Family-owned firms play a vital role in the global economy, an undisputed and internationally recognized fact. Going a step further, I would like to highlight 10 ways in which family firms positively impact the world based on my firsthand observations of how they operate and confront challenges. 1 – They drive and sustain employment I’m […]
Succession in family firms: navigating the power paradox
Many family business leaders hold two conflicting emotions as they near retirement: on one hand, the desire to pass the baton to their children, and on the other, the desire to retain control for as long as possible. These opposing aims can significantly affect the parent-child dynamic and result in a paradox in which the […]
Collaborative philanthropy: possibility or pipe dream?
Organizations and business leaders around the world always stress the importance of teamwork but in the realm of philanthropy, most people act alone. Yet as the world’s challenges become increasingly complex and interconnected, a joint approach might be more effective to promote the common good than “going solo.” But is collective philanthropy a viable option? […]
Family members in leadership roles: when emotions eclipse meritocracy
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, […]