Leading a Family Business
Why is leading a family business different?
It’s a balancing act. You have to balance family issues along with the management and ownership issues.
Why should family dynamics have anything to do with running a business?
Fostering a positive and harmonious environment is critical for long-term success and growth. It can be difficult in any company, but the personal relationships in a family business increase the challenge.
Why are strategic planning, succession planning, and estate planning issues important?
To survive, family business owners must recognize that business growth and successful leadership transition ultimately require change form an entrepreneurial environment to a professionally managed organization that plans for the future.
How can you structure ownership to facilitate growth and succession?
There is no best ownership structure — every company is different. Finding the optimum structure for your business and planning intentionally for changes in ownership can ensure more than just survival. It will provide the competitive edge for the next generation.