12 Commandments for the Business Owner
An inspiring list of “12 Commandments for the Business Owner” developed by Leon Danco, Ph.D., was shared during a business succession session at a Greater Indianapolis PHCC chapter meeting last week. Guest speakers Denny and Andy Smith, a father-son duo, talked about business succession from each of their viewpoints, and Denny shared his personal story of learning from Danco’s Commandments.
PHCC—National Association EVP Michael Copp attended the meeting and talked about his first 90 days on the job while being in an 'active listening' mode. He spoke about constructive collaboration with all the PHCC-related groups and spent time talking to contractors individually.
Source: PHCC of Indiana Newsletter, Jan. 26, 2016
|Denny Smith, left, and Andy Smith address
the Greater Indianapolis chapter meeting.
|PHCC EVP Michael R. Copp (r) talks with Dan Canter
of CH Mechanical Inc.
These inspirational “12 Commandments for the Business Owner”
(reprinted from Inside the Family Business, by Leon Danco, Ph.D.) were shared during the session.
- Thou shalt share thy dream with thy family.
- Thou shalt inform thy managers and employees that “This company shall continue forever.”
- Thou shalt develop a workable organization and a realistic plan for the future.
- Thou shalt continue to improve thy management knowledge, that of thy managers, and that of thy family.
- Thou shalt institute an orthodox accounting system and make available the data therefrom to thy managers, advisors, and directors.
- Thou shalt develop a council of competent advisors.
- Thou shalt submit thyself to the review of a board of competent outside directors.
- Thou shalt choose thy successor(s).
- Thou shalt be responsible that thy successor(s) be well taught and objectively appointed.
- Thou shalt retire and install thy successor(s) with thy powers within thy lifetime.
- Thou canst not take it with thee – so settle thy estate plans now.
- Thou shalt apportion thy time to see that these commandments be kept.