Good Ownership matters in any organization and can make all the difference. When Ownership is committed, stewardship becomes a reality, resulting in asset building for the future generations.
Sustaining Ownership in the same family for over a long period can happen only when successive generations have been deserving owners and have developed mechanisms to transfer assets from generation to generation, along with the understanding of how to be good owners to each successive generation. This is possible in a culture that fosters an individuals' sense of responsibility and accountability to something larger than themselves.
The constructive reality of committed, cohesive, experienced ownership is a resource unimaginable to businesses. More so for family businesses, such ownership can be the secret to effective corporate governance and considerable competitive advantage.
A unique feature in many a family business is that there is a shared commitment between attaining goals and adhering to values. Such organizations thrive well and go beyond making profits. This is not possible in an enterprise owned by the public.
The secret relates to the power and the value that is developed when all the parties – owners, directors, managers, employees – are aligned as to goals and values. This results in “trust” which permits and encourages everyone to find the best paths and pursue them.