Transitioning the family business from one generation to the next is seldom an easy and straightforward process.
“My daughter is not interested in the family business” is a phrase that is often heard. But is this an assumption, or have we actually checked? Women have long played key roles in family businesses, though not always visible.
The family constitution is an important document for any family business and any family to engage in the process of formulating, because it provides a basis for the family and how it will essential interact with the business...
While it’s not always top-of-mind for business owners, succession planning is critical to ensuring the long-term success and value of the family business. A thought-out and successfully executed plan is key to securing a stable and sustainable future.
The notion regarding communication in a family business is that the process needs to be fair, and a fair process means you engage people in this process...
The dreams for the family is to establish some of the good practices that are already common practices in other family businesses such as internal communication.
Many family businesses are built on the assumption that the business will pass through the family ranks to the next generation or that two generations can work side by side, learning from and supporting each other.
If you own a family business, a succession plan might not be high on your priority list or you might think that you don’t need to worry about the future right now. However, as the old saying goes: those that fail to plan, plan to fail.
Small and micro enterprises in Africa are mostly family-run, and play an important role in employment creation and economic development – a growing trend not only in Africa, but in other developing economies around the world.
A recent blog post by Edouard Thijssen – The importance of communication and education for long term family business success – provides some interesting information around the common saying, “Shirtsleeves to shirtsleeves in three generations”.
I was recently distracted midway through conversation over lunch with the former CEO of a Single Family Office (SFO) – we’ll call him Bill. Bill had remarked how lonely the role could be and that caused me to wonder, who mentors the family mentor?
Following on from the previous article, Hiring Professionals into a Family Business, we look at the rest of Raphael (Raffi) Amit’s interview with qq.com about lessons for family businesses in China.
Following Raphael (Raffi) Amit’s speech in Shanghai to a group of entrepreneurs on the costs and benefits associated with a range of mechanisms used by families to maintain voting control of their firms, Amit answered questions from the audience.
With a growth in interest shown towards family business globally, there have been an increasing number of surveys looking at the attitudes towards, and current thinking surrounding family businesses.
Having your team work towards the same goals and objectives can be challenging for any business, but in a family business, aligning the complex interests of various parties is even more fraught with difficulty.