Family-owned businesses, especially later-generation firms, are supported by different types of stakeholders: shareholders, investors and owners. There’s a fourth category – speculator – that I’m omitting since it’s not worth mentioning. In my view, there is no wealth creation derived from speculation, which moreover, rarely occurs in family firms. So what are the differences between […]
Institutional configuration in family firms: the board of directors
Like all companies, family-owned businesses require initiative, power and financial resources in order to excel. For those that aspire to transition from firm to institution, however, additional structures and processes are needed. While no one is immortal, institutions are born to transcend generations. They don’t depend on the will or whims of one specific person […]