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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 a key priority over the next 5 years. But the family firm has another dimension which other companies have to tackle: the family itself.

The issues in Family Business are much harder to address. They are more personal, more complex, and the risks if it goes wrong are potentially terminal. Many times, family firms fail for family reasons. It is no surprise then that the progress of Family Business when it comes to professionalization is slower.

This presentation discusses the 6 Pillars of Professionalization needed to professionalizing Family Businesses. Being competitive now calls for a transformation towards a Professionalized Family Business.

1. Attract
2. Ensure
3. Strengthen
4. Respect
5. Create
6. Guard

Having a good understanding of the 6 Pillars of Professionalization will provide Family Businesses the armory to sustain itself in today's highly competitive environment.

This deck also includes slide templates for you to use in your own business presentations.

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Source: Family Business: Professionalization PowerPoint document

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This business document is categorized under:
Business Framework Primers

File Type: PowerPoint (ppt)

Tag(s): Family Business, Professionalization

Number of Slides: 26

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Upload date (first version): Mar 21, 2019

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