by admin on March 19, 2010
My tip on how to deal with a bad, falling apart business relationship was published yesterday in the Toilet Paper Entrepreneur blog piece on “81 Strategies to Fix a Bad, Falling Apart Business Partnership.” My tip,” Talk, Talk, and Talk Some More”, is focused on communication’s role in business conflict management. This is the third time that I have submitted a tip to the TPE and the third time that one has been chosen and published. Three for three!
There are several interesting tips listed, showcasing different perspectives. Here’s mine:
When a business partnership is falling apart, you must talk, talk, and talk some more! It may be tempting to shut down communications with your partner. Don’t. Why? First, you may find that you can save the business with some effort. Second, if the partnership must end, communications about how to do it can save you time, money, and stress – and preserve business goodwill for what remains of your business or whatever venture comes next. Too difficult to talk? Get help – find a business mediator.
by admin on November 11, 2009
Family businesses possess great strengths — and potentially devastating weaknesses. One weakness involves the challenge of planning for a day when some or all family members leave the business.
On November 1, 2009, the New York Times ran an article by Charles V. Bagli titled “Flipping a Coin, Dividing an Empire.” In it, he described the buy-out agreement of three Elghanayan brothers to divide up a $3 billion real estate empire built over four decades. Mr. Bagli captured the situation in a nutshell: “Compared with property breakups of some other New York real estate families — often long, messy affairs replete with blood feuds, lawsuits and ugly recriminations — the Elghanayan brothers’ split has been relatively swift, smooth, and secretive.”
The brothers had drawn up a detailed partnership agreement after they were forced, twenty years ago, to resort to binding arbitration (with their father serving as arbitrator) to resolve a family business conflict when a fourth brother left the family business. The process they created involved a coin toss, a reverse auction, and other details based on game theory principles.
Even that detailed process proceeded with horse-trading, some tension, and some sadness. But, by planning ahead and creating a process that they understood and freely adopted, the brothers did some valuable conflict management. They reduced the scope and severity of a potential family wealth conflict and then, when the agreement was needed, they had a far easier conflict to resolve. One that they could put to rest without destroying their wealth, their company, or their family.
by admin on September 26, 2009
On September 24, 2009, I had the good fortune to speak to the Women in Business group of the Hamden Chamber of Commerce. We started with some general, very interactive, discussion about common causes of conflict, at home and on the job. As you might expect, kids, spouses, co-workers, and the people we need to make our business hum topped the list.
Then we moved on to some practical tips about preventing, reducing, and resolving conflicts. As I have said before, conflict is a part of life. Managing conflict so that it does minimum damage is the key.
by admin on August 30, 2009
I was delighted to have my tip, “Women Smooth Ruffled Feathers”, chosen as one of 95 published on August 25, 2009 in the Toilet Paper Entrepreneur’s blog.
The introduction to the piece states: “The biggest change ever in entrepreneurship is occurring right now. For centuries men have lead the entrepreneurial frontier. But, for a multitude of reasons it is changing. It’s now the women’s turn to be the leaders of entrepreneurship. Here are just few (yes, just a few) reasons why.”
Visit the TPE blog and look for my idea about women entrepreneurs at #88. As you might expect, it’s an idea about being better at managing conflicts in order to better manage your business.
by admin on August 8, 2009
On August 7, 2009, I had the pleasure of being interviewed by Barry Moltz on his weekly online radio talk show, “Business Insanity Talk Radio.” I was one of four guests discussing “The Art of the Apology.” Each guest offered a perspective on using apologies effectively in the business world. I focused on the role apologies can play in mediation and resolving conflicts and mediation.
Barry’s blog post summarizes the guests’ main points, including apology’s role in conflict resolution.
by admin on August 5, 2009
On Friday, August 7, 2009, I am scheduled to be interviewed by Barry Moltz on his talk radio program, Business Insanity Talk Radio. He describes the show’s focus as “the craziness of small business” — what “makes it exciting, interesting, and totally unpredictable.”
The show broadcasts at 9:00 Central Time at www.blogtalkradio.com. Barry has titled the show “The Art of the Apology” and poses the question to listeners: “Do you know how or when to apologize in business so it is heartfelt and effective?”
Tune in (click in?) and listen to a lively conversation about conflict, how to resolve it, and how to apologize wisely.
by admin on July 31, 2009
Last week’s state-wide conference for women business owners brought together more than 100 Connecticut women business owners. Full marks go to the Connecticut Permanent Commission on the Status of Women for all of the leg work and to the National Association of Women Business Owners for the funding.
I had the pleasure of co-presenting a workshop on “Smooth Business Transitions” with dynamic attorney (and business owner) Diana Bartolotta. Diana is based on Main Street in Middletown as principal attorney at her law firm, B-law, LLC.
We had an engaged group of women in our workshop who had questions, suggestions, and insights that complemented our presentation and reflected the wisdom of the group.
by admin on July 20, 2009
On Friday, July 24, 2009, I will be co-presenting a workshop on “Smooth Business Transitions” at a conference for Connecticut women business owners. The conference, “Transition Your Business Through Challenge”, is sponsored by the State of Connecticut Permanent Commission on the Status of Women (PCSW) and the National Association of Women Business Owners.
My role is raising some questions about planning ahead for your business and its structure for the time that you are ready to (or must) make a change in ownership. Other workshops will cover smaller transitions, such as partnering with another business, expanding your understanding of Quickbooks, expansion through access to capital, etc. The PCSW website has more info: http://www.cga.ct.gov/PCSW/
Planning ahead for business transitions, especially in family businesses, is essential to minimize potential conflicts.
by admin on June 27, 2009
The New York Times published an article on June 23 by Bill Vlasic titled “Family Loyalty Anchors Ford in Risky Times”. The article discussed some of the challenging times that the Ford family business has faced, along with other auto makers, especially in recent years and months. Last time I wrote about the regular family meetings that help the Ford family manage conflict.
The second point the article made about the Ford family’s success in managing conflict involves how the family deals with disagreements. Any organization will face disagreements if it is growing and evolving. The key to success often turns on just how the organization deals with these inevitable frictions.
In 2007, a few Ford family members tried to hire a Wall Street firm “to advise them on long-term strategy — including possible mergers or even a sale.” Other family members opposed the idea. The family voted down the proposal. It’s the next step that is essential: “unwavering support once decisions are made.” By not trying to undermine a decision that has been made, but instead rallying around it, a family acts to help itself and its business.
by admin on June 27, 2009
The New York Times published an article on June 23 by Bill Vlasic titled “Family Loyalty Anchors Ford in Risky Times”. The article discussed some of the challenging times that the Ford family business has faced, along with other auto makers, especially in recent years and months. As the piece noted, tough times have “led to splits in other famous business families like the Bancrofts who owned Dow Jones until they sold it to the News Corporation of Rupert Murdoch.” (Type “Bancrofts” into the search bar to find earlier comments about that situation.)
Two points are noted in the article which help preserve the Ford family and its family business.
First, the family has been meeting every three months, in good times and bad, for the last twenty years. The quarterly meetings now include up to 35 family members. By maintaining a schedule of regular and frequent family meetings, the family has created a forum for discussions that both ensures that family members have a steady working relationship and allows challenges to be faced before they escalate even further.
A few words about the second point next time.