Page 15 - Food & Drink Business Jan-Feb 2020

Dr John A Davis is
a leading authority
on family
business, family
wealth, and family
offices. He is a
professor of
family enterprise at the M.I.T. Sloan School of Management and an advisor to multigenerational families worldwide.
family or non family member. In the instance where family members cannot come to a final decision collectively, it may be worth bringing in a third party to assist.
When family businesses are run successfully and in a cohesive manner, they can often outperform their competitors and give family members a great sense of professional satisfaction. ✷
• Family business comes from the heart and passion, which can be embedded into the business in your teams, decision making and strategy. At Brookfarm and Cape Byron Distillery, we have consciously embedded a supportive family atmosphere which has incredible incredible tangible benefits.
• Key decision makers are family members in the majority of cases, but it is integral for employees to be responsible for decision making and not at risk of being superseded and undermined – appropriate internal governance is key.
✷ ABOUTTHEAUTHOR
INDUSTRY INSIGHT
Rather than relying exclusively on the expertise of a family unit, a good employment strategy means the most qualified, competent people are running their departments
• Last tip – make sure the family is aligned and that discussions are open and honest. At Brookfarm and Cape Byron Distillery, the Brook family know where each of us stands on all key aspects of our business, such as the importance
of our product quality, our integrity, the way we treat our staff and the generational nature of our businesses.
www.foodanddrinkbusiness.com.au | January-February2020 | Food&Drinkbusiness | 15