. Coach and Educator, Award-Winning Author, Thinkers 50 Hall of Fame Member, and originally published on marshallgoldsmith.com, discusses the importance of managing change in today’s ever-evolving business climate. See the author’s interview and discussion with CEO Mark Thompson, the world’s #1 CEO coach and best-selling author of Now Build a Great Business, Success Built to Last.
3 Succession
The Impact of Key Performance Metrics on Family Business Succession
Originally published on EideBailly.com and www.familybusinessmagazine.com, January 29, 2024
The article, “The Impact of Key Performance Metrics on Family Business Succession,” provided by Eide Bailly, and originally published on EideBailly.com and www.familybusinessmagazine.com, discusses how family-owned businesses share many strengths; however, a key area that needs significant improvement is succession. The author encourages family businesses to utilize Key Performance Indicators (KPIs) to let numbers guide both their day-to-day business and transition planning.
Family Business Management Solutions
Achieving long-term success as a family business demands the right tools. Let First Bank’s tailored family business solutions help your organization achieve success now and for generations to come.
Center for Family-Owned Businesses Family Business Survey
First Bank is committed to bolstering data and resources for family businesses. The Family Business Survey provides integral insights and data to help expand resources for family businesses. Learn more about the survey, 2024 results, and how you can be an important part of building resources for all family businesses.
Explore First Bank in our clients' words
Dependable Solutions
Marty Malysz, President at Dependable Solutions, shares his insight on the company's partnership with First Bank.
JD Barlow Construction
Dawn Vernola shares her insight on her company's experience with First Bank.
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