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Brain Circuits
Questions every family business needs to ask
Did you know that only 30% of family-owned businesses make it through to the second generation? This sobering statistic sheds light on the challenges of maintaining a successful family business. Through years of research and working closely with family-owned businesses, we have identified five areas that capture the focus of successful and long-lasting family enterprises. Are you giving sufficient attention to each?
Can your ownership structure stand the test of time?
Every business strives to be healthy, but unique factors come into play at family-owned enterprises. One of their advantages is that they tend to have a highly concentrated ownership structure, allowing for effective and efficient decision-making. This can be critical in times of rapid change or crisis.
However, if the ownership group’s decision-making is impaired by some external shock (such as the loss or debilitation of a critical member of the group) or conflict among family members, it can stifle the business. A healthy business has an ownership group that is emotionally connected, well informed, and capable of taking responsible decisions in the interests of various stakeholder groups. In addition, your family business needs to nail down three key factors to achieve this. Read them here.
Do you need an office?
Family offices can be a great asset in terms of establishing better business flow and synergies between different aspects of your company. It is important to ensure you have the right structure linked to your objectives, or you could make costly mistakes. When establishing a family office, you have the opportunity to create holistic, personalized solutions. To get it right, we suggest you ask yourself these questions before you move forward.
Are you staying current?
Many families are making the sometimes-difficult decision to pivot from their core business models and transform them into purpose-driven ones. Leveraging your assets for the greater good isn’t just good business; it can bring a larger shared purpose to a family business. You need to make sure your goals are in line with the current environment – find out more here.
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