Ownership of a family business entails the responsibility of guardianship over a legacy, in addition to that of a stakeholder or shareholder. A competent owner is one who not only understands the nuances of business operations but also has the foresight to navigate the challenges unique to family businesses. Here, we will define a competent …
Nurturing Competence: The Key to Successful Family Business Ownership Read More »
Family companies are distinguished by the integration of personal and professional connections inside the organisation. As the firm grows and develops, family members progressively take on different jobs within it. We explore how family members’ roles in a family business evolve, beginning with the role of Provider in the early stages, progressing to the role …
Family Members’ Evolution: From Provider to Provisioner to Partner to Patron Read More »
Choosing a successor in a family business is a difficult and sometimes emotional decision. Should it be the eldest kid, who has historically assumed leadership, or the most capable and qualified individual, independent of birth order? This age-old quandary continues to afflict family-owned businesses, and the consequences of making the incorrect option or postponing the …
Eldest or Ablest: Choosing a Successor in a Family Business Read More »
In the archives of family history, there exists a tapestry woven with the threads of tradition, entrepreneurship, and values. This tapestry is none other than the story of a family business. It’s a narrative that often spans generations, transcending time and leaving a profound impact on the family members involved. Yet, in the hustle and …
Family businesses embody the values of hard work, dedication, and the desire to pass on a legacy to the next generation. However, the question that often arises in the context of family businesses is whether the younger generation is being ‘force-fitted’ into the family enterprise. We explore the concept of force fitting, its implications, and …
Are you forcing the Rising Generation into your Family Business? Read More »
As a family business passes down through generations, it frequently faces a unique challenge: a lack of shared vision. This happens when various generations in a family business have opposing ideas and goals for the company’s future. This imbalance can have serious consequences for both the family and the company. We will look at what …
The Value of a Shared Vision in Family Businesses Read More »
Family businesses often blend the values, traditions, and aspirations of the family with the demands of the market. While the journey of building and running a family business can be incredibly rewarding, it also comes with unique challenges, one of the most significant being the need for a well-defined exit strategy. We will explore the …
Family companies, frequently founded on shared values and family legacies, confront a complicated web of difficulties and possibilities. How to handle the delicate balance between three major factors—growth, liquidity, and control—is one of the most crucial decisions these firms must make. These factors are interdependent, yet managing them successfully needs an awareness of the inherent …
Vulnerability is a feature that frequently provokes conflicting emotions in the field of leadership. Vulnerability, which is sometimes misinterpreted as weakness or fragility, is an essential component of real leadership. The idea of vulnerability may appear counterintuitive in a society where leaders are typically viewed as indestructible and uncompromising. A closer investigation indicates, however, that …
In a family business, owner strategy refers to a deliberate and complete plan of action developed by the business owners to guide their decisions, activities, and priorities linked to the ownership and administration of the organisation. It tackles a wide variety of challenges specific to family companies, such as succession planning, governance, family relations, asset …
Does your family business require Owners Strategy? Read More »