
This much I know: 9 leadership lessons from global CEOsâŻÂ
From absorbing stress to finding your authentic voice, nine leaders of global companies share the wisdom that has helped them excel in their roles.⯠...
by Peter Vogel Published September 21, 2021 in Brain Circuits ⢠2 min read
Every business strives to be healthy, but unique factors that come into play at family-owned enterprises. One of the advantages of family-owned businesses 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 groupâs 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. It has also nailed down the following three factors:
There must be a clear ownership vision and strategy for the organization
This vision must take into account the family’s values as well as the needs and priorities of the business. It should be clearly articulated to all members of the family including future generations.
Owners act as stewards to the business, its employees, and its customers
Raising the next generation of responsible owners who feel a sense of duty and responsibility, but also privilege and pride, is critical. You should allow younger family members to grow into a position of being emotionally connected to the legacy of the business.
There must be a long-term approach to the business
Owners often see a quarter as 25 years. As such, healthy ownership takes a patient and measured approach to planning and decision-making. It is important to avoid being distracted or lured into short-term achievements at the expense of the bigger picture.
These factors all play a critical role in not just the longevity of the business, but also ensuring wealth preservation and, ideally, growth.
Professor of Family Business and Entrepreneurship at IMD
Peter Vogel is a Professor of Family Business and Entrepreneurship, Director of the Global Family Business Center (GFBC), and Debiopharm Chair for Family Philanthropy at IMD. He is Program Director of Leading the Family Business, Leading the Family Office, and the Lean Intrapreneurship program. He is globally recognized as one of the leading family business educators, advisors and academics, has received numerous awards and recognitions and is the author of the award-winning books âFamily Philanthropy Navigatorâ and âFamily Office Navigator”.
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