Family Business

Family businesses have very special attributes and face distinct challenges.

The great strength of a well-managed family owned enterprise is its long term focus. This perspective equips these businesses to navigate change and economic upheaval and allows for fearless decision-making.

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But while they form the backbone of the world’s economies and are a critical source of global employment and development, family businesses can fall apart when succession is not planned or well executed.

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Facilitating smooth continuity through family transitions comes from organizing and managing a succession plan. Working with a family to grow the skills of excellent shareholders is critical. In the long run, ownership skills will be more important than management skills.

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And establishing good interfaces between management, owners and family members through effective governance helps ensure the mechanisms for effective collaboration and decision-making are in place.