A closer look at the 4Ls Framework for family businesses

Family businesses make up 40% of Fortune 500 companies and 60-80% of global enterprises worldwide, so it’s safe to say they’re the rule, rather than the exception. On top of the pressures of maintaining and improving business performance in an increasingly competitive world, family businesses bring with them the stress of managing family relationships. This overlap of family and business …

How to prevent sibling rivalry from ruining your family business

Sibling relationships can be complex and difficult, especially when siblings work together in a family business. Rivalry between siblings can lead to productivity problems, employee conflicts, and financial difficulties for the company. Families must find ways to work together effectively and peacefully to avoid these negative consequences. So, how do they do that? Let’s first look at what drives this …

5 things I’ve learned from being a family business succession coach

Something I’ve realised over the years is that the passing of a family business from one generation to the next can be a catalyst for either the success or downturn of the company. While studies have shown that family-run businesses perform exceedingly well, even more so when the family works well together, help is usually needed to make the transition …

3 Signs You Need To Review Your Family Business Values

Core values are the foundation on which a business is built. They help define the company’s identity and govern its actions and decisions. Every business has unique core values that set it apart from other companies. They play an important role in shaping the company’s vision and guiding its day-to-day operations. There are many different types of values in business …

Next Gen Prep: What should your kids study to join the family business?

Should you encourage your children to study a particular field to prepare them for working in your family business? It’s not essential, and the best approach is giving them the freedom to follow their passion. Inevitably, success will follow. Working in family businesses can be difficult. That’s why it’s so important that the people involved are passionate about what they …

Should family businesses be more entrepreneurial?

Consider this if you’re looking for a link between family business and entrepreneurship. Three-quarters of companies in 48 economies are founded with significant family involvement. In the US, 30% pull in family members within the first two years. Family is an essential component of entrepreneurship. A family business is the product of a successful entrepreneur. While it may be tempting …

Why is conflict in a family business invevitable?

A family business has the potential to create lasting bonds, wealth, employment and a legacy for the family behind it. Some of the most successful businesses in the world are run by families, and their focus on long-term benefits and values puts them in an advantageous position in today’s changing economy. Families, however, are inherently complicated entities in which relationships …

Trends in family business management

It’s a cliché as old as time that older generations view their successors as lazy and entitled, with millennials often labelled as such. However, research  has shown that the opposite is true, with nearly three-quarters of millennials working more than 40 hours per week while one-quarter work more than 50 hours. This generation is also the most educated among family …