Over the past few years I have facilitated confidential group meetings of business owners and family next generation rising star members.
I have also chaired monthly meetings of twelve family business owners in a large regional cities. We spent one of our meetings identifying the key issues they saw as potential barriers to their ongoing success. It's interesting because all the attendees could be classified a successful.
This group treated the meeting as their version of an external advisory board. Which is highlighted as a barrier to success if you don't have an external panel of trusted advisors.
Having developed the mind map as featured above from our robust discussion, you may ask.
Is there one key barrier to Success? - No, they are all equally important.
It's a combination of issues that all need to fit together as in a Jig Saw puzzle.
In my opinion the glue that makes it all stick together is the continual conversations you need to have and knowing what the end vision looks like.
Bill Winter is a renowned family and small business advisor and facilitator of the hard to have family succession conversations.