Every firm will eventually reach the point when it has to professionalize the way it operates. This is done by instituting more rigorous processes, establishing clear governance, and recruiting skills from outside. Family Business is no different. In the Family Business Survey, 43% of the companies believe that the need to professionalize the business is […]
Tag Archives | family business
Keeping Family Committed: The Family Business 5 Dimensions of Activity
Family businesses are an overlooked form of ownership. Yet, they are all around us. One-third of companies in the S&P 500 index and 40% of the 250 largest companies in France and Germany are defined as a family business. A family business means that a family owns a significant share and can influence important decisions. […]
The Truth about Risk and Its Impact on Family Businesses
One problem we find in so many family businesses is their “risk management awareness,” notes Don Schwerzler, a family business master strategist. The owners are either unaware of potential problems or they understate the potential threat to their business. So many family business entrepreneurs are already working in a stressed environment, caused by the scarcity […]
Building Consensus in Your Family Business
Building consensus about how the business should be operated, now and into the future, is one of the most difficult problems confronting family businesses. In a non-family business, the answer is rather simple and obvious: Develop and implement a strategic plan. In a family business, the process for building consensus is dramatically more complicated and […]
This Is a Major Issue for Family Business Owners: Asking for Help
There are a lot of stories about how men are reluctant to read the directions before starting to do an assembly or not asking for directions when they are lost! According to one study by an insurance firm in Britain, the average male driver travels about 276 extra miles a year because of not wanting […]
Family Business Owners, Dream Big! But Also Consult a Finance Expert
“Many family business owners who come to us for help complain that they always have a scarcity of time and money,” according to leading family business expert Don Schwerzler. “In fact, that is why many family businesses never achieve their true potential. They get so caught up in the ‘tyranny of routine’ that they fail […]
Responsibility Diffusion: A Critical Impediment When Growing a Family Business
“Responsibility diffusion is a critical impediment to successfully growing a family business. And, the larger the family business grows, the larger the problem becomes!” opines Don Schwerzler, an internationally recognized family business expert who has been studying and advising family business owners for more than 40 years. As a family business expert dealing with growth and profitability […]
Succession Planning Obstacles and Guidelines in Family Business
You have to find the obstacles, then overcome them… fly over them, dig under them, outflank them to move around them. And it is often the ones that you didn’t see that cause you the biggest problems! Succession planning for family businesses is just like a physical obstacle course. Every family and family business situation […]
