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Quick Links and Good Ideas, April 2010

 

Spring is in the air.
Recovery is also in the air, or at least it’s trying to be. While there are signs of economic renewal, there are also signs that we have a long way to go to get out of the deep trough.

 

The survey is in the mail.
In order to better understand the issues with which we were confronted and the ways that companies adapted and reacted to them, Blackman Kallick has launched an “Adaptability and Innovation Survey.” This survey is being conducted in conjunction with the Family Firm Institute (FFI), the premiere international body for advising and research in the family business field. Please note that you may receive a survey in the mail over the next few days or you can take the survey now online. We hope that you will take the time to share your thoughts and challenges with us. We intend to share our findings with you as well as present them at FFI’s annual conference in October. Stay tuned.

Rich kids and business owners.
We call your attention to “Kids, Wealth, and Consequences: A Book Review,” which we published during the last month. The book, by Jayne Pearl and Richard Morris, focuses on raising children in high net worth families. However, we believe that many of the issues raised are also relevant for business leaders. Payne and Morris do a good job of answering and, as importantly, asking questions.

Culture eats strategy for lunch.
We also wrote “Acquisition Integration: Culture versus Strategy” about a panel discussion in which David participated at the Midwest Private Equity Conference. The discussion centered on the importance of beginning integration planning during the due diligence period, not after the deal is done. Also discussed was the importance (very high) of properly meshing the two organizations’ cultures.

Make your list with a pen, not a chisel.
Another book that caught our attention last month was The Checklist Manifesto – How to Get Things Right by Dr. Atul Gawande. The fundamental premise of this good read is that complex processes, if they are going to be repeated, can, and should, be governed by checklists. This is not to say that each and every step needs to have a specific notation, but rather that the simple steps need to be documented so that they are not skipped.

Dr. Gawande describes how checklists are used to remind pilots of appropriate steps in the event of an emergency, as well as how checklists have been used to eliminate avoidable errors that arise during surgery. Checklists, he argues, are useful in all complex situations to ensure that the simple stuff is not missed.

In business situations, checklists are useful to ensure that the common errors that occur in analyzing certain kinds of situations and processes are identified, written down, and thereafter avoided. He also points out that checklists can be very useful at any point in an activity. Using the pilot analogy, checklists can be as useful during standard operations as they are during emergencies.

We do feel the need to add the following: Checklists, like strategic plans, are not supposed to be written in stone. They need to be able to adapt to support methodology changes and newly discovered best practices.

 

All in all, we believe that leaders, in any profession, will find The Checklist Manifesto to be worthwhile reading.

Enjoy the spring!
In closing, we hope your business and the economy will continue to improve and that you can find a few precious minutes to enjoy the warmer weather and smell the May flowers.

 

Sincerely,

Barry Cain, former Managing Director, Strategic Services

David Spitulnik, former Director, Strategic Services  

 

This publication is part of Blackman Kallick’s marketing of professional services, and is not written tax advice directed at the specific facts and circumstances of any person and/or entity. Contents of this publication are of a general nature, and you should not act on this information without obtaining professional advice from your business advisor that is appropriately tailored to your individual needs and circumstances. This written advice is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.