Family companies are designed to be passed down through generations. They represent the sense of belonging that comes from working alongside loved ones, as well as continuity and tradition. However, one of the most serious issues confronting family companies is the unwillingness to relinquish ownership. We investigate the reasons why individuals frequently struggle to cede …
The function of top management for business strategy and management, often played by the Chief Executive Officer (CEO) or Managing Director, is critical in every organisation. The importance of top management jobs is examined here, as are the reasons why many business owners fail to understand the necessity for these roles, the potential repercussions on …
Peter Drucker, a well-known management theorist, put forth a model that divides activity within an organisation into three broad categories. We delve into Drucker’s taxonomy of jobs and offer comprehensive descriptions of each category. In order to achieve exceptional and lasting organisational performance, we analyse how business leaders may guarantee the effective execution of all …
The right answer syndrome is a way of thinking in which people want to be right and don’t like to be wrong or have healthy disagreements. It comes from a deep-seated need to be accepted, which is often shaped by society and culture. It’s something we learn to do as we grow up. Traditional education …
Ego: The Silent Killer of Family Businesses A Family businesses have special strengths, like shared values, a focus on the long term, and a strong sense of unity. But even these kinds of businesses can have problems on the inside, and ego is one of the most dangerous ones. Family relationships and the success of …
Entitled to work in the family business Family enterprises have long been an important element of the global economy, helping to create jobs, build the economy, and accumulate wealth. The topic of whether the position in the family firm should be considered an entitlement for the following generation remains a sensitive one in many organisations. …
Family businesses are the most popular type worldwide, although few survive into the second or even third generation. Why don’t there seem to be more of them? Problems with succession planning, family strife, and a lack of entrepreneurial energy among the younger generation are the most typical factors. The big question is – what steps …
Sibling rivalry can be a complex and pervasive issue in family companies, with far-reaching implications. If not addressed in time, it can spread over generations, harming both the business and family dynamics. Families can address issues and establish peaceful and lucrative family enterprises by understanding the negative consequences of sibling rivalry and the benefits of …
Failure and adversity are often seen as negative experiences to be avoided, particularly for children from successful family businesses. Most of the time out of parent’s overprotective attitude and the fear of how their offspring can fail – parents constantly push children to act as per their way. In this effort, we miss the point …
Failure – An essential tool for grooming Next Generation Leaders Read More »
Family companies frequently struggle throughout the transition from one generation to the next. Here are some frequent causes and preventative measures for addressing these problems: Lack of succession planning: One major challenge is the absence of a well-defined succession plan. Numerous family firms fail to appropriately prepare the succeeding generation for leadership. It is crucial …
Generational Transition: A challenging time for the Family Enterprise Read More »