Social Media: A view from the intern's chair

By Joe Flanagan, Intern, S. Dale High Center for Family Business

Before joining the Center for Family Business this summer, my social media knowledge was limited. Sure I was a college student familiar with the evolving Facebook, but my understanding of the broader social media network was not terribly deep. Coming to the Center for Family Business two months ago has expanded my knowledge and has allowed me to experience the business world first-hand. More specifically, I believe I am not only capable in social media, but even social media savvy.

In addition to working with the business Facebook page and website, I have become acquainted with other social media tools such as Twitter and LinkedIn. Before this summer I had never worked with either of these networks, and now I have a LinkedIn account that has already acted as a start-up instrument for my professional career. The ability to use this is an asset that I now possess and am thankful of the Center for Family Business. With technology improving every day, I am now of understanding how vital social media is in the professional world.

Quote of the week -- social media

“ATA – be AUTHENTIC, be TRANSPARENT, be ALTRUISTIC, and you will find enough success in social media to have a satisfying career and experience.”

– Nils Montan

Summer of social media on "High Ground" . . .

by Gale Martin, Director of Marketing and Membership, S. Dale High Center for Family Business

If you're not heading out for the beach anytime soon but would like a chance to play with fun stuff and bask in a little quick success, why not consider investigating some social media tools this summer right here on "High Ground"?

I liken Social Media to beach toys and sunbathing not because I don't think it's important. I do. In fact the marketing director from one of our member companies, Die-Tech, Inc. and I gave two seminars to members this year to make them aware of the freight train that is Social Media. Family businesses need to know about the extent of its use in business and the degree to which customers are relying on Social Media to conduct business.

Click here for slides from the High Center's Social Media seminar.

How important is Social Media becoming to conducting business in the 21st century? Some, like this online expert, would say vitally important:

"If you don’t have a web presence, your competitors will overtake you. You’ll miss out, without ever knowing about it," say the experts at Kendall Copywriting.

I mention Social Media in the same context as summer fun because it is entertaining, learning about these tools and developing fans and followers. And hunting down little blue birds in search of Twitter banners to post on your website. And for those who've tried to log on when Twitter is over-capacity, even sighting the smiling #failwhale (below) has entertainment value.

Social media use in the era of Web 2.0 is growing exponentially. The latest estimates put Facebook users topping 450 million.

So, in July and August, "High Ground" will look at each of these Social Media tools/sites with an eye toward sharing best practices and other tips.

Stop back soon. Beach pails, smiling white whales and royal blue birds are all welcome. In the meantime, if you need a primer on why you should be paying attention to Socialnomics, watch this video below:

Getting started with your family meeting

by Mary Beth Matteo, Founding Director of the S. Dale High Center for Family Business

Family meetings are a great way to begin to chart a family’s future.

John Ward, founder of the Family Business Consulting Group, has some of the best “sample questions” we’ve seen. Here are just a few to get you started:

Succession
• How do we assure our parents’ lifelong financial security?

• How will we pick the next president?

Participation
• How do we decide which family members can join the business?

• How do we determine titles, preparation and authority?

Compensation and Ownership
• How do we evaluate and pay family members?

• Who can own stock in the business?

Harmony
• How will we deal with conflict (generational, between siblings, with in-laws)?

• Who will lead the family activities and traditions into the next generation?

Responsibility
• How do we help family members in financial and/or career need?

• How do we cope with publicity?

• What’s our responsibility to the community?

Sum and Substance: every family has a different character and set of priorities. No matter what they are, it’s worth the effort to begin talking about them. Nothing like a written agenda, and working through each issue, one by one!