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The Essentials

The Essentials. April 27-28, 2006 Instructors: Jane Hilburt-Davis W. Gibb Dyer Jr. Introduction, Chemistry Meeting, and Contracting with Family Firms. Introductions/Ground Rules. One minute statement! Who you are Where you’re from Profession of origin What your expectations are

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The Essentials

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  1. The Essentials April 27-28, 2006 Instructors: Jane Hilburt-Davis W. Gibb Dyer Jr.

  2. Introduction, Chemistry Meeting, andContracting with Family Firms

  3. Introductions/Ground Rules • One minute statement! • Who you are • Where you’re from • Profession of origin • What your expectations are • Ground rules • Confidentiality • Breaks, cell phones, participation

  4. Overview of the Consulting Process First Contact Reentry Consulting Process Exit Chemistry Meeting Follow-up Letter of Engagement Assessment Implementation Feedback/Planning From Hilburt-Davis & Dyer (2003) Consulting to Family Businesses

  5. First Contact

  6. Chemistry Meeting

  7. Chemistry Meeting • Participants divide into small multidisciplinary groups to form questions/goals/concerns/plans for chemistry meeting: • What’s your strategy? • What are your goals for the meeting? • What to look for? Look out for? Are we/am I the right fit?

  8. Letter of Engagement/Contract

  9. Engagement Letter/Contract • Outline main points • Scope of work • Fees • Time • Who’s the client/who signs • Discussion of pros and cons of each

  10. Assessment and Giving Feedback

  11. Assessment

  12. Assessment Framework • Faculty • Participants • What’s the diagnostic framework you use? • How do you gather data? (Interviews, surveys, etc.) • How did you decide on the questions to ask? • What are the ground rules for the interviews?

  13. Feedback/Action Planning

  14. Feedback/Action Planning • What data will you feedback? In what format? • What are your goals for the feedback meeting? • What do you do with the various responses? • What responses are you most/least prepared/equipped for?

  15. Action Plan • Specific steps and goals. • What is the level of intervention? Pp.100-101) • What is the target for change? • How will you manage the change? • What to look out for? • Where will resistance come from and how will you deal with it? • What structures/architecture is needed? • Liaison with family, costs and billing

  16. Barriers to Growth • Failing to Plan for Growth • Ineffective Leadership and Management Style • Ill Defined Organizational Structure • Lack of Information Systems • Unqualified Personnel and a Lack of HR Systems • An Organizational Culture that Fails to Foster Growth • Poor Partner Relations and an Ineffective Board of Directors

  17. Table 2“Family Factors” Affecting Firm Performance

  18. Figure 3Typology of Family Firms FAMILY ASSETS HIGH Quadrant I Quadrant II Professional Family Firm Clan Family Firm LOW AGENCY COSTS LOW HIGH LOW Quadrant III Quadrant IV Mom & Pop Family Firm Self-Interested Family Firm HIGH FAMILY LIABILITIES

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