Choosing Your Family Business Advisors
Know when you need to get help.
People often ask me the secret of Frank Perdue’s success.
He had to do hundreds of things right. He had to be able to see the big picture as well as be detail oriented. But there was something else: when he needed help, he wasn’t afraid to go out and find it.
It was a mark of his intelligence that he knew when to get help. If he needed help with legal, advertising, or governmental affairs, he spent the time and money to get that help. Once he had completed his research on who would be the best for the job, he hired the person or persons and listened to them.
This is in contrast to the individual who feels he knows it all, or who waits until the barn is already on fire. Instead, Frank was proactive. It was a hallmark of how he conducted his life, that he anticipated issues before they appeared and before family members had developed rigid and opposing opinions. By anticipating problems, he forestalled some of the anguish that we see in famous families that destroy themselves through family feuds.
(If you’re in the mood for some sobering cautionary tales, visit FORBES, http://www.forbes.com/2011/07/13/family-fortune-fights_slide.html . You’ll read the stories of anguish, misery and destruction, that come about when families don’t get the human relations part of the equation right.)
Frank was aware that only 3% of family businesses make it to the third generation and he wanted to beat those odds. After all, he was a family man to the core and handing on to his descendants his legacy of producing a needed product and providing tens of thousands of jobs was all-important to him.
A chart from John Ward’s book: How to Choose and Use Advisors
By temperament, Frank had no interest in reinventing the wheel, and if there were professionals who had expertise in the matters, it was predictable that he would seek out and find one. He chose John Ward in 1994 and the relationship with the Family Business Consulting Business continues to this day, although John Ward has now retired and Frank has passed on. Today Jennifer Pendergast continues a relationship initiated 23 years ago.
Since John Ward was the family business advisor Frank chose, I’m concluding, with permission, a chart from him that you might find helpful. It’s from his book, HOW TO CHOOSE AND USE ADVISORS. .
You can reach Drew Mendoza, the managing principal of the firm John Ward co-founded, at the Family Business Consulting Group by e-mailing him at: Mendoza@theFBCG.com
Search Articles
Latest Articles
General Petraeus announces AI-powered mental health initiative for Ukraine at American University Kyiv
https://rubryka.com/en/2024/09/29/general-petraeus-announces-ai-powered-mental-health-initiative-for-ukraine-at-american-university-kyiv Publication –rubryka.com
Inside Ukraine’s Drone High Command
https://cepa.org/article/inside-ukraines-drone-high-command/ Publication –cepa.org
A New England Yankee Narrates the Story of America
https://cepa.org/article/a-new-england-yankee-tells-americas-story Publication –cepa.org
From Trauma to Triumph
https://www.psychologytoday.com/us/blog/to-end-human-trafficking/202409/from-trauma-to-triumph Publication –psychologytoday.com
Subscribe to Updates
About Author
Mitzi Perdue is the widow of the poultry magnate, Frank Perdue. She’s the author of How To Make Your Family Business Last and 52 Tips to Combat Human Trafficking. Contact her at www.MitziPerdue.com
All Articles
The Ultimate Soft Skill for Management: EMPATHY
The Ultimate Soft Skill for Management: EMPATHY Want a surprising statistic? (For a hint, it has to do with soft skills.) Eighty-five percent of management success depends on people skills. Cynthia W. Lett, the woman who gives this statistic, has been advising...
Family Businesses Can Learn from Military History
Family Businesses Can Learn from Military HistoryMilitary Culture My late husband was fascinated by military culture, and you could often find him reading the biographies of famous generals. His fascination stemmed from his interest in human motivation. He often...
Family Quarrels & Mediation–Pull Back from the Brink
Family Quarrels & Mediation– Pull Back from the BrinkI hope you’re not reading this because you’re up against a family quarrel. The pain of a family quarrel can permeate every hour of every day. The fallout has the potential of threatening everything we all hold...
What Family Businesses Can Learn From Military Culture
What Family Businesses Can Learn From Military CultureFor longevity and having an extraordinarily strong culture, few organizations can match our military. The military culture of our armed services began before the founding of our country, and it survives to this...
Four Sure-Fire Ways to Stand out in Your Career
Four Sure-Fire Ways to Stand Out in Your CareerA young man in a class I was addressing at a Columbia University business class asked me a poignant question. “How do I stand out in my career?” He was in his mid-twenties, professionally dressed, and his body language...
Family Stories Keep Families Together
Family Stories Keep Families TogetherJackie Kennedy Onassis once said: “If your children turn out well, nothing else matters. If your children turn out badly, nothing else matters.” Having the young people in your life turn out well is as important as anything else...