If I hear "new normal" one more time I'm gonna blow!
But this moment of ours is now normal.
And then, there will be another normal.
There is no “the new normal” because that’s definitive.
There’s simply the normal of now and this too shall pass.
Kids went back to school and parents (who are employers and employees) STRUGGLED! Trying to manage the formerly separate and now overlapping domains of home and family and business has been tough. Some parents had to make hard choices about returning to their offices.
Stop me if you've heard this before
I was in Italy traveling with a small group of friends many years ago. We were celebrating the anniversary of two couples in our party. Each day was better than the last. The food was spectacular, the countryside was indescribable, our accommodations were as close to paradise as one could imagine. All in all, our expectations were exceeded at every turn.
Our party split up as we entered the Florence and two of the most intrepid travelers went ahead to check in at our charming and romantic pansione.
It was anything but.
The building turned out to be old, ugly, slightly sinister, and dingy.
As I approached, I noticed my friend (one of the two who had dashed ahead of us) standing outside the place frowning, arms crossed. “Uh oh,” I thought. "The perfect vacation is about to get a reality check!” But instead he opened up his arms and said to me, “It’s OK! I’ve dealt with my disappointment!”
That’s how many feel today. We’ve dealt with our disappointment and are ready to realize opportunities brought about by the pandemic.
Good news from global families
I’m hearing good news from family business folks. There’s some new energy in the air as you begin to see the benefits of lessons learned over the past 6 months. Short term efficiencies and fixes that helped some businesses move through the crisis have turned out to be smart choices they plan to retain. Other families who adapted to virtual meetings now see them as a time- and expense-saving benefit. In-person meetings might now be redirected and more focused on family education and family fun, resulting in stronger cohesion.
Andrew Keyt and Professor Claudia Astrachan confirmed this good news on a recent webinar: Crossing the Crisis. Claudia presented findings from a global survey of 1000 family businesses about their response to the COVID crisis. Mike Hamra, President of Hamra Enterprise, joined the researchers to share his own story (first and always, take care of your employees). The combination of a live case study and rich data makes one understand just why family businesses are the bedrock of a stable economy. If you missed it, you can listen here.
Time to meet the board!
- What is your full name, company name, generation and roles in the Family Business.
Gregory J Bush, McCarthy-Bush Corporation, 4th generation, CEO/President - What is the size of your company?
$250M - $1B - What year did you join the board and what is your current role?
2019, former chair, membership committee
2nd tour 2015 (I think!) - How long has your family and company been a member of Loyola Family Business Center?
Since the inception of FBC. - In your opinion -Why is Family Business important?
I believe family businesses represent the heart and soul of America. They represent the concept of delayed gratification and leaving a better path for your children. - Which living person do you most admire?
I respect every family member trying to run a family business. Balancing work, family, and home life is a monumental task. - What do you consider your greatest achievement?
My six, college educated, hardworking and generally well-developed children. - Which family ancestor or family figure do you most admire and/or identify with and why?
My maternal grandfather, who left the family business to start his own company, then returned to run the company when he was called and needed. - What would you like FBC members to know about you?
That I really do have a sense of humor... down deep... somewhere.
Economic forecast webinar
Join me on September 22nd alongside Mike Stritch and Todd Riggin of BMO Harris for a live broadcast: Economic Predictions: Guidelines for Family Businesses. Mike and Todd will share scenario planning ideas based on two different election outcomes and their thoughts about the expected duration of the economic impacts of the pandemic. We’ll have plenty of time for Q&A. If you have particular questions you'd like Mike and Todd to answer, please email them to me in advance to asmart@luc.edu (subject line: Questions for Mike and Todd).
Register for the webinar here.
And on the 7th day they rested
Labor Day falls this year on Sep 7th. I hope that means you will put your burdens down for a bit and rest. Please enjoy this long weekend, granted by a 1938 Executive Order signed by President Franklin Delano Roosevelt. Want to learn about the history of Labor Day? Watch this 4 minute TedEd video here. You deserve the rest. Take it.
Andrew and I would love to hear from you. Please let us know how you’re doing. We are here to help.
