As Heraclitus said more than two millennia ago, “Nothing is permanent except change,” yet the very nature of change has shifted dramatically in today’s volatile, hyperconnected and fast-paced world.
Family firms are generally better equipped to weather the storm thanks to their comparatively longer-term perspective and financial resilience. Yet other traits aren’t as positive, says thought leader and MIT lecturer John A. Davis.
In this HBR article, he outlines five essential strategies for a new model of family business, starting with “control less and collaborate more.”
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