Properly structured Family Business Meetings can enhance family team work that can aid in making important decisions. This can be achieved by adopting the right method of decision making as this proportionately increases the family business chances of survival and success. It is therefore mandatory that the family holds business meetings at least once in […]
If it's hard enough for an individual to make a decision it is even harder for a group, taking into consideration their differences in culture, values, needs, desires, positioning and familial relationships. Therefore it's not surprising that any matter discussed by such a group will promptly result in a deadlock. There are certain do's and […]
Successful business families make sound decisions. Such decisions could cut across all the major issues like planning business strategy, succession & estate planning, whether to sell or keep the business for the next gen etc. If utilized effectively decision making would enhance the growth of the business. However, decision making is viewed as a mundane […]
The magnitude of decisions made in family businesses highlights the significance for thoughtful decision making. A poor decision in a family business may not only create discord between family members (siblings, spouses, parents and children) it can also spell the end of the company. Decisions can range from whether to sell the family business or […]
Issues relating to family business ownership may not loom large in the first generation or the founder stage. However, when the succession process kicks in or the next gen has to step in to take over the reins of the business, friction could arise between the father and son, among the brothers or other family […]
There is a common perception that family business owners have many advantages and privileges.The general public does not have an idea of how the following burdens of family business ownership can be challenging and daunting. Money: Most people think that family business owners are rich. The reality is that many family business owners are an […]
Ownership of a family business inevitably leads to the involvement of the owners in the business, one way or another. While some family businesses flourish with the involvement of the owners, some may not and thus leave the owners with a question mark about which ownership behaviour that would be appropriate for the family business. […]
About 40% of family businesses all over the world would pass the business to the next generation in the next five years. Ensuring business continuity by creating succession plans around senior roles is thus very critical. A majority of Indian family businesses have already involved next generation members and assigned them senior roles. It is […]
Apart from the board and management, the family ownership group has distinct roles and responsibilities. Each group, the board, the owners and management plays an essential and interdependent part in an effective governance system. With the concept and significance of ownership less understood than the concepts of boards and management, directors would be ideal to […]