Family Business Blog
Nov 19, 2010
Success in Family, Success in Business – The Dennis Family Corporation
Bert Dennis, founder of the Dennis Family Corporation (www.denniscorp.com.au), recently addressed a breakfast gathering organised by family business advisers in Melbourne.
As a child of the depression who was 3 when he lost his father, had his first pair of shoes at the age of 10 and moved so frequently that he attended 19 schools, Bert Dennis is certainly a ‘rags to riches’ story. This powerful presentation contained a wealth of insights into what creates a strong family business. Some of the gems include –
• The dedication, ‘do it yourself’ approach and commitment to family that Bert drew from his childhood experiences • The importance of goal setting • His ranking of priorities – 1. Health 2. Family 3. Sport 4. Business This is demonstrated through his ability to build one of the largest home building businesses in Australia whilst working a 40 hour week and keeping the weekend free so that he could attend his four children’s sporting events.
• His belief in ‘the rule of 72’ (click here if you want to know more about the Rule of 72) • The value of a formal board with non-family, non-executive directors. Implementation of this board was preceded by formal board training for the family, so that they would be adequately prepared to assume their roles. • The use of ‘the grandmother test’ to check adherence to family business values. (If it wouldn’t get past grandma, don’t do it!) As well as his position on the board, Bert’s current role is to assist and mentor his grandchildren. He, his wife and two of their grandchildren are travelling to the US next week to present their story at Boston University. Interestingly Bert says that he is working longer hours at the age of 75, then when he was building the business.
Though I’m sure it wasn’t all smooth sailing, or achieved without some dramas along the way, this was a truly inspiring story of one family’s journey.
As a child of the depression who was 3 when he lost his father, had his first pair of shoes at the age of 10 and moved so frequently that he attended 19 schools, Bert Dennis is certainly a ‘rags to riches’ story. This powerful presentation contained a wealth of insights into what creates a strong family business. Some of the gems include –
• The dedication, ‘do it yourself’ approach and commitment to family that Bert drew from his childhood experiences • The importance of goal setting • His ranking of priorities – 1. Health 2. Family 3. Sport 4. Business This is demonstrated through his ability to build one of the largest home building businesses in Australia whilst working a 40 hour week and keeping the weekend free so that he could attend his four children’s sporting events.
• His belief in ‘the rule of 72’ (click here if you want to know more about the Rule of 72) • The value of a formal board with non-family, non-executive directors. Implementation of this board was preceded by formal board training for the family, so that they would be adequately prepared to assume their roles. • The use of ‘the grandmother test’ to check adherence to family business values. (If it wouldn’t get past grandma, don’t do it!) As well as his position on the board, Bert’s current role is to assist and mentor his grandchildren. He, his wife and two of their grandchildren are travelling to the US next week to present their story at Boston University. Interestingly Bert says that he is working longer hours at the age of 75, then when he was building the business.
Though I’m sure it wasn’t all smooth sailing, or achieved without some dramas along the way, this was a truly inspiring story of one family’s journey.
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