Risk management is the identification, evaluation, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.
Failure to address unresolved intra-family conflicts will affect performance of the family business. Likewise, crises within the business exacerbate intra-family disputes. Conflict in family business is heightened during times of economic challenge and transition. Typically, when a family company fails, external forces are not the main cause. Estate planning preferences, tax policy, lack of adequate…
Research about the survival rates of family businesses is extensive. Historic data indicate that fewer than 35% of the businesses pass to the second generation; fewer than 10% pass to the third generation. Very few survive into later generations as financial and talent requirements dilute the hold of the blood line. These statistics highlight the…
85-year-old billionaire Warren Buffett has been reliant on his managers to run Berkshire’s far-flung operations for many years. Buying the Portland, Oregon-based company Precision Castparts Corp. for $37 billion in January, was one of his biggest deals ever – and has become even more lucrative under the management of Buffett’s newest CEO Mark Donegan. While Buffett allows his “all-star” group…
Do you ever wonder why things don’t get done as quickly as they should? Do things get lost in the shuffle? Perhaps you find that you have to more closely supervise the people who are supposed to be doing the work? Are decisions never made because they are perpetually being discussed? Does work stop because…
Managing Risk is certainly something all leaders at all levels must learn how to master. You can create probability versus outcome matrices, Key Performance Indicators, stop light charts, risk registers, Monte Carlo probability analyses, etc. Risk Management can become very complex if you want. But, the most critical skill in risk management, especially for developing…
Recent articles in healthcare journals reveal a sad truth: hospitals are still not as safe as they should be. One article states that one in three patients are harmed during a hospital stay and of this 33%, 7% either die or are permanently harmed. There has been an emphasis on patient safety for over a…
