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 …

Family businesses and diversity – is it possible?

Diversity in business is more important than ever. The role of business in society continues to evolve, and companies are increasingly in the spotlight as they are expected to play an active role in addressing important social issues, including promoting diversity and inclusion. What is diversity in a business context? In the past, diversity was typically viewed in terms of …

When should I start thinking about having my kids join the business?

If you fail to plan, you are planning to fail. Benjamin Franklin put it as succinctly as can be. This is true of almost everything in life, and nowhere is this more evident than in family businesses, where the question of which family members should join the business, and when, is absolutely crucial. It’s never too early for a succession …

Should I join the family business or get a job somewhere else?

Many graduates have asked themselves: Should I get a job or join the family business? In theory, joining a family business seems to solve a number of problems for you and your parents. You don’t have to stress about finding a job while you have the opportunity to develop and grow an already established business. Sounds like a win-win situation …

5 ways you could be hurting your family business 

Many family businesses fail or are sold before they reach the second generation. That’s the bad news. Here’s the good news: family businesses are critical to the global economy’s health. According to the 2021 EY and University of St. Gallen Family Business Index, the 500 largest family businesses employ 24.1 million people and generate $7.28 trillion in revenue. This reminds …