The family council is the ideal forum for owner families to reach consensus on the core decisions regarding their business. It is the preventive mechanism par excellence to analyze, discuss and debate critical issues, and make solid decisions based on shared criteria and commitment. In this way, family councils serve as firewalls, preventing conflicts from […]
5 tips for working in your family business
After years of working alongside her parents, Parima Ijaz founded her own company as an extension of the original business. In this Forbes article, she offers five insights for people who are contemplating joining the family firm, including the importance of confidence, humility and a collaborative approach. Tips For Working With Family and Continuing Your […]
8 pillars of a professional board of directors
Robust corporate governance systems in family firms shouldn’t be any different than those in well-managed non-family firms – at least in theory. In practice, it’s another story. Boards of directors in family businesses have adjacent psychological and psychosocial dimensions, and disregarding these dynamics can easily lead to tensions among board members. During my tenure as […]
Seven communication insights for entrepreneurial families
At the start of a new academic year, let me first extend a warm welcome to everyone! The Chair of Family Business team is back, with our batteries fully charged and ready to continue offering you new insights and ideas to boost your firm’s performance. For my first article of 2023-24, I would like to […]
The (ir)resistible lure of joining the family firm
From small businesses to large-scale multinationals, most of the world’s enterprises are family-owned. For their heirs, joining the family business isn’t always a given, with many opting to develop their careers outside the organization. This article in The Economist touches on some of its pros and cons. The resistible lure of the family firm […]
Succession and family vision
Succession is the most critical challenge faced by family businesses since it touches the very heart of family and firm: its foundational bricks and future legacy. It’s difficult because it affects people – predecessors and successors, the company and the owner family – as well as complex since it can impact all three different spheres […]
Other things that tend to happen in family firms
In my previous post, I highlighted two of the most common mistakes in family businesses. To avoid going on about mistakes, I’ve decided to entitle this post “Other things that often happen in family firms.” To be sure, lots of good things happen in family firms. My colleague, teacher and friend, Prof. Miguel Ángel Gallo, […]
Two of the most common mistakes made by family-owned firms
In my last post, I offered five strategies that family firms should follow if they have hopes of long-term survival. Today, the focus is on two of their most common mistakes, which can also make life much more complicated for their top leaders. (1) Bringing family members into the fold It’s not unusual for founders […]
Family or firm: which comes first in family business?
This isn’t a very useful question in my view. It’s one that can lead us down the wrong path and even to erroneous decisions that generate conflicts that could have been easily avoided. It reminds me of another inane question that I’ve seen adults pose to young children: Who do you love more, Mom or […]
The family in business
Family businesses always have an owner family as the shareholder of reference. This is the family that defines the company’s purpose and transforms family values into corporate values. This is the family that serves as a beacon of unity and commitment, transmitting a sense of corporate stability and long-term continuity. Hence, the importance of developing, […]
