The roles that family members want, can and should play in the family business is a central issue that firms need to address as they evolve and new generations enter their leadership ranks. Yet emotions can blur objectivity and unduly influence the decision-making process. Emotions can also run high in families, which makes decisions in […]
A sense of purpose in family-owned firms
“The importance of serving stakeholders and embracing purpose is becoming increasingly central to the way that companies understand their role in society. A company cannot achieve long-term profits without embracing purpose and considering the needs of a broad range of stakeholders.” – Larry Fink, Chairman and CEO of BlackRock This powerful message, directed at the […]
Family council: preventative medicine or surgical intervention?
If we were to apply medical terminology to the realm of family-owned firms, our first observation would be that all families run the risk of contracting “diseases” and sustaining “injuries.” When the family also owns a business, however, these risks are substantially higher. No business family is “immune” to these risks, which when left unchecked, […]