Please use this Table to Share Your Entry for the Best Family-Owned Business Cartoon that Captures a Key Concept from the Course and Lecture Slides

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Cartoon- embedded image

Key Family Business Theoretical Concept

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Ed Gonsalves
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The Consequences of overlooking non-owning family business members who are on the executive- and the associated gender risks

Daughter Succession


‍‍I Vote‍‍
Oleksii Golovin
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Employees problem family owned companies face. In family owned companies family members are more valued, which results in less empliyee's proffesionalism.
Recruiting
‍‍I vote‍‍
Mikhail Averbakh
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The concept of defining internal relationships, balance of powers and internal rules by signing a family charter or a shareholders' agreement, so that all parties know in advance how they can participate in the future of the company and which rules will apply to them.
Shareholders Problems
‍‍1 Vote‍‍
Gojko Dakovic
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The struggle of picking the right person for succession plan often results in misleading and wrong decisions resulting in a complete destruction of a family business. The initial challenge of selecting the right person for continuation of a family business is crucial as you do not want to have a person running the business you worked hard and destroys it with a lack of passion or inability to perform on the market.
Identifying Successor for Your Family-Owned Business
I Vote
Dana Niculae
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The family dimension as well as the interaction between family members and non-family employees makes communication crucial in family businesses. Unspoken conflicts might result in a tense work environment which, in turn, affects business performance. This might happen both in communication between family members and communication between family members and employees. A consequence of conflicts might be decrease in motivation and commitment, under-performance and loss of valuable employees.
Communicating with non-family key employees

Abdellah Benzidane
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This cartoon is interesting as it cover succession.
I outline how important it is even when you are the son of the successor you need to start at the bottom and go through all the department of the company.
The father in this cartoon wants his son to know all about the company so that he can manage it well in the future when he will become the CEO.
The Importance Of Starting At The Bottom

Marthe Oeller
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This Cartoon is easily adaptable to our discussion about for example the Three Circle Model and other Succession Models. Here you can see that the first generation often finds it very hard to hand over the business to the next generation and herewith also faces loosing control over the management, business and ownership. Moreover we can also relate this cartoon to the lifecycle of business transition of Carlock & Ward. The link I have found is not as theoretical as all other models are, but I found it worth to read.
The Art of Letting Go

Camilla Pecetto
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Family interest are often not the same as company interests. Therefore it can happen that the head of the business may realise that the next generation will not follow them into the family firm, while founders may want the company to keep on growing. Despite succession planning being a high priority issue, many family businesses do not have a detailed handover plan in place to maintain the business and find the right person to take the lead. It is important to involve the next generation succession planning and strategy development.
Engaging the next generation

Valentina Jaramillo
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There are advantages and disadvantages of being part of a family business. This cartoon reflects on the threats of having all family members within the family business as separating emotions from the business is not easy. Hiring non-family members will benefit the company by getting emotions balanced. Therefore, they don't interfere into the business.
Non-Family members' advantages within the business

Elin Bjornback
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There exist several issues within family firms. One of the most important one is how to handle the relationship between family members that are active in the company. How can the two different generations best work together in order to ensure future success for the business and avoid tensions between family employees and other employees?

Cater(SharedLeadership)



Nael Saab
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The following cartoon illustrates a typical problem in family businesses in Lebanon. Individuals from the generation are expected to join the business without any form of outside experience.Typical
questions that should be addressed include: What qualification do family members need to have before joining the business?Education?
The attached article presents questions at different level of the business (employment, decision making, governance) which should be addressed by a;l family businesses to ensure success and continuity.
http://www.deloitte.com/assets/Dcom-Ireland/Local%20Assets/Documents/Succession%20Planning/IE_T_Institute%20of%20Directors%20article_0812_FINAL.pdf

Steven Drakou
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This cartoon shows how disputes in family businesses, especially SMEs can affect the flow of the work and the image it portrays to its clients. it is difficult to separate an individuals emotions from business attitude, so when family issues come up in a business environment, they are reflected on the business side as well.
Ownership, Governance, and Management Issues in Small and Medium-Size Family Businesses

Hiroka Miyama
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This cartoon shows the long hours spend working on family business can reduce the time spent with ‍‍family members. ‍‍Therefore it is common for there to be many family members working within the same business. However this can cause tension with existing employees that are not family members; especially when they are overlooked for top positions with the company. This can lead to talented workers leaving the company due to the lack of progression.
Emerald
Recent trends in
performance
measurement
system

Hawili Khalil
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The following cartoon illustrates a typical problem in family businesses: what usually happens is that parents fully expect from their children to work in the family business and even take over themselves some day. Often, they assume this is what their children want, without even bother asking them what they want to do for a living.
http://www.helium.com/items/2038852-career-path-parents-children-family-business-follow-a-career-path-choose-a-career

asma Barigou
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This family business cartoon illustrates the influencing factors on family business company continuity. The building in the right side is representing the company, which seems to carry more weight. In the other side the owner who should let go the business to his son who need to be able to take over the company and maintain the business successful. The family business “Bible” is about the governance design, which is very significant to the family owned company. The main issue is that the balance can’t be obtained since other elements such as culture would be needed. Therefore a strong board of directors is not sufficient to maintain a family business firm. The trust and cooperation among members of the family depends upon having strong support from family members and shareholders who may have to create forums to voice their different interests and concerns. The linked article explains how strong governance is essential to the sustainability and continuity of a family business firm.
http://www.kdv.com/kdv-resources/strong-governance-enhances-a-family-business/

Violeta Cuba
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In this cartoon it can be seen how the father treats his son after loosing an important account. Instead of being professional, the father acts as if he was at home punishing his small kid.

It is crucial in a family firm to treat all employees in the same way, irrespective if they are family members or not. The same rules and conditions about policies, remunerations and rewards should be applied to every single member.

Parent–Child Relationships




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Its a great question for the older generation, whether to allow their children to work in the family business with no background and no leadership skills. (Uhi-Ben's theory of leadership, 2001)

This picture shows an example of how the young generation is forced to work in order to obtain knowledge and experience in the family-owned company. This brings a question of how to involve family members in the business within valuable intellectual and human capital, so the company could benefit from it.


Rattee Pondsungsun
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This cartoon can see interpreted that this company will not survive in long-term. As we can see, the CEO formed a team of helpers that obey only his orders without hesitation since decision-making power belongs to him. When the time comes to his successor, he has no power to challenge his father. As result, not only he will never get the real responsibility for working in his family firm, but also he will lost all his confident and ability and stuck in this company. The narrow-minded CEO has set the rules for people around him and chug them as he pleases. He probably does not consider about succession and his retirement either.
Strategic succession planing in family business

Suhaila Asbah
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Looking at this cartoon we can see a problem that may arise in some family businesses. It shows how businesses with family memebers taking high positions are not sometimes biased toward them. Having a family member on the exectutive board is not always good for the company and it doesnt mean that they are always right. Most of the times those family members are not qualified enought to take such positions and end up messing up a successful business.
http://www.familybusinessunit.com/blog/family-business-paying-family-members/