Family business: Is it your livelihood? Your legacy? Both?
Regardless of your level of involvement, you want the enterprise to succeed and endure.
Successful businesses often struggle to remain viable against uncertain economic times, technological advances, shifting consumer preferences, and volatile markets—even without the complexity of dealing with family members. And some family businesses manage to flourish through multiple generations despite these challenges. What makes them different? A new research by Joshua Nacht describes: how innovation often emerges from the young people who are becoming owners and leaders and take the initiative to infuse their company with new ideas, energy, and skills. They aren’t formally asked to do this; they just see a need for change and they take it on, eventually earning the acceptance and embrace of their family.
Here are some examples of how this has happened.
 |
| Champions Of Change: 'The Rising Generation' |
Rise: Enter the next generation
Raised in a culture of affluence, young family leaders and leaders-to-be are well educated and grow up in a digital, connected environment. While they appreciate the sacrifices and achievements of their elders — and are often in awe of them — they are also in touch with and passionate about genuine opportunities and creative ideas. They are impatient to see change and reluctant to become involved with the business unless it pursues a new path.
Citation: Family Businesses: 'The Rising Generation' by Dennis Jaffe
The FBCG serve families and the enterprises that they have built by guiding them through the process of building structures, systems, and skills for a comprehensive strategy, better decision making, stronger competitive advantage, and continuity of enterprises for future generations. With over 2,500 client families in 70 countries, FBCG's consultant team has successfully led businesses across industries, family structures, and cultures through the issues, both common and uncommon, faced by families in business together.
Family Business Consultants & Advisors | The Family Business Consulting Group
The Family Business Consulting Group's experienced business consultants provide consulting services for your family business, including family business governance, succession planning and family mediation.
