Family Business Association's NZ Country Manager, Nicole Pluck, spoke with Canterbury Today Magazine about the importance of family businesses to the New Zealand economy and social fabric.
"Across New Zealand, family enterprises are deeply woven into every sector. They're building our towns, caring for our waterways, driving our trucks, growing and preparing our produce, serving our communities, protecting us, and showcasing New Zealand products and services both here and around the world."
"We still have a strong entrepreneurial spirit in New Zealand, and it's often paired with a deep commitment to leaving a lasting legacy for future generations. That intergenerational mindset is one of the most inspiring forces shaping business today."
In the article, Nicole discusses the importance of communication, shared family values and starting your succession planning conversation early when working with multiple generations in a family business.
Nicole also emphasised the importance of boundaries in a family business, "Separate the dining table from the board table."
A common thread amongst family businesses when challenges arise is when assumptions replace conversations. "The antidote? Communicate early, communicate openly, and then communicate some more," Nicole suggests.
She recommends that the next generation tap into the bank of knowledge from their parents or family members who led before them, "They hold a wealth of knowledge and experience that has shaped the business into what it is today. At the same time, don't be afraid to bring fresh ideas and make your own mark. Your family values are the foundation; if you use them as guiding principles, they will help steer your decisions and set you on the path to long-term success."
Read the full article in Canterbury Today Magazine, pages 10 - 11.
